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Columbia Yukon Provides Company Update
West
Vancouver,
British Columbia � February 3, 2009 � Columbia Yukon Explorations Inc. (the
�Company� or �Columbia Yukon�) 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.
For
further information, contact Mr. Clive Shallow, investor communications at
604-922-2030 or visit the Company�s website at www.columbiayukon.com.
Columbia Yukon Explorations Inc.
�Ronald A. Coombes�
_________________________________
Ronald A. Coombes,
President & CEO
The TSX
Venture Exchange has not reviewed this news release and does not accept
responsibility for the adequacy or accuracy of this release. 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.
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