Nickel: Charts & Discussion

Kodiak Identifies Extensive Massive Sulphide Layers at Caribou Lake

Vancouver, British Columbia, December 21, 2005 - Kodiak Exploration Limited
(TSX.V: KXL) is pleased to report preliminary results from the VTEM airborne
geophysical survey currently being flown over Kodiak's copper-nickel-PGE
prospect near Caribou Lake, 90 kilometres southeast of Yellowknife,
Northwest Territories.

The VTEM survey is only 15% complete, but results to date have already
confirmed the presence of several massive sulphide bodies located along a
trend of strong conductivity with a strike length in excess of four
kilometres in the southern part of the gabbro. These massive sulphide
bodies measure up to 550 metres long and represent high priority drill
targets for Kodiak's planned winter drill program, as they are associated
with a mineralized layer in the gabbro containing magmatic net-textured and
semi-massive copper-nickel sulphides up to 70 metres thick from which grab
samples of up to 0.97% copper, 0.62% nickel, 198 ppb platinum and 94 ppb
palladium have been obtained. This mineralized layer has been traced for
more than nine kilometres on surface and remains open to the northeast. It
also remains open at depth. The balance of the VTEM survey will cover the
entire strike extent of the mineralized layer as well as all of the
Caribou Lake Gabbro and surrounding areas that measure 12 kilometres in a
north-south direction and eight kilometres east-west.

The VTEM survey has also detected anomalies indicating the presence of
massive sulphides three kilometres along strike to the northeast of the
southern trend described above. Kodiak's prospectors discovered seven
mineralized showings this year by blast pitting along a nine kilometer
strike. Grab samples taken from those pits returned values up to 19.7%
copper and 0.62% nickel, 0.07% cobalt, 266 ppb gold, 198 ppb platinum and 94
ppb palladium in the gabbro layer. Niccolite veins cross-cutting the
mineralized layer produced grab samples containing up to 38% nickel and up
to 3.8% cobalt. One pit blasted in the southern zone near the base of the
mineralized layer exposed semi-massive sulphides, but did not reach the base
of the sulphide layer, which remains open at depth. Grab samples from this
pit returned values of up to 0.97% copper and 0.62% nickel. The location of
this discovery coincides with a large massive sulphide anomaly measuring 550
metres long that will support several high priority drill targets.

With only 15% of the survey completed, Kodiak is extremely encouraged that
these initial results have already provided multiple drill targets and looks
forward to the results of the remainder of the survey. Kodiak will release
further news as results become available. In addition, Kodiak's preparation
for the much anticipated winter drill program is well underway.

Kodiak is a mineral exploration company with two properties located in
Canada. Maps, photographs, geological details and additional information
may be reviewed on its website at www.kodiakexp.com
. The qualified persons under the definitions
established by National Instrument 43-101, are Gary Vivian, P. Geo. and
Trevor Bremner, P. Geo.