Nikos Explorations Ltd. (NIK: TSX-V) announces that Peter Dunfield has resigned from the Board of Directors. The Board thanks Mr. Dunfield for his service to the Company, and his leadership in acquiring the Ontario iron oxide copper gold properties and reactivation to the TSX Venture Exchange.

Mr. Dunfield’s resignation results from a settlement agreement he entered into with the British Columbia Securities Commission on May 2, 2005, concerning a matter unrelated to the Company. A full copy of the settlement and order in this matter can be found at www.bcsc.bc.ca.

Nikos Explorations Ltd. is an exploration company focused on the acquisition, exploration and development of copper-gold projects in the Americas and is currently exploring three Ontario properties for their iron-oxide copper gold potential.

For more information please contact:         Roger Moss, President         Tel: 416-516-6050

Or visit our website at: www.nikosexplorations.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.