Don't know what difference it makes but I guess it shows us they are still alive... and back from NY LOL...
Whether they fins anything at Hercules that is economic is another story... but they own it! LOL
red911
Kodiak Exercises Hercules Option
Symbol: KXL
Kodiak Exercises Hercules Option
Vancouver, British Columbia CANADA, July 26, 2010 /FSC/ - Kodiak Exploration Limited (KXL - TSX Venture, KXLAF - OTCBB_Pink_Sheets, KX3 - FWB), is pleased to announce that it has fully exercised its option to acquire the Hercules property. As a result, Kodiak now holds a 100% interest in the property, which includes the Golden Mile vein, subject to a 3% net smelter returns royalty. The Company has the right and option to purchase up to one-third (i.e. 1%) of the royalty for $2,000,000 for the next two years.
The Hercules option was originally acquired by the Company in 2006, and the Company's filing in respect of the option agreement was accepted by the TSX Venture Exchange on July 25, 2006. The Company paid $50,000 in cash and issued 200,000 shares to the optionors upon receipt of Exchange acceptance in 2006, and paid an aggregate of an additional $240,000 in cash and issued an additional 1,050,000 shares in three installments during 2007, 2008 and 2009. Due to administrative inadvertence, the Company did not seek Exchange acceptance in respect of those three intermediate payments. The Exchange has now accepted the Company's filing in respect of all option payments and the final payment of $250,000 in cash and 500,000 shares has now been made.
On behalf of the Board of Directors
Brian J. Maher
President and Chief Operating Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This release may contain forward-looking statements or statements that relate to programs that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
Suite 1205 - 700 West Pender Street
Vancouver, B.C., V6C1G8 Canada.
Tel: (604) 688 9006
Fax: (604) 688 9029
ir@kodiakexp.com
www.kodiakexp.com Source: Kodiak Exploration Limited (TSX-V: KXL)
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