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Sprott Asset Management Inc. Update on Sedar

posted on Mar 11, 2008 04:58AM

REPORT UNDER PART 4

Of

NATIONAL INSTRUMENT 62-103

1. Name and address of eligible institutional investor:

Sprott Asset Management Inc. (the “Offeror”)

200 Bay Street, Suite 2700, P.O. Box 27

Royal Bank Plaza, South Tower

Toronto, Ontario

M5J 2J1

2. The net increase or decrease in the number or principal amount of securities, and in

the eligible institutional investor’s securityholding percentage in the class of

securities, since the last report filed by the eligible institutional investor under Part

4 or the early warning requirements:

As at February 29, 2008, there is a net increase in the holdings of 868,100 Common

shares (the “Common Shares”) of Kodiak Exploration Limited (the “Issuer”). Also, an

increase in the aggregate number of currently issued and outstanding shares has resulted

in a net decrease of 2.1% in the Offeror’s securityholdings.

3. The designation and number or principal amount of securities and the eligible

institutional investor's securityholding percentage in the class of securities at the

end of the month for which the report is made:

As at February 29, 2008, the Offeror exercises control or direction, on behalf of accounts

fully managed by it, over 8,290,900 Common Shares of the Issuer. Based on the number

of currently issued and outstanding Common Shares (as reported by the Issuer), the

Offeror exercises control or direction over 9.4% of the issued and outstanding Common

Shares.

4. The designation and number or principal amount of securities and the percentage of

outstanding securities referred to in item 3 over which:

(a) the eligible institutional investor, either alone or together with any joint

actors, has ownership and control:

The Offeror does not itself own any Common Shares or other securities of the Issuer.

The only persons with whom the Offeror may be deemed by the Securities Act (Ontario)

to be acting jointly and in concert with would be included in the list of managed accounts

referred to below.

- 2 -

(b) the eligible institutional investor, either alone or together with any joint

actors, has ownership but control is held by other entities other than the

eligible institutional investor or any joint actors:

None.

(c) the eligible institutional investor, either alone or together with any joint

actors, has exclusive or shared control but does not have ownership:

The Offeror exercises control or direction over all of the Common Shares referred to

above in its capacity as portfolio manager of managed accounts.

5. The purpose of the eligible institutional investor and any joint actors in acquiring or

disposing of ownership of, or control over, the securities, including any future

intention to acquire ownership of, or control over, additional securities of the

reporting issuer:

The securities described herein are being held for investment purposes. Depending on

market and other conditions, the Offeror may from time to time in the future increase or

decrease its ownership, control or direction over the Common Shares or other securities

of the Issuer, through market transactions, private agreements or otherwise.

6. The general nature and the material terms of any agreement, other than lending

arrangements, with respect to securities of the reporting issuer entered into by the

eligible institutional investor, or any joint actor, and the issuer of the securities or

any other entity in connection with any transaction or occurrence resulting in the

change in ownership or control giving rise to the report, including agreements with

respect to the acquisition, holding, disposition or voting of any of the securities:

None.

7. The names of any joint actors in connection with the disclosure required by this

report:

The managed accounts of the Offeror holding Common Shares include: Sprott Canadian

Equity Fund, Sprott Bull/Bear RSP Fund, Sprott Hedge Fund L.P., Sprott Hedge Fund

L.P. II, Sprott Master Fund, Ltd., Sprott Master Fund II, Ltd., and the Sprott Managed

Accounts.

8. If applicable, a description of any change in any material fact set out in a previous

report by the eligible institutional investor under the early warning requirements or

Part 4 in respect of the reporting issuer’s securities:

Not applicable.

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9. A statement that the eligible institutional investor is eligible to file reports under

Part 4 in respect of the reporting issuer:

The Offeror is eligible to file reports under Part 4 of NI 62-103 in respect of the Issuer.

The filing of this report is not an admission that an entity named in the report owns or

controls any described securities or is a joint actor with another named entity.

Dated this 10th day of March, 2008.

SPROTT ASSET MANAGEMENT INC.

By: “Iryna Gordiyenko”

Iryna Gordiyenko

Chief Financial Officer

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