Some extracted info included below:

Gold Division

Hercules-Golden Mile Property

Kodiak’s Hercules Property is located approximately 120 kilometres northeast of Thunder Bay, in Ontario’s historic Beardmore-Geraldton Gold Camp (4.1 million ounces production to date). The property is road accessible and close to infrastructure. Past producers in the area include the high grade Leitch Mine, 30 kilometres to the southwest, which produced 1 million tons of ore at an average grade of 31.54 grams per tonne (0.92 opt) gold.

At Hercules, Kodiak has discovered and verified high-grade gold in a series of quartzcarbonate shear zones that cut through the 31 square kilometer Elmhirst Lake Intrusion and adjacent metavolcanic rocks. Surface stripping during 2006 and 2007 exposed several massive gold-bearing structures consisting of quartz vein and stockwork systems with a combined strike length of more than 5 kilometres. Individual veins are up to 9 metres wide and 1000 metres long, and are enclosed within a wide envelope of intensely sheared sericite, chlorite, quartz, and hematite alteration. The gold-mineralized structures remain open in all directions, and display many of the characteristics of significant shearhosted gold deposits in the Archean throughout Canada and other countries around the world.

Shallow reconnaissance drilling along the Hercules shear zone in 2006 focused on three main areas: the WL, Penelton and Yellow Brick Road gold zones. Drilling in the WL zone intersected high-grade gold over significant widths in three holes. Hole HR-06-03 intersected 15.59 g/t Au over a true width of 9.7 metres, including 51.65 g/t Au over 2.83 metres, and holes HR-06-02 and HR-06-05 also returned gold values greater than 10 g/t Au over multi-metre intervals. These drill results were confirmed by surface channel samples WL-01, WL-04 and WL-05, which assayed 9.76 g/t Au over 9.22 metres, 16.59 g/t Au over 4.60 metres and 11.87 g/t Au over 5.20 metres respectively. The drill and channel intersections outline a high-grade gold-mineralized shoot, plunging west to northwest within the steeply south-dipping shear zone. The high-grade shoot remains open down plunge, and is enclosed within a broad mineralized halo of lower grade material up to 75 metres wide. Holes HR06-01 to HR06-16 tested the WL gold zone over a strike length of 250 metres. Surface stripping and reconnaissance holes HR06-17 to HR06-20, drilled along strike to the northwest in the Penelton and Yellow Brick Road zones, confirmed the continuity of gold mineralization, veining, alteration and shearing over a total strike length of 1.2 kilometres. Metamorphosed porphyry and felsic volcanic wall rocks are intensely altered, indicating that large volumes of hydrothermal fluid have passed through the Hercules shear, which is steeply dipping to vertical, and up to 40 metres wide. Both the veins and intensely sheared wall rocks are gold-bearing.

Mineralographic and microprobe analysis confirmed the presence of electrum (a goldsilver alloy) in several samples from the WL zones, and a strong correlation between gold and silver values in the shear suggests it is widespread. Metallics assays were performed to mitigate any sampling errors which could be caused by uneven distribution of gold in the veins, and the results indicate that both fine and coarse gold are present in the system.

The electrum identified in microprobe samples contains up to 57 weight per cent silver, and appears to be contemporaneous with gold grains containing 5 to 7 weight per cent silver. It is intergrown with fine grained native bismuth and bismuthinite, and along with chalcopyrite, forms late stage rims on pyrite grains. Gold and electrum also occur as inclusions in quartz and pyrite, and veinlets of electrum have been observed cross-cutting pyrite grains. The widely varying silver content of gold within the same sample is inferred to mean that the gold and electrum were deposited from boiling hydrothermal fluids. The mineral paragenesis suggests gold was introduced during more than hydrothermal event.

Infill drilling in the WL zone in 2007 intersected multiple zones of gold mineralization, including 5.8 g/t Au over 2.6 metres and 62.89 g/t Au over 0.4 metres in hole HR-07-04.

In July, 2007 Kodiak prospectors discovered the Golden Mile, a major new goldmineralized structure 2 kilometres west of and parallel to the WL-Penelton-Yellow Brick trend. Surface trenching has exposed the Golden Mile over more than 2 kilometres, and the geophysically-indicated strike is more than 4 kilometres. Visible gold and accompanying sulphide mineralization occur throughout the exposed strike length.

