Kodiak Exploration (A0ESQ9)

Kodiak Significantly Extends Golden Mile Strike / Identifies Multiple Parallel Structures

Vancouver, British Columbia, October 30th, 2007 –
Kodiak Exploration Limited (KXL – TSX.V) is pleased to announce that interpretation of new geophysical data indicates significant extensions to the known strike extents of the gold bearing structures and has identified multiple new parallel structures adjacent to the Golden Mile and Yellow Brick Road veins. These structures are over 3 km long in total and greatly
expand the potential scale and geometry of the Hercules gold system. Ground crews have been mobilized to prospect these targets. The geophysical data show that the Golden Mile and the Yellow Brick Road structures extend at least 2 kilometres beyond their previously known extents. The Golden Mile structure has now been confirmed over a distance of at least four kilometres, potentially doubling the size of the Golden Mile and establishing the enormous potential of this large gold bearing structure. Four new major parallel structures have also been identified, bringing the total strike extent of the system to a least 20 km. In addition, multiple gold bearing ladder veins have been discovered by surface exploration and are also indicated by the geophysics between the Golden Mile and Yellow Brick Road Zones. The geophysics also indicates the same pattern between other major structures on the property, potentially adding significant length to multiple parallel structures already indicated to have an aggregate strike of more than 20 km. In order to fill in grid spacing and further demonstrate continuity of gold mineralization, multiple new channel samples have been collected from the Golden Mile at 10 metre spacing. All samples contain sulphides and visible gold and have been submitted for rush gold analysis. Previously reported channel grabs at the very northern end of the Golden Mile have assayed up to 60 gpt gold, confirming continuity of gold mineralization over the 2 km length of the Golden Mile which has been exposed on surface to date and has now been shown to potentially remain open for up to an additional two kilometres. [...]


www.kodiakexp.com/_resources/2007_10_30_nr.pdf


www.kodiakexp.com

Die geophysikalischen Daten zeigen, dass die Golden Mile und Yellow Brick Road Strukturen mindestens 2 Kilometer über die bisher bekannte Ausdehnung hinausreichen. Das Ausmaß der Golden Mile Struktur wurde bereits auf eine Ausdehnung von mindestens vier Kilometern bestätigt, wodurch sich die Größe der Golden Mile Ader potenziell verdoppelt. Damit besteht für diese goldführende Struktur ein enormes Potenzial. Vier neue bedeutende parallele Strukturen wurden ebenfalls identifiziert, wodurch sich die Gesamtausdehnung des Streichens dieses Systems auf mindestens 20 km erstreckt. Darüber hinaus wurden mehrere goldführende Leitergänge durch Oberflächenexploration entdeckt, die ebenfalls durch geophysikalische Daten zwischen den Golden Mile und Yellow Brick Road Zonen angedeutet wurden. Die geophysikalischen Daten weisen zudem auf das gleiche Muster zwischen anderen bedeutenden Strukturen auf der Liegenschaft hin, wodurch mehrere parallele Strukturen, für die bereits eine Gesamtlänge des Streichens von mehr als 20 km identifiziert wurde, potenziell signifikant verlängert werden.

Um den Rasterabstand auszufüllen und die Kontinuität der Goldmineralisierung weiter zu demonstrieren, wurden in Abständen von 10 Metern mehrere neue Kanalproben von der Golden Mile Ader gesammelt. Alle Proben enthalten Sulfide und sichtbare Goldspuren und wurden für eine beschleunigte Goldanalyse eingereicht. Analyseergebnisse von bisher berichteten Kanalschnitten am äußersten nördlichen Ende der Golden Mile haben bis zu 60 gpt Gold gezeigt und bestätigen damit die Kontinuität der Goldmineralisierung über die 2 km Länge der Golden Mile Ader, die bisher an der Oberfläche freigelegt wurde und nun gezeigt hat, dass sie potenziell für bis zu zwei zusätzliche Kilometer offen bleibt. Weitere Bohrergebnisse, einschließlich der Ergebnisse aus sieben, bisher noch nicht gemeldeten Bohrungen, werden kurz nach Abschluss der Metallprobenprüfung erwartet.

Brian Maher, VP Exploration von Kodiak, bemerkte: "Auf dem Hercules-Goldsystem wurden in einem sehr kurzen Zeitraum über fünf Kilometer lange, bedeutende goldführende Strukturen identifiziert. Geophysikalische Daten weisen nun auf mehrere parallele Strukturen hin, wodurch sich das Goldpotenzial des Hercules-Projektes beträchtlich erhöht. Das Potenzial der Liegenschaft nimmt täglich zu und repräsentiert nur einen kleinen Teil der über 1.000 Quadratkilometer großen Landfläche im Goldgürtel von Beardmore-Geraldton, an deren Erwerb Kodiak äußerst hart gearbeitet hat. Das Kodiak Team freut sich mit großer Zuversicht auf die bevorstehende Bekanntgabe der Probenergebnisse. Wir haben bereits die Erweiterung des Bohrprogramms für November auf zwei Bohrgeräte angeordnet und werden das Programm anschließend auf drei Geräte hochfahren. Wir planen außerdem die Fertigstellung eines neuen 60.000 Meter Bohrprogramms, um das wirtschaftliche Potenzial dieses signifikanten neuen Goldsystems zu demonstrieren."

