Nikos Explorations Ltd. (“Nikos”) (NIK: TSX-V) announces that it has terminated the Framework and Cooperation Agreement with Altynor Gold Corporation ("Altynor") that was announced in Nikos' press release of September 5, 2006. 

Nikos President Roger Moss states, “Although significant time and effort were spent by Nikos and Altynor on the search for potential acquisitions in the former Soviet Union, the parties came to the conclusion that, due to a number of factors including the difficulty and uncertainty of doing business in those countries, Nikos should change its focus and concentrate on finding potential acquisitions in other locations.  Nikos is currently in the process of evaluating several such properties".

Nikos Explorations Ltd. is an exploration company focused on the acquisition, exploration and development of precious and base metal projects.

For more information please contact:    Roger Moss, President      Tel: 416-516-6050
Or visit our website at: www.nikosexplorations.com

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adequacy or accuracy of this release.