Continuous gold mineralization has been traced on surface for more than 365 metres along the Golden Mile structure, and visible gold is frequent and conspicuous within this interval. Forty one per cent of grab samples taken along this zone exceed 10 g/t Au, and channel samples taken every 20 metres along this zone averaged 20.2 g/t Au over an average width of 3.8 metres, including one that assayed 32 g/t Au over a width of 11.6 metres. Drill highlights from this zone include hole HR07-51 (358.56 g/t Au over 3.6 m including 515.98 g/t Au over 2.5 m), HR07-29 (54.1 g/t Au over 2.0 m, including 134.4 g/t Au over 0.8 m) and hole HR07-65 (203 g/t Au over 2.9 m including 741 g/t Au over 0.3 m). Two wide stepouts 1340 metres apart along the Golden Mile structure, holes HR-07-20 and HR07-31, intersected 54.1 g/t Au over 2.0 m and 12.64 g/t Au over 1.4 m respectively.

Many new veins continue to be uncovered in this area measuring some 30 square kilometers, but most of the property remains unexplored. Several other parallel or ladder veins have already yielded strong gold values across significant widths, including the 180 m long Marino vein where hole HR07-16 intersected 38.5 g/t Au over 1.6 metres, including 93.18 g/t Au over 0.6 metres, and the 250 m long “7 of 9” zone, where all five drill holes to date returned gold values between 1.21 and 3.70 g/t Au over sample intervals of 0.35 to 1.20 metres.

Further surface trenching has confirmed that the Penelton, Yellow Brick Road, Marino and WL vein vein systems are part of a parallel series of gold mineralized structures that extend for at least 1,200 metres along strike in a zone approximately 400 metres wide.

All of the structures remain open along strike and to depth. Prospecting has identified several additional gold bearing vein outcrops in the one kilometre interval between the Golden Mile and the Yellow Brick Road-Marino-Penelton area, confirming the potential to discover additional gold mineralized veins.

Subsequent Events

With a recent bought-deal equity offering that raised $53,924,023, Kodiak has locked in the funding necessary to fast-track its exploration and has commenced a 60,000 metre diamond drill program to test the economic potential of the Golden Mile, Yellow Brick Road and other gold-mineralized structures in this intensely mineralized area. During early 2008, drill rigs have worked in three distinct areas of the Hercules property: the central and northwestern portions of the Golden Mile, including Area 51, Area 29 approximately 1 km southeast of Area 51 along the Golden Mile, and the Marino vein, which runs parallel to the Golden Mile 1 km to the northeast. Other areas will be drilled
as the program progresses.

Results of the 2008 drilling have been highly encouraging. The first two deep holes drilled in Area 51 were 100 m apart, and intersected a broad envelope of gold mineralization at downhole depths of 250 m and 350 m respectively. This gold mineralized zone remains open, and additional drilling will test it at greater depths and further along strike in the immediate future. Highlights from Area 51 include Hole HR07-74, which intersected 3.8 m grading 10.37 g/t Au, including 0.5 m grading 25.72 g/t Au.

These drill results show that gold mineralization in the central Golden Mile has excellent internal continuity and that the mineralization extends to almost triple the depth previously tested, greatly increasing the resource potential of the Hercules project.

Encouraging gold mineralization was also intersected in Area 29, more than 1 km southeast of the original discovery hole in Area 51. HR08-103 intersected 0.4 m grading 12.4 g/t Au, indicating that the gold mineralization intersected in hole HR07-29 continues along strike and is open to the southeast and at depth, at a distance of more than 1 km from the original discovery hole in Area 51. Ongoing drilling in this area is designed to outline the geometry and scale of this mineralized zone.

The Marino area also continues to yield encouraging results. Hole HR08-106 intersected a newly discovered vein system that parallels the main Marino vein at a depth of over 100 metres, indicating the presence of “stacked” quartz veining that is intensifying at depth.

