Kodiak Exploration Ltd. JANUARY 10 www. bus- ex. com 43 Beneath K odiak Exploration Limited is a publicly traded Canadian junior exploration mining company based in Vancouver, British Columbia, with gold and uranium projects in Saskatchewan, Manitoba, Ontario and Quebec. President and COO Brian Maher began his career 30 years ago as a mineral geologist, worked in several international jurisdictions in various capacities, and operated a geologic consulting business to junior, mid- size and large mining organizations, emphasizing geologic modeling, resource estimation and business planning. " Kodiak began as a private company 13 years ago," Maher says, " then went public six years ago, and since then we've been acquiring projects, evaluating them, and pushing them through the evaluation or exploration pipeline. Our principal focus is gold, and our largest project is the Beardmore- Geraldton Greenstone Belt or Gold Camp, in western Ontario. Our flagship property in the northern part of the Belt is about 30 square kilometers, known as the Hercules project, where we made a significant gold discovery in what we call the Golden Mile in 2007, and we've been drilling it for resource estimation purposes since. We've also been actively expanding our land holdings in the Belt, and we now control in excess of 2,000 square kilometers." Although Hercules is the company's area of focus right now, it's part of a much larger exploration program that encompasses the entire Belt, and it's one project of many that Kodiak currently has under drill stage evaluation. The Golden Mile was not previously recognized, Maher says, and his prospecting team discovered the vein in the bush. " They noticed there was visible gold in the outcrop and starting scraping it back with an excavator, washing down the outcrop, and eventually uncovering a 2,000- meter- long segment of the vein." When the vein system was sampled in detail, they recognized its potential. Since then the team has drilled about 400 holes in the system and adjacent veins, and it is in the process of producing a 43- 101 resource estimate that will cover this initial phase of drilling and serve as the basis for proceeding. In 2010 they anticipate continuing the exploration work to grow the resource, and they are considering the option of going underground to collect a bulk sample and do confirmatory drilling. " The Golden Mile vein and adjacent parallel veins are one to two meters wide, frequently have very high grades, measured in the hundreds of grams; it's a continuous, long strike, and we've drilled to a depth of 1,000 meters. In coming years we'll expand the size of these vein systems, but Junior exploration mining company Kodiak Exploration is carving out a niche for itself in the gold and uranium sector, Gary Toushek learns

44 www. bus- ex. com JANUARY 10 we feel that at this point it's a good time to step back, produce a resource estimate, and try to get a handle on the economic viability of what we've found to date." In uranium properties, Kodiak has nearly 400 square kilometers in the Wollastin Structural Corridor of the Athabasca Basin, and this winter it is drilling a $ 2 million program at its West Millennium project in northern Saskatchewan. With regard to government regulations for mining, especially in terms of the environment, Maher gives high marks for cooperation and encouragement to not only federal agencies but all levels of government in Canada. " We're happy to conform to the rules, and we find the regulatory bodies quite positive in their attitude, which enables us to complete our exploration program. If we're fortunate to get to the stage of building a mine, then we can employ local people and bring some prosperity to the communities we work in. And by taking that attitude, it's one of the reasons that Canada is a leading country in mining. The various levels of government recognize the importance of mining to local communities and to the overall economy, and they are willing to help support it while protecting the fragility of the environment with regulations that ensure that our activities are done in an appropriate, socially responsible manner." Several of those communities are populated with First Nations bands, and Maher describes his company's relationship with them as cooperative and positive. " I've