Infill Drilling At Storie Deposit Intersects 210 Metres Grading 0.102% Moly!

West Vancouver, British Columbia – January 21, 2009 – Columbia Yukon Explorations Inc. (the “Company” or “Columbia Yukon”) is extremely pleased to announce additional assay results from the Company’s “Storie” property molybdenum deposit located near Cassiar in northern British Columbia.

Seven additional drill holes (ST08-138, 139, 140, 141, 142, 143 and 144) were completed during the Company’s 2008 drilling program and all seven intersected significant molybdenum mineralization (four of which holes are located outside of the known NI 43-101 Resource).

Drill hole ST08-138, a shallow dipping exploration hole (located 100 metres south of the known Indicated Resource), intersected 54 metres grading 0.094% Mo, including 15 metres grading 0.137% Mo;

Drill hole ST08-139, a shallow dipping exploration hole (located in the southeast corner of the known Indicated Resource), intersected 342 metres grading 0.050% Mo, including 33 metres grading 0.091% Mo and 15 metres grading 0.200% Mo;

Drill hole ST08-140 (located 50 metres north of the known Indicated Resource) intersected 72 metres grading 0.053% Mo;

Drill hole ST08-141, a shallow dipping exploration hole (located in the central east of the known Indicated Resource), intersected 384 metres grading 0.082% Mo, including 210 metres grading 0.102% Mo;

Drill hole ST08-142, a shallow dipping exploration hole (located in the southeast corner of the known Indicated Resource), intersected 195 metres grading 0.058% Mo, including 63 metres of 0.096% Mo and 21 metres of 0.097% Mo;

Drill hole ST08-143 (located 100 metres north of the known Indicated Resource) intersected 276 metres grading 0.065% Mo, including 36 metres grading 0.150% Mo;

Drill hole ST08-144 (located 25 metres north of the known Indicated Resource) intersected 282 metres grading 0.049% Mo, including 42 metres grading 0.084% Mo;

A total of 49 drill holes were completed by Columbia Yukon in its 2008 drilling program on the Storie property. To date, assay results have been received and reported for all 49 drill holes.

The assay results for the seven drill holes referred to above are as follows:

  *conversion factor: 1% MoS₂ = 0.5999% Mo

The current NI 43-101 Mineral Resource Estimate Report, as prepared by Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers of Toronto, Ontario (“Watts Griffis”), and Mintec, Inc. of Tucson, Arizona (“Mintec”), has been prepared in compliance with NI 43-101 and presents a review of the geology and Mineral Resources of Columbia Yukon’s Storie property molybdenum deposit. The Company has filed the NI 43-101 Report on www.SEDAR.com  and on its website at www.columbiayukon.com. The assay results from the Company’s 2008 drilling program are being reviewed and analyzed by Watts Griffis and Mintec in connection with the preparation of a further updated NI 43-101 Report, the results of which will be announced by the Company when completed.

All of the above holes were drilled using hydraulic drills producing NQ size core.  Most of 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 was bagged and sent to Loring Labs of Calgary, Alberta, where it was crushed and pulverized.  A one gram sample was then split out and dissolved in a four acid complete dissolution and analyzed for molybdenum using an “AA” (atomic absorption) finish.  In addition to both Loring Labs’ and Columbia Yukon's internal QA/QC, every 20th sample reject pulp is being sent to Acme Analytical Laboratories of Vancouver, B.C. for inter-laboratory analysis. With the core that was not split, such core was from certain infill drill holes that were surrounded by split core holes. This measure was taken to confirm the Company’s core handling procedure and to determine whether a variance exists between the assay results from such core samples.

This news release has been reviewed and approved by Mr. Arnold Pollmer, P.Geo., who is acting as the Qualified Person for the Company’s Storie molybdenum 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 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”

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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 this release.