The new parallel vein system greatly expands potential of the Marino area, and indicates that stacked veining may be associated with other nearby vein systems including the
extensive Yellow Brick Road

In addition, a series of previously unknown gold bearing veins has been discovered in the one kilometer area between Marino and the Golden Mile, indicating that the known veins may be part of a much larger overall system.

Beardmore-Geraldton Land Acquisition and Reconnaissance

As a result of staking, joint ventures and options with private landowners, Kodiak is now the dominant landholder in the Beardmore-Geraldton gold belt, with a property that covers approximately 1400 square kilometers of favourable stratigraphy and structure in an area measuring approximately 150 kilometres long and up to 40 kilometres wide.

Kodiak continues to add properties of merit to its land package as its team continues its geological review. Kodiak geologists believe this prolific gold belt, which has hosted 14 producing mines in the past, is under-explored during modern times, and therefore offers an exciting potential for the discovery of new economic gold deposits in an Archean terrain that is similar to gold camps such as Timmins, Val d Or, and Noranda.

During the next year Kodiak geologists will carry out a detailed and systematic exploration program along the belt that will consist of line cutting, geophysics, stripping, trenching, geologic mapping, and geochemical sampling. Positive results from this initial reconnaissance will be quickly followed with core drilling.

Knucklethumb

The 100% controlled Knucklethumb gold prospect is a separate property located 40 kilometers north of Golden Mile, in the northern part of the same Archean greenstone belt. The property covers 4,176 hectares, has excellent road access, and is located approximately 210 kilometres northeast of Thunder Bay, Ontario.

The Knucklethumb Vent Zone was discovered in 2004, following a regional compilation.

It consists of a large area of gold-sulphide mineralization within a zone of intensely silicified and sericitized quartz porphyry and hydrothermal crackle breccia. The alteration zone measures approximately 3 kilometers long by over half a kilometer wide, making it one of the largest known alteration systems in Northwest Ontario. Kodiak’s surface trenching in the Vent area exposed a gold-mineralized area 230 m long and up to 12 meters wide, with an average width of 7 meters. Surface channel samples have assayed up to 2.20 gpt Au and 12.89 gpt Ag over 6.10 m, including 7.17 gpt Au and 20.90 gpt Ag over 1.70 m.

Shallow diamond drilling on the property in 2005 (33 holes – 4,415 m) and a second phase of deeper drilling (7 holes – 1611 m) in 2006 included 29 holes in the Vent area, where a Titan 24" deep IP-Resistivity-Magnetotelluric survey outlined large areas of moderate to high chargeability, coincident with moderately low resistivity. The IP anomalies coincide with several lenses of disseminated to semi-massive pyrite with strike lengths ranging from 200 to 600 meters, associated with multi-element soil geochemical anomalies. The sulphide lenses are parallel and have a north-south orientation.

Hole KL05-04 intersected widespread gold mineralization averaging 0.19 gpt Au/108.90 m from 25.60-134.5 m down hole, including 0.33 gpt Au/29.05 m from 37.0- 66.05 m, including 0.46 gpt Au/15.33 m from 37.0-52.33 m. Hole KL06-01 intersected 0.29 gpt Au over 10 m true width, and showed that the gold mineralization extends to a vertical depth of at least 390 m.

The size of this gold-bearing hydrothermal system, a lack of drilling at deeper levels, and the existence of multiple priority targets that remain untested, all suggest that this
property has strong potential for a significant new gold discovery.

Energy Division

Otish Uranium Properties

Since November, 2006, Kodiak has staked ten new uranium properties covering 105,906 acres (42,859 hectares) in the Otish Basin area of Québec. This area made headlines after Strateco Resources Inc. reported a drill intersection of 2.13% U3O8 over 15.2 metres on its Matoush prospect, which adjoins two of Kodiak’s claim blocks. Other uranium companies, including Cameco and Areva, are also active in the area, which is accessible by winter road from Chibougamau.

According to Québec’s Ministry of Natural Resources and Wildlife, the uranium potential of the Otish Basin is frequently compared to the Athabasca Basin in Saskatchewan, which represents one third of global uranium supply. Like the Athabasca Basin, the Otish Basin hosts many uranium showings above, at, or below the unconformity separating basinal sediments from the underlying Archean basement rocks. At the Matoush prospect, Strateco reports that the high grade uranium is associated with gabbro dyke remnants in a fault zone that cuts through basinal sediments well above the unconformity surface.

