Kodiak Discovers High Grade Uranium

VANCOUVER, BRITISH COLUMBIA, Oct 23 (MARKET WIRE) --
Kodiak Exploration Limited (TSX VENTURE: KXL)(FRANKFURT: KX3) is very
pleased to announce that it is on track with two discoveries of
outcropping uranium on its 100% controlled properties located in Quebec's
Otish Basin.

On the UR East property, the newly discovered Big Bang outcrop returned
multiple readings of 66,000 counts per second (equivalent to more than
10,000 ppm U or 1.18% U3O8) from an extensive uranium-rich shear zone at
least three metres wide that occurs near the intersection of several
major regional structures. These readings of 66,000 cps are the maximum
levels detectable by the RS-125 spectrometer used for the program. The
actual values could be significantly higher. The RS-125 Spectrometer is
calibrated in the factory against measured standards, and self-calibrates
in the field by adjusting to changing levels of background radiation.

The regional structures hosting the outcrop, defined by geophysical
magnetic linears, are at least 10 km long and are open in all directions,
and have been identified as gabbro dykes similar to those associated with
Strateco's Matoush uranium deposit (16.8 million pounds of U3O8) where
drill intercepts have assayed as high as 2.13% U3O8 over 15.2 metres. The
entire discovery outcrop is uranium mineralized, and another radioactive
outcrop has been found 1,100 metres along strike to the east-northeast of
the initial discovery site, demonstrating impressive potential for a
large, well mineralized system. More than 15 additional priority targets
have been identified for follow-up. Analysis of geophysical and field
data is ongoing, and more than 90 km of major magnetic structures and
numerous radiometric lineaments remain to be investigated on the
property. Wet chemical analysis is pending, and drilling is planned to
test the economic potential of this significant new discovery.

The Big Bang discovery is located at the base of the unconformity in an
erosional outlier of sandstone east of the Otish Basin. The discovery of
the Big Bang mineralization at surface confirms that this is an excellent
environment for the discovery of shallow, unconformity-style uranium
deposits hosted in basement rock. The discovery outcrop is biotite and
chlorite-altered, and cut by felsic veins. Stripping of bedrock uncovered
a wide zone of sheared black amphibolite stained with yellow uranophane
from a large new mineralized structure at surface.

The second discovery, Kodiak's Big Yellow outcrop, is located on the 100%
controlled 308 West property, also located in Quebec's Otish Basin area.
The Big Yellow is a radioactive 30 x 30 metre outcrop of flat-lying,
rusty conglomeratic sandstone that gave scintillometer readings up to
10,000 cps. This outcrop is located close to the intersection of two
magnetic structures. These structures strike NE and NNW, and are
approximately 7 and 8.5 km long respectively. A NE-trending gabbro dyke
was found near the discovery outcrop, confirming the magnetic
interpretation, and indicating a geologic setting very similar to
Matoush. Over 90 km of prospective magnetic structures remain to be
explored on this property.

"We are extremely excited about these new discoveries," said Mr. Bill
Chornobay, Kodiak's President. "These early results clearly demonstrate
the potential for additional uranium discoveries in this highly
prospective area, and we are very pleased to be working in Quebec, which
consistently ranks among the most favorable places in the world for
mineral exploration and development. Drilling of these new discoveries in
the Otish Basin is planned and, with multiple priority targets yet to be
explored, our Uranium Division is on track for achieving it's objectives
by unlocking the full value of the energy assets to our shareholders. We
look forward to the future exploration results with great anticipation."

Kodiak's Uranium Division has a total of 11 properties containing
multiple technically sound uranium targets in the Otish Basin, which is
often compared to Saskatchewan's Athabasca Basin in terms of its uranium
potential. Concurrently with the issue of this release, a new section on
Kodiak's Otish Basin uranium projects has been posted on Kodiak's website.

Kodiak's West Millenium Uranium Project on Track in Athabasca Basin

Kodiak is preparing a winter drill program to test multiple uranium
targets on its 100% controlled 213.3 square kilometre West Millenium
property in the Athabasca Basin. Kodiak's land package lies within the
Key Lake-MacArthur River corridor, one of the most prolific uranium
mining districts in the world, and it is located on a parallel northeast
structure adjacent only 3 km west of Cameco's Millenium Deposit (56.5
million pounds U3O8).

The property remains virtually unexplored, with only one recorded drill
hole testing the basement unconformity. Hole CX-011 was drilled by Cameco
in 1988 on the main conductive trend. It intersected 35 m of pyrite and
graphite-rich metasediments at the basement interface, along with
anomalous uranium values in the basement rock, and pervasive bleaching
and alteration of the sandstone above the unconformity.

"Alteration has proved to be the key to finding unconformity-type uranium
deposits in the Athabasca Basin," stated Mr. Keith Metcalfe, P. Geo.,
Senior Project Geologist. "These deposits are surrounded by a strong
alteration halo of clay and chlorite, and are usually located within 25
to 75 m of a graphitic basement conductor. Hole CX-011 presents a 35 m
wide radioactive structural zone characterized by significant uranium
mineralization within graphite/pyrite/grey clay alteration, and abundant
slickensides, hosted by a highly attractive pelitic unit. This setting
strongly resembles the lithologic and structural features intimately
associated with World class unconformity-type uranium deposits in the
Athabasca basin. A target defined by a drill hole intercept that contains
all the characteristics of a strongly uranium-mineralized system in a
World-class setting are extremely rare. Permitting to test the economic
potential of this target is underway and drilling will commence soon."

Hercules Update

Kodiak's 2008 exploration program on the Golden Mile and multiple other
stand alone gold projects in Ontario's Beardmore-Geraldton gold camp is
ongoing. A large batch of assay results is being compiled and interpreted
for release in the near future.

The geological information contained in this news release and the
geological information on Kodiak's uranium projects posted on Kodiak's
website has been reviewed and approved by Paul Gann, senior geologist,
who is a qualified person under the definitions established by National
Instrument 43-101.

Kodiak is a mineral exploration company with properties located in
Canada. You can now view maps, as well as additional photographs,
geological details and additional information, on our Web site:
www.kodiakexp.com.

On behalf of the board of Directors

KODIAK EXPLORATION LIMITED

William S. Chornobay, Director, President

The statements made in this release may contain forward-looking
statements or relate to programs that involve a number of risks and
uncertainties. Actual events or results could differ materially from the
Company's expectations and projections.

The TSX Venture Exchange
does not accept responsibility for the adequacy or accuracy of this
release.

Contacts:
Kodiak Exploration Limited
William S. Chornobay
Director, President
(604) 688-9006
(604) 688-9029 (FAX)
Email: info@kodiakexp.com
Website: www.kodiakexp.com

Copyright 2008, Market Wire, All rights reserved.

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