West Vancouver, British Columbia – June 11, 2007 – Columbia Yukon Explorations Inc. (the “Company”) is pleased to announce that the first of three planned drill rigs has commenced core drilling on the Company’s “Storie” molybdenum property located in northern British Columbia. The Storie Property lies south of the former Cassiar mine townsite and is accessible by paved highway to Cassiar and then 5 kilometres of all weather gravel road.
The Company previously reported that it intended to proceed with a core drilling program of 10,000 to 20,000 metres in 2007, however, the Company now intends to increase the 2007 drill program to between 30,000 to 40,000 metres (subject to weather conditions and availability of equipment). This core drill program is designed to further define and potentially expand the known historical resource and to provide additional confirmation of the resource with infill drilling and to test the potential increase of the size of the resource with exploration along strike and in parallel targets. The estimated cost of the 2007 drill program will be approximately $6 million, which the Company has in place from recently completed financings.
The historical resource estimate for the Storie Property molybdenum deposit is 100,500,000 tonnes @ 0.077% Mo or 0.129% MoS2. The resource calculated by Shell Canada Resources Ltd. (“Shell”) in 1981 is a historical resource and does not meet National Instrument 43-101 standards and as such can not be relied upon. The Company’s Qualified Person, John Kowalchuk, P. Geo., has not reviewed the calculation for the historical resource; however, believes that it has been calculated by competent engineers to the standards of the period. The historical resource estimate was based on 86 drill holes, covering an approximate 1000-metre (3,280 feet) strike length, over a 300-400 metre (980-1,310 feet) width and to a vertical depth of 150 metres (492 feet).
By way of update, the Company expects to receive the NI 43-101 compatible resource report from Watts, Griffis and McOuat, Consulting Geologists and Engineers (“WGM”), shortly and will announce the results once the NI 43-101 report has been received and reviewed by the Company. WGM have also been engaged to complete a scoping study for the Storie project, which will assist the Company’s exploration of the Storie Property towards full feasibility. The scoping study is scheduled to be completed after the NI 43-101 report.
John Kowalchuk, P. Geo., has reviewed this release and is acting as the Qualified Person for this project.
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