The Otish Basin has been considered prospective for uranium for many years. Uranerz, a large European uranium company, explored here in the 1970s, but allowed its claims to lapse after uranium prices collapsed in the early 1980s. Kodiak’s properties cover a wide range of geological settings, target types, showings, and geochemical anomalies, on ground formerly held by Uranerz, within and near the margins of the Otish and Paskwati Basins (the Paskwati Basin is an outlier of basinal sediments south of the Otish). The claims were staked to cover specific targets identified by uranium specialist Charles Beaudry, P. Geo., as part of Kodiak’s ongoing project generation program.

Kodiak's UR prospect covers 17,382 acres (7,034 hectares) on the northeast rim of the Otish Basin, including a 3 kilometre x 2 kilometre area with more than 100 radioactive boulders discovered by Uranerz. These mineralized boulders returned uranium values ranging from 0.12% to 4.13% U3O8. The boulders are angular and consist of hematitealtered granite. They appear to be locally derived, and are consistent with deep unconformity-style mineralization in the basement rocks. The mineralized boulders appear to originate from a source area three kilometers up-ice from the apex of the boulder field, where a regional fault cuts Archean bedrock. This inferred source area for the high grade uranium mineralization lies within in the northeast part of Kodiak's UR claim block, and is planned to be one of the principal targets of the 2007 exploration. The company has seen no evidence to indicate that Uranerz previously drill-tested the property.

Kodiak’s UR East claims (26,990 acres/10,922 hectares) are located 5 kilometres northeast of the UR claim block, where basinal sediments and gabbro are cut by sheared gabbro dykes and faults similar to the Matoush structure. Historic lake sediment anomalies up to 159 ppm U, with favourable uranium to thorium ratios, were also recorded within the claim block. The UR East property is regarded as prospective for both unconformity and deep-unconformity style uranium mineralization.

Kodiak’s Mat I, II and III claim blocks (2,230 acres/902 hectares) are in the western part of the Otish Basin. Kodiak’s Mat I claim block lies on the western rim of the basin, adjoining the northern edge of Strateco’s claims in an area that appears most prospective for shallow unconformity-style uranium mineralization. The Mat II block is located between Strateco’s ground and Cameco’s claims to the south. The Mat III block is located to the west of Strateco’s Matoush discovery. The Mat II and Mat III claims are prospective for both perched and unconformity-style uranium mineralization.

Kodiak’s RIM 1 through RIM 3 properties (37,010 acres/14,978 hectares) are located along the east rim of the Otish Basin, where the highest concentrations of uranium showings and anomalies are found. Many of these showings and anomalies are located along or near faults that cross-cut the basinal sediments, making these properties highly prospective for unconformity and perched-style uranium mineralization.

The RIM 1 prospect is crosscut by two north-northeast trending faults, as well as the projected westward extension of the Kerveso Fault. Several radioactive sandstone boulders up to 11,000 cps have been documented on this property, along with gabbro outcrops that are believed to be contemporaneous with the uranium mineralization.
The RIM 2 prospect covers a possible source area for a 500-metre train of radioactive boulders containing up to 0.153% U3O8, located on the adjoining Golden Valley Mines property.

The RIM 3 prospect covers an elongated 24 kilometre lake sediment anomaly, and includes four lakes along the surface trace of the Kerveso Fault, sediments from which returned values between 20 and 50 ppm U. Four radioactive boulders containing up to 134 ppm U have been documented within the area of the lake sediment anomaly.

Kodiak's "308" prospects consist of two claim blocks on the north rim of the Paskwati Basin, an outlier to the southwest that contains terrestrial sedimentary rocks of the same age as those in the Otish Basin.

The 308 West claim block covers 4,626 acres (1,872 hectares) that include the historic Yvon uranium showing, and an area of anomalous uranium geochemistry. At the Yvon showing (which was never drill-tested) Uranerz found uranium-bearing veins cutting granite-gneiss bedrock and radioactive boulders. Historic lake sediment anomalies ranging from 405 ppm to 1,920 ppm U were recorded just outside the eastern claim boundary.

