Nikos Explorations Ltd. (“Nikos”) (NIK: TSX-V) announces the signing of a Framework and Cooperation Agreement (the "Agreement") with Altynor Gold Corporation (“Altynor”) a private exploration company formed recently by geologists who previously worked in Russia and Central Asia with Barrick Gold Corporation (“Barrick”). Under the terms of the Agreement, Altynor will carry out an intensive search and evaluation plan in the former Soviet Union (the "Territory"), exclusively on behalf of Nikos, that will focus on the identification of potential multi-million ounce gold deposits for potential acquisition. In accordance with the terms of the Agreement, Nikos has:

1. first right of refusal to make offers and enter into negotiations with applicable owner(s) for the purchase of any properties identified during the term of the Agreement through the search and evaluation program in the Territory and containing reserves and resources in excess of 1 million oz. of gold, or gold equivalent in B+C1+C2 categories, the Russian equivalent of measured, indicated and inferred resources according to the Canadian Institute of Mining and Metallurgy definition standards; and
2. the right to earn up to a 15% interest in Altynor during the first two years of the term of the Agreement.

In exchange for the above, Nikos has agreed to fund its share of the costs incurred by Altynor in carrying out its obligations pursuant to the Agreement for a minimum of six months.

Altynor maintains a database of gold projects and prospects in the Russian Federation/Central Asia and regularly reviews and monitors various business opportunities in the Territory. Management of Altynor, with considerable experience in the Russian/Central Asian gold industry, brings together a vast network of business connections in these regions, both at the federal and local levels. The Altynor team combines Russian mining experience, knowledge of regional geology and exploration and mining assets with western style management and technical expertise.

Altynor is headed by Dr. Mirek Benes, a geologist who joined Barrick in 1996 as a Regional Exploration Manager and Chief Representative for Russia and Central Asia. He was responsible for setting up regional exploration teams, managing all legal entities and establishing a portfolio of exploration and development assets that met Barrick’s criteria.

During the past 10 years, Dr. Benes was responsible for the negotiation of options, acquisitions and management of exploration programs that lead to the discovery of +7M oz PGE-Ni project in the Russian Kola Peninsula and +5 M oz gold resource at Unkurtash in Kyrgyzstan. In 2005, Dr. Benes was appointed Vice-President of Exploration and Corporate Development for Russia and Central Asia. He was responsible for the regional corporate development strategy and growth of the company through auctions, tenders, joint ventures and acquisitions. Dr Benes left Barrick in 2006 and gathered a team of experts to form Altynor.

The core of the Altynor team includes:

Nikolay Rusanov, VP Operations, a mining engineer with more than 15 years experience in Kazakhstan and Russia, including project manager for 4 underground mines, 2 heap leach operations and a carbon in pulp (CIP) plant. Mr. Rusanov was also the Director General of ABS Balkhash, a Kazakh company that produced 50,000 oz gold per year.

Sergei Kozhevnikov, Director IT/GIS, a geologist with 9 years of experience with Barrick as IT/GIS analyst and Project Geologist in Russia, Kyrgystan and Kazakhstan. Mr. Kozhevnikov was responsible for building and maintaining the geological database and GIS system for Barrick in Russia and Central Asia.

Anatoly Berezansky, Chief Geologist, has over 30 years experience in exploration geology and project management in Russia and Central Asia and was responsible for the discovery of numerous deposits and mineral occurrences on behalf of Russian and Kyrgyz state exploration organizations. Mr. Berezansky has seven years experience with Barrick as Chief Geologist for Central Asia and Deputy Director of Barrick Gold Kyrgyzstan, where he managed the program that lead to the discovery of a +4 M oz gold resource at Aktash and a +5 M oz gold resource at Unkurtash.

Boris Guzman, Non-Executive Director, has over 30 years experience in exploration geology including work with Tumanov Co., Barrick, Trans-Siberian Gold, Anglo Gold, Celtic Resources and Micon. As Chief Geologist for Russian state exploration organization, Dr. Guzman headed the team responsible for the discovery and exploration of the Aginskoye gold deposit at Kamchatka.

Natalya Zhuravel, Chief Accountant, has 15 years experience in accounting and finance management, most recently as Financial Director for the Russian company Zolotoevroasii.

Nikos President Roger Moss states, “This is an excellent opportunity for Nikos to utilize the expertise of Dr. Benes and the experienced team that he has assembled to quickly target significant deposits for potential acquisition. The privatization of assets in the former Soviet Union (FSU) has accelerated during the past several years. The FSU has become one of the premier regions for new gold projects worldwide, as evidenced by the number of companies with assets in that region listing on the AIM in London, England and the TSX in Canada”. Dr. Moss continued, "This outstanding team will help Nikos take full advantage of opportunities in the FSU, as the evolution to a free market economy continues to take place".

Nikos Explorations Ltd. is an exploration company focused on the acquisition, exploration and development of gold projects in the former Soviet Union.

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

Or visit our website at: www.nikosexplorations.com