Columbia Yukon Provides Company Update
West Vancouver, British Columbia –(Feb. 3, 2009) – Columbia Yukon Explorations Inc. (the “Company” or “Columbia Yukon”) (TSX VENTURE:CYU)(FRANKFURT:VOR) is pleased to provide an update on the Company’s strategic plans for 2009.
Columbia Yukon currently has over $4 million in cash and receivables, which the Company believes will enable it to meet all of its planned expenditures for the next 12 to 18 months without having to raise additional funding.As part of Columbia Yukon’s 2009 plan, the Company will be completing a further updated NI 43-101 Mineral Resource Estimate Report, including a further exploration model. The current NI 43-101 resource calculation, that was completed in August 2008, delivered an impressive resource reclassification for its “Storie” Property molybdenum deposit located near the township of Cassiar, British Columbia.
This year, the Company also plans to continue with its environmental studies, and to commission a more advanced metallurgical study on the Storie project. As well, proactive consultation with the local First Nations and departments of government respecting Columbia Yukon’s 2009 plans for the Storie molybdenum project will continue.
Columbia Yukon’s Chairman, Douglas Mason, commented, “During the past year, the Company made tactical decisions to preserve working capital. This ensured that we would be in a positive cash position to carry through with our strategic plans for 2009 and beyond. With a successful 2008 drill program and the updated 2009 NI 43-101 pending, along with a considerable cash reserves, Columbia Yukon is preparing to move forward with a planned strategy for the “Storie” molybdenum deposit which will include positive steps towards the completion of necessary studies and advancing potential strategic partnerships for the development of the Storie Property.”
Columbia Yukon has also now completed the purchase of the maximum number of shares permitted under its Normal Course Issuer Bid (the “Bid”). Specifically, Columbia Yukon has repurchased 2,041,747 common shares out of the market, which shares will be cancelled. The Bid was undertaken in June 2008 as the Board of Directors believed that Columbia Yukon’s shares were trading at values much less than their true worth.
During the current market conditions, insiders and close associates of Columbia Yukon have continued to acquire additional shares out of the market to significantly increase their combined ownership. Currently, insiders of the Company now control approximately 5.5 million shares, representing approximately 14% of the issued and outstanding capital (following the cancellation of the purchased Bid shares). Close associates of Columbia Yukon own an additional 2.2 million shares, representing approximately 5.7% of the issued and outstanding capital. Together, insiders and close associates control approximately 7.7 million shares, representing 20% of the issued and outstanding capital, and on a fully diluted basis, hold approximately 11.5 million shares, representing approximately 26% fully diluted.
About Columbia Yukon Explorations Inc.
Columbia Yukon is a Canadian mineral exploration company focused on the development of its Storie property molybdenum deposit. The Storie property is situated about 6 km southwest of Cassiar, British Columbia. Cassiar is located 15 km (by road) west of Highway 37, which provides access to Watson Lake, Yukon, to the north and Dease Lake and Stewart, British Columbia, to the south.
Columbia Yukon Explorations Inc.
Ronald A. Coombes, President & CEO
This news release includes certain statements that may be deemed “forward-looking statements”. All statements, other than statements of historical facts, that address such matters as future exploration, drilling, exploration activities, potential mineralization and resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Columbia Yukon Explorations Inc.
Mr. Clive Shallow
(604) 922-2037 (FAX)