The 308 East claim block covers 2,513 (1070 hectares) and includes a cluster of historic uranium geochemical anomalies and mineralized boulders that follow the northern extension of a north-south gabbro dyke similar to the one associated with the uraniumbearing Matoush structure. The root zone of an unconformity deposit at the west contact of the gabbro dyke could be a possible source for these anomalies.

In addition to having potential for deep unconformity-type uranium deposits, both of the "308" claim blocks straddle the unconformity, and indicate potential for classic unconformity-style uranium mineralization both below and above the unconformity surface. A historic hole drilled by Phelps Dodge 5.3 kilometres south of Kodiak's 308 East block intersected 1.8 metres grading 0.15% U3O8 in metasedimentary rocks immediately overlying the unconformity.

Kodiak contracted to fly 11,000 kilometres of airborne radiometric, magnetic and EM surveys in August 2007, to identify radioactive targets within the basinal sediments, and radioactive fault zones cutting bedrock up-ice from known lithogeochemical and lake sediment anomalies near the basin margin.

Due to circumstances beyond Kodiak’s control, only part of the planned airborne survey was able to be completed in 2007, and the remainder had to be deferred until 2008. Initial data received from the airborne survey identified a very large radioactive anomaly on the UR property, directly up-ice from the previously reported fan of highly radioactive boulders found by Uranerz. The intense radiometric anomaly recorded by the airborne survey measures 2 kilometres by 6 kilometres in area, and has consistent values of 2,000 to 3,500 cps. It is associated with a north-south trending structure identified in magnetic data that has an orientation and setting similar to Strateco’s high grade Matoush structure.

The size and strength of the anomaly confirms the significant exploration potential of the UR property, and identifies a structural target that may be the source of the boulder train.

An experienced field crew was to ground truth the anomaly, and obtained encouraging results before the prospecting was cut short by the onset of winter. With this new information in hand, Kodiak is actively preparing for a much more extensive exploration program which is planned to include drilling.

Subsequent events

West Millenium Property

Kodiak has been granted an option by Geomode Minerals Ltd. to acquire the West Millenium property in Saskatchewan’s Athabasca Basin, a world-class mining district responsible for nearly a third of global uranium production. The West Millenium property consists of 10 mineral claims covering 18,027 hectares, and is contiguous with additional mineral claims recently staked by Kodiak, covering approximately 3,200 hectares, and dubbed the “Big Yellow”, bringing the total land holdings to approximately 21,230 hectares.

The West Millenium property is strategically located only 3,600 metres west of UEM’s (formerly Uranerz Exploration and Mining Ltd.) world class Millenium deposit (37.5 million lb grading 3.81% U3O8, and on trend with both the former Key Lake mine (183 million lb U3O8 grading 1.98%, 30 km to the south) and the McArthur River mine (367.0 million lb U3O8 grading 20.6%, 40 km to the north).

In 1970, SMDC outlined a northeast trending U-Ni-Pb lake sediment anomaly almost 12 km long on the south part of the property, and UTEM surveys flown by Cameco in the late 1980s outlined four conductive trends extending over 14 km, three of which occur within the boundaries of the lake sediment anomaly. A lithogeochemical survey of boulders in the same area revealed a strong uranium anomaly down-ice from Friesen Lake, a well-developed chlorite anomaly parallel to the geophysical conductors, and scattered boron and lead anomalies around the lake. These are all favourable indicators for the discovery of structurally controlled unconformity-type uranium deposits, which in the Athabasca Basin are found at the intersection of a fault with a conductive graphite layer, at or below the sediment-basement contact.

The only recorded drilling on the West Millenium property is a 1988 hole drilled by Cameco on the main conductive trend, where it intersected 35 m of pyrite and graphiterich metasediments at the basement interface (686 m). Anomalous uranium values were found in the basement rock, along with pervasive bleaching and alteration of the sandstone above the unconformity. The deeper, north part of the property remains largely unexplored, but is well within range of modern, deep-penetrating geophysics.