"Kodiak wird die bewährte Methode der geologischen Sammlung, Auswertung, gefolgt von systematischer aggressiver Exploration auf seiner gesamten, über 1.000 Quadratkilometer großen Liegenschaft im Greenstone-Gürtel von Beardmore-Geraldton anwenden."

Die in dieser Pressemeldung enthaltenen Informationen wurden von Robert B. Hawkins, Kodiaks leitendem Geologen, überprüft und gebilligt, der gemäß der Definition des National Instrument 43-101 eine qualifizierte Person ist.

Kodiak ist ein Mineralexplorationsunternehmen mit bedeutenden Projekten in drei unterschiedlichen Rohstoffsektoren der Bergbaubranche. Durch regionale, generative Basisexploration und neue geologische Modelle hat das Unternehmen ein Portfolio von 100%ig kontrollierten Projekten aufgebaut, die sich auf Gold, unedle Metalle (Nickel/Kupfer) und Uran in drei verschiedenen Regionen von Kanada konzentrieren. Karten, Fotografien, detaillierte geologische Berichte und zusätzliche Informationen können auf unserer Website unter www.kodiakexp.com eingesehen werden.

Eine diese Pressemeldung begleitende Karte ist unter folgendem Link zu finden:
www.ccnmatthews.com/docs/Kodiak%20Exploration.pdf

Im Namen des Vorstands

KODIAK EXPLORATION LIMITED

William S. Chornobay, Director, President

Dieses Dokument enthält bestimmte zukunftsgerichtete Aussagen, die bekannte und unbekannte Risiken, Verzögerungen und Unsicherheiten beinhalten, die außerhalb der Kontrolle des Unternehmens liegen und dazu führen können, dass die tatsächlich eintretenden Ergebnisse, Leistungen oder Erfolge des Unternehmens wesentlich von den in diesen zukunftsgerichteten Aussagen enthaltenen Ergebnissen, Leistungen oder Erwartungen abweichen können.

Diese Pressemitteilung wurde von der Firmenleitung erstellt. Die TSX Venture Exchange hat diese Pressemeldung nicht überprüft und übernimmt keine Verantwortung hinsichtlich ihrer Angemessenheit oder Richtigkeit.


Ansprechpartner:
Kodiak Exploration Limited
William S. Chornobay
Director, President
+1-(604) 688-9006
+1-(604) 688-9029 (FAX)
E-Mail: info@kodiakexp.com
Website: www.kodiakexp.com



Finanztreff.de

   estimated to be US$496 (Cdn$521) per ounce
--  During the first two years of proposed mine operations, the average
   grade processed will be 1.60 gpt gold
--  Total minable resources of 41.8 million tonnes grading 1.18 gpt gold
   with a strip ratio of 2.8:1
--  Ongoing in-fill drilling to date is targeted at increasing the gold
   resource by converting internal waste to resources; the PEA to be
   updated upon completion of the drilling



Brian Maher, President and CEO of Prodigy Gold stated: "The completion of the Magino mine PEA by the engineering consortium is a major milestone for Prodigy Gold, demonstrating the robust economics of our proposed open pit gold mine at Magino. With a projected mine life of nine years, cash costs of US$496 (Cdn$521) per ounce and rapid payback of capital, Magino is developing into one of the leading undeveloped gold projects in eastern Canada. The on-going in-fill drilling program, which is targeting gold mineralization within the proposed open pit, may enhance project economics as we convert internal waste into resources, simultaneously increasing contained ounces and lowering costs. We view this PEA as a first pass analysis and look forward to fine-tuning the operating and milling plan with a focus on lowering costs and increasing the resource base prior to completing a full feasibility study."

Project Assumptions and Parameters:


Assumptions:
Base gold price (US$/oz)                                      1,000
Exchange Rate (Cdn$/US$)                                      1.05
Milling rate (tpd)                                            15,000
--No royalty
--No sunk costs
--Total capital costs include initial and sustaining capital
--100% equity financing
--Costs are estimated in 2011 first quarter dollars
Mine and Mill Parameters:
Total resource milled (million tonnes)                        41.82
Waste moved (million tonnes)                                  115.55
LOM strip ratio                                               2.76:1
Average gold grade (gpt)                                      1.18
Total contained gold (million oz)                             1.57
Estimated gold recovery (%)                                   95
Total recovered gold (million oz)                             1.50
Project life (years)                                          9
Average annual production (oz)                                166,500
Costs and Capital Requirements:
Mining costs ($/tonne)                                        2.25
Transportation costs ($/tonne)                                0.50
Milling costs ($/tonne)                                       9.17
G and A ($/tonne)                                             1.13
Pre-production capital ($ million)                            242
Sustaining capital ($ million)                                34
Average cash cost (US$/oz)                                    496 (Cdn$521)
Financial Analysis:
Average annual pre-tax cash flow ($ million)                  57.8
NPV 5% discount rate pre-tax ($ million)                      351
NPV 5% discount rate post-tax ($ million)                     259
IRR pre-tax (%)                                               49
IRR post-tax (%)                                              41
Pre-tax payback period (years)                                1.8



