West Vancouver, British Columbia – February 13, 2008 – Columbia Yukon Explorations Inc. (the “Company” or “Columbia Yukon”) wishes to report a correction to its news release of February 12, 2008 (News Release No: 08-06). In that news release the Company summarized the assay results for six additional drill holes completed as part of its 2007 drill program on the Company’s “Storie” Molybdenum Property located in northern British Columbia. Specifically, in the table that summarizes the assay results for the six drill holes (ST07-57 to ST07-62), the MoS2 value for drill hole ST07-61 indicated 0.142% MoS2 and should have indicated 0.108% MoS2. The full text of the Company’s corrected news release is set out below:
In 2007, Columbia Yukon completed 76 drill holes (23,000 metres or 75, 460 feet of core drilling) on the Storie Property. The Company is continuing to report assay results as they are received. Prior to this news release, Columbia Yukon has reported assay results from 36 of the 76 drill holes. By this news release, the Company is reporting assay results for an additional six drill holes (ST07-57 to ST07-62), which results are summarized as follows:
|
HOLE
Number |
FROM
(metres) |
TO
(metres) |
INTERVAL
(metres) |
INTERVAL
(feet)* |
Mo
(%) |
MoS2
(%)** |
|
ST07-57 |
172 |
250 |
78 |
256 |
0.094 |
0.157 |
|
ST07-58 |
94 |
170 |
86 |
282 |
0.040 |
0.067 |
|
ST07-59 |
96 |
195 |
99 |
325 |
0.052 |
0.087 |
|
including |
105 |
162 |
57 |
187 |
0.058 |
0.097 |
|
and |
174 |
195 |
21 |
69 |
0.065 |
0.108 |
|
ST07-60 |
198 |
388 |
190 |
623 |
0.084 |
0.140 |
|
ST07-61 |
45 |
181 |
136 |
446 |
0.061 |
0.102 |
|
including |
75 |
181 |
106 |
348 |
0.065 |
0.108 |
|
ST07-62 |
52 |
139 |
87 |
285 |
0.078 |
0.130 |
*conversion factor: 1 metre = 3.28 feet
** conversion factor 1% MoS2 = 0.5999 %Mo
Drill hole ST07-58 encountered difficult drilling conditions with poor core recovery. As a result, the drill hole was lost short of the projected mineralized zone. Drill holes ST07-59 and ST07-61 were drilled in the eastern portion of the NI 43-101 resource area outside of the higher grade zone. Of the six drill holes referred to above only ST07-60 was drilled within the higher grade zone which was referred to in the Company’s news releases dated January 17 and January 30, 2008. This drill hole, combined with previously released 2007 infill drill holes in this area, continues to outline an area
significantly higher in molybdenum grade than the average grade reported in the NI 43-101 inferred resource estimate for the Storie Property Molybdenum Deposit (as prepared by Watts, Griffis and McOuat and announced on July 5, 2007). Drill hole ST07-62 is reflecting higher grade mineralization related to the Crone Fault.
The specific locations of the drill holes reported in this news release can be viewed in the “Investors” – “Corporate Presentation” section of the Company’s website at www.columbiayukon.com.
All of the above holes were drilled using hydraulic drills producing NQ sized core. The core was sawn in half by a diamond bit rock saw and half of the core was retained and stored in the core box for permanent record or later reference. The other half of the core was bagged and sent to Acme Analytical Laboratories of Vancouver, B.C. where it was crushed and pulverized. A one-gram sample was dissolved in aqua regia and the solution was analysed for 30 elements using an inductively coupled plasma emission spectrometer. Samples that ran greater than 350 ppm Mo were assayed using a larger sample size and greater dilution in order to be able to read the higher grade values.
The Company is presently finalizing this year’s exploration drill program for the Storie Property and expects to core drill a minimum of 40,000 metres (131,233 feet) in 2008. The Company’s 2008 program is being designed in an effort to significantly expand the currently known and sizeable resource. As well, the 2008 exploration program will focus on further resource definition of the new high grade zone discovery.
This news release has been reviewed and approved by John Kowalchuk, P. Geo., who is acting as Qualified Person for the Company’s Storie Property Project in accordance with regulations under NI 43-101.
About Columbia Yukon Explorations Inc.:
Columbia Yukon is a Canadian mineral exploration company focused on the development of its Storie Molybdenum Property deposit located in northern British Columbia.
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.