Cameco’s Millenium deposit was discovered after drilling more than 17 holes along 21 kilometres of conductive trend. By comparison, the West Millenium property has only one drill hole testing 14 kilometres of conductive trend. Kodiak is excited about this opportunity to participate in one of the world’s premium uranium plays, and believes the West Millenium property holds excellent potential to host an unconformity-type uranium deposit.

Base Metals Division

Caribou Lake Property

Kodiak’s 83,459 acre Caribou Lake Ni-Cu-Co-PGE property is located on the north shore of Great Slave Lake, 90 kilometers southeast of Yellowknife. The property is 100% controlled, and has direct deep water access to the Mackenzie Highway and the transcontinental railhead at Hay River. The nearest nickel smelter is Sherritt International Corporation’s Metals Refinery, 1100 kilometers to the south at Fort Saskatchewan, Alberta

At Caribou Lake, nickel, copper and cobalt sulfides occur in a layered mafic intrusion with an overall gabbroic composition similar to Noril’sk and Duluth. In 2006, significant amounts of nickel, copper and cobalt sulfides were found in 34 of 50 shallow drill holes (totaling 7,345 m) that tested the intrusion along a strike length of nine kilometers.

Results from the shallow drilling included long intersections of disseminated and nettextured sulfides (53.5 m grading 0.12% Ni and 0.16% Cu in hole CL-06-16), and several holes intersected semi-massive and massive sulfide, including hole CL-06-01 which intersected 0.78 m grading 1.02% Ni, 1.38% Cu within a 5.40 m interval grading 0.36% Ni and 0.50% Cu.

Petrographic and field studies by nickel specialist Dr. Walter Peredery, P. Geo., show that the Caribou Lake intrusion consists of an Upper Series of rocks dominated by anorthositic gabbro, an iron-rich, mafic-ultramafic Middle Series, and a Lower Series consisting of magnesium-rich ultramafic layer of peridotite and olivine pyroxenite. These layered series rocks appear to have been injected in several pulses. Middle Series rocks show clear rhythmic layering in several drill holes on a scale of about 20 meters, and host the largest concentrations of nickel discovered to date. Lower Series rocks are poorly exposed on surface, but their distribution roughly coincides with a 6 x 4 kilometer gravity anomaly mapped by the Geological Survey of Canada, centered immediately east of Caribou Lake. All of the rocks are magnetic, and are easily distinguished from nonmagnetic greywacke, amygdaloidal basalt and granite that form the footwall of the Caribou Lake intrusion.

Pentlandite granules found in samples from the marginal, middle and lower parts of the intrusion are considered to be evidence of a nickel-rich system, and demonstrate that the Caribou Lake intrusion has excellent potential to contain economic concentrations of nickel, copper, and cobalt at depth. Microprobe analyses have shown that olivine grains from the marginal gabbro, and from magnetite peridotite and pyroxenite of the Middle Layered Series, are strongly depleted in nickel. These results indicate that the system of nickel extraction from olivine into sulfides at Caribou Lake has been very efficient, and compares favourably with nickel depletion seen in olivines from Noril’sk and Voisey’s Bay. The pentlandite grains mentioned above confirm that extraction of nickel into the sulfide fraction has taken place.

Microprobe analyses also show that the nickel and magnesium content of olivine increases downward in the intrusion. Platinum group elements also increase downward. The highest concentrations of magnesium-rich olivine, nickel and PGE are expected to occur at the base of the intrusion, where significant concentrations of sulfides are considered likely to have pooled in structurally low areas due to gravitational settling.

Assays of disseminated and net-textured mineralization normalized to 100% sulfide allow comparison of sulfides between layers within an intrusion, as well as between deposits. A sample of disseminated mineralization from the Lower Series rocks at Caribou Lake, recalculated in terms of massive sulfide, returned normalized values of 3.5% Cu, 5.6% Ni, 0.9% Co, 2.5 g/t Pt and 3.5 g/t Pd. These values are comparable to massive sulfides from nickel deposits worldwide, and also indicate a relatively high PGE content, comparable to that at Noril’sk.

During its Phase II drill program in 2007, Kodiak completed 15 deeper drill holes totaling 8786.88 m. These holes ranged from 188 to 966 meters in length. Seven of the holes intersected fine to coarse grained interstitial sulfides, including an intersection of 0.31% Cu and 0.22% Ni over 1.11 meters in hole CL-07-05, and 587 meters of 1-10% sulfide containing anomalous levels of Ni and Cu in Hole CL-07-03. Even though these drill holes did not encounter economic quantities of nickel, clouds of disseminated mineralization like that intersected in the Phase I and II drill holes frequently form lateral extensions or haloes around massive sulfide bodies.

These results continue to demonstrate that a large Ni and Cu bearing sulfide system is present in the Caribou Lake intrusive complex, which has the potential to host a significant Ni and Cu ore body. Geologic and drill hole data are being compiled and interpreted in preparation for the next phase of exploration at Caribou.

Sleeping Giant Property

Sleeping Giant is a significant new zone of nickel-copper mineralization on Kodiak’s 100% controlled claims in the Beardmore-Geraldton Gold Camp. It has direct all weather road access and is close to infrastructure. Drill hole HR07-01 intersected 27.1 metres grading 0.49% Ni and 0.0.24% Cu (50.2-77.3 m), including 5.3 metres grading 1.51% Ni and 0.44% Cu (71.7-77.0 m). These intersections include encouraging precious metal mineralization of 0.5 m grading 1.40 g/t Au, 0.85 g/t Pt and 0.17 g/t Pd (50.2-50.7 m), and 1.2 m grading 0.15 g/t Pt and 0.10 g/t Pd (71.7-72.9 m). The significant width and grade of mineralization at the Sleeping Giant, combined with large geophysical anomalies, suggest it is part of a much larger base metal system.

Sleeping Giant 2007 Drill Results
Hole From To Width Cu (%) Ni (%) Cr2O3 (%) Co (%)
HR07-01 50.2 50.7 0.5 0.97 1.31 0.052 0.04
and 50.2 77.3 27.10 0.24 0.49 0.045 0.02
including 71.7 77.0 5.3 0.44 1.51 0.047 0.04
including 71.7 74.0 0.65 0.65 2.21 0.041 0.06
including 71.7 72.9 1.2 0.76 2.78 0.039 0.075

The Sleeping Giant zone extends for at least 200 metres along strike and is open in all directions. The mineralized zone is associated with a series of geophysical anomalies that extend for a strike length of at least three kilometers, indicating the system is much more extensive. Mineralization occurs in a gabbroic komatiite body that hosts disseminated, semi-massive and massive sulphides consisting of pyrrhotite, chalcopyrite, and pyrite, with possible chromite.

Sleeping Giant was discovered as the result of a surface exploration program consisting of ground geophysics, compilation of data from previous shallow drilling, and follow-up reconnaissance drilling. This Ni-Cu zone remains open along strike and to depth. Kodiak plans to perform approximately 65 km of line-cutting followed by ground UTEM and magnetic surveys as well as bore-hole geophysics in order to outline the full extent of conductors that would indicate sulphide targets, in preparation for additional drilling.

Nighthawk Nickel property

Kodiak’s Nighthawk claims near Timmins, Ontario, were staked in May, 2007, immediately after Golden Chalice Resources announced the discovery of a significant new nickel discovery (1.14% Ni over 72.5 metres). Kodiak’s claims cover an area of more than 17,544 acres (7100 hectares) adjacent to Golden Chalice’s ground, and are located approximately 20 kilometres south-southeast of the Kidd Creek Metallurgical Complex, which recently added a circuit to process nickel sulphide.

Kodiak is currently compiling drilling records, district files and additional geological and geophysical data in order to prioritize areas for detailed evaluation, and is planning to follow up with a ground program to assess the potential of these claims. Kodiak continues to investigate this and other nickel opportunities, as part of a recently initiated strategic growth plan recently initiated by the Company.

Roy property

The Roy claims were staked in November, 2006 as part of Kodiak’s ongoing acquisition program, but are not currently considered a material or principal property of the Company. The claims cover a porphyry copper-gold target in the Chibougamau district of Quebec. Between 1954 and 1995, this district produced 47.8 million tonnes at an average grade of 1.82% Cu and 2.2 g/t Au.

The Roy claims are located directly between past producers Grandroy to the east (8.7 million pounds Cu and 7,600 ounces Au produced from 1967-1969 and 1974-75), and Bruneau (1.9 million pounds Cu and 123 ounces Au produced in 1965-1966) to the west.

The Portage mine (203 million pounds Cu and 643,000 ounces Au produced from 1960 to 1994) is located 3 kilometres southeast of the Roy property, and the Copper Rand mine (535 million pounds Cu and 1.3 million ounces Au produced from 1959 to 1994) is located 5 kilometres to the west.

Although poorly exposed at surface, drilling and geophysical surveys have shown that part of the Chibougamau pluton, which hosted the Grandroy ore body, extends onto the southeast part of the Roy claims, where it is cut by northeast and east-trending shear zones. The tonalite is altered and mineralized along these shear zones, and is associated with a well defined IP chargeability anomaly extending southwest from the Grandroy property.

The Roy property was first explored by Grandines Mines in the early 1950s, at the time of the initial Chibougamau staking rush. In 1952, Grandines explored the Machin Bay area, in the southeast part of the Roy claim block, as part of its work on the adjacent Grandroy property. Several holes were reported to have intersected significant shearing, alteration and chalcopyrite mineralization in felsic volcanic and intrusive rocks. The best reported intersection was 1.2% Cu and 2.8 g/t Au over 4.8 metres, and another hole, drilled 60 metres south of the present claim boundary, intersected 1.19% Cu over 5.0 metres. A surface showing in this area was stripped and sampled by Ran-Lux Mines in 1966. The best grab sample assayed 21% Cu and 2.0 g/t Au, and another surface grab sample is reported to have contained 7.8 g/t Au.

Previous shallow drilling is thought to have been inadequate to fully evaluate the potential for a classic porphyry style deposit in the southeast part of the Roy claim block, and Kodiak’s consultants have recommended a program of deeper drilling in the Machin Bay area to test the system at depth.

The northwest corner of the property lies only a few hundred metres from the Bruneau mine portal, where pyrite-pyrrhotite-chalcopyrite mineralization is contained in a network of quartz-carbonate veins. These mineralized veins are controlled by north-trending shears in the same silicified and propylitically altered mafic volcanic that underlie much of the Roy claim group. It is concluded that the Roy claims have the potential to host both Grandroy and Bruneau-type mineralization.

The qualified person for the Company's projects, under the definitions established by National Instrument 43-101, is Robert B. Hawkins, Kodiak’s Chief Geologist, who has reviewed and approved the contents of this report.

Subsequent Events

The following occurred during the period subsequent to December 31, 2007:

1. The Company has filed an option agreement with Geomode Mineral Exploration Ltd., whereby the Company has been granted an option to acquire up to a 100% interest in 10 mineral claims located in the Northern Mining District of Saskatchewan. The first option (to acquire an initial 30% interest) is exercisable by paying $100,000 in cash and issuing 53,802 common shares (paid and issued).

In addition, the Company must either pay an additional $250,000 in cash or issue common shares having a total market value of $250,000 (maximum 89,670 common shares) within two years of Exchange acceptance (March 8, 2008), and must incur exploration expenses totaling $2,000,000 on or before March 8, 2010. The second option (to acquire an additional 20% interest) is exercisable by paying an additional $350,000 in cash or common shares, and by incurring additional exploration expenses totaling $1,000,000 on or before March 8, 2011. If the Company satisfies the payment of $350,000 by issuing common shares, it must seek prior Exchange approval for the issuance of such shares.

2. A total of 235,000 stock options were exercised for proceeds of $148,050.

3. The Company was granted an option to purchase a 100% interest in seven mineral claims located in the Thunder Bay Mining Division, Province of Ontario, for consideration of:

• $10,000 cash and 5,000 common shares (paid and issued)
• $10,000 cash and 5,000 common shares to be issued on or before October 31, 2009; and
• $10,000 cash and 10,000 common shares to be issued on or before October 31, 2010.

The property is subject to a 3% NSR, of which the Company will have the right to purchase for $1,000,000 for each 1% of the NSR.

4. The Company was granted an option to purchase a 100% interest in three mineral claims located in the Thunder Bay Mining Division, Province of Ontario, for consideration of 12,000 common shares (issued).