Magino Mine Resources

The Magino mine resources used in the PEA were previously reported in a Prodigy Gold press release dated February 28, 2011. The resource estimate, completed by Snowden, contained Indicated gold resources of 1,924,200 ounces grading 1.16 gpt gold (51.6 million tonnes) and 587,100 ounces of Inferred gold resources grading 1.04 gpt gold (17.5 million tonnes) using a 0.35 gpt cut off grade. The complete resource estimate table is included below:


--------------------------------------------------
----
                                         Indicated
Cut off                                 Grade
(gpt Gold)              Tonnes      (gpt Gold)    Grams Gold    Ounces Gold
--------------------------------------------------
2.00                 6,991,000           2.86     19,969,200        642,000
1.50                11,635,000           2.41     28,036,500        901,400
1.00                20,192,000           1.90     38,336,900      1,232,600
0.75                31,532,000           1.53     48,105,600      1,546,600
0.50                46,939,000           1.23     57,785,400      1,857,800
0.35                51,633,000           1.16     59,850,000      1,924,200
--------------------------------------------------
--------------------------------------------------
                                        Inferred
Cut off                                 Grade
(gpt Gold)              Tonnes      (gpt gold)    Grams Gold    Ounces Gold
--------------------------------------------------
2.00                 1,807,000           2.79      5,043,900        162,200
1.50                 2,711,000           2.43      6,599,300        212,200
1.00                 5,854,000           1.77     10,343,100        332,500
0.75                10,113,000           1.39     14,017,800        450,700
0.50                15,579,000           1.12     17,422,900        560,200
0.35                17,494,000           1.04     18,260,400        587,100
--------------------------------------------------



Potentially open-pit minable resources were calculated by Snowden using Snowden's resource model (as reported in a press release dated February 28, 2011). This resource model as well as the cost parameters mentioned above, and an average pit wall slope assumption of 45 degrees were used to develop an optimum final pit shell using Whittle 4D. After determining the optimal pit shell Snowden then used lower revenue factor shells to select appropriate push backs to assist in scheduling the operation. Snowden then developed a life of project schedule for the resource which utilizes an extensive low grade stockpile to increase the average mill feed grade, maximizing value in the early years of the project's life. The schedule developed supports an average mill feed rate of 15,000 tonnes per day, for about nine years. To support this mill feed, total material movement from the open pit peaks at about 62,500 tonnes per day in year three with a typical material movement requirement of about 55,000 tonnes per day of combined waste and process feed.

Using the final pit shell from Whittle, Snowden designed a conceptual final pit design as well as associated waste dumps, low grade stockpile, and ramps. Mining is assumed to be undertaken by a contractor. The financial analysis includes a mobilization allowance of $5 million for the contractor.

Mining and Production

The pit design, optimization and production schedule prepared by Snowden resulted in a potential production schedule containing 41.82 million tonnes grading 1.18 gpt gold. Total gold recovered over a nine year project life is 1.50 million ounces, averaging 166,500 ounces per year. The LOM average strip ratio is estimated to be less than 2.8 to 1. A summary of the annual mine production is outlined below.

To view summary of the annual mine production, please visit the following link: media3.marketwire.com/docs/PGOLD44.pdf

Processing Facility

The PEA contemplates using a conventional carbon-in-leach (CIL) processing facility operating at 15,000 tpd with 95% availability. The crushing consists of a three stage crushing plant and a fine ore stockpile. The fine ore will be reclaimed to feed two ball mills in parallel. Each ball mill will be in a closed circuit with cyclones.

The cyclone overflow from each ball mill will be fed to a train of leach tanks with sodium cyanide and carbon (carbon-in-leach process) for 48 hours to extract 95% of the contained gold. The loaded carbon will be washed and stripped in a hot caustic solution at an elevated temperature and pressure. The pregnant solution exiting from the stripping circuit will be cooled and pumped to a set of electrowinning cells where the gold will be plated out on steel wool. The gold laden steel wool will be smelted on site to produce dore.

The stripped carbon will be reactivated and returned to the CIL circuit. The residual cyanide in the tailings from the leach will be destroyed using sulphur dioxide, copper sulphate and lime before the tailings are pumped to the storage area. The supernatant from the tailings will be reclaimed and re-used in the process plant.

Operating Costs

Operating cash costs, excluding sustaining capital, over LOM are projected to average US$496/oz (Cdn$521). Costs are summarized below: