The shift in Kodiak management doesn’t seem to be as black-and-white as “Chornobay is out... Harrington is in.” But then again, you insiders know more than this remote observer.

All this time, I’ve been thinking about their plans from mid 2007, which was before they had $50M in the bank.

"Vancouver, British Columbia, June 19th, 2007- Kodiak Exploration Limited (KXL-V,

Kodiak) is pleased to announce that it has completed a major corporate restructuring as the first step in its strategic plan to unlock shareholder value by establishing three separate companies having significant asset pools in the base metals, gold and uranium sectors.

Kodiak believes that the investment community is focused almost entirely on its Caribou Lake project, and that its other assets, the Hercules gold project in Ontario and the UR, Mat and 308 uranium projects in Quebec’s prospective Otish Basin, are not being recognized by the market.

Accordingly, the company has formed three divisions and has retained the services of two experienced explorationists to build asset pools in each division independently.

This restructuring will set the stage for the spin-off of new companies in each sector as the asset pools are developed to the point at which it is appropriate to have them financed and managed as separate corporate entities. Kodiak’s shareholders will receive shares in the new entities proportionate to their holdings of Kodiak shares at the time of the spin-off.

A key aspect of the company’s strategic growth plan is to add projects to each division that already have 43-101 compliant resources or are advanced projects that can be rapidly taken to the resource category. Ultimately, each division will have a series of projects in the development pipeline, accelerating company growth and allowing for sustainable development. In addition, the company will continue its practice of seeking prospective grass roots projects which can be picked up by staking or at a significant discount from their true market value. The projects will be managed by separate geological groups having the required expertise at the division level, while being overseen by our senior geologists.

“Our recently expanded management team, led by Brian Maher and Bob Hawkins, has the broad experience base and the relationships in the mining industry necessary to execute this plan and achieve our goals.” said Michael Phelps, Company Chairman. “Combined with our existing geologic team and Board of Directors, we have in place all the ingredients necessary to rapidly grow our company.”"