Columbia Yukon Exploration Inc. Option Repricing

West Vancouver, British Columbia – August 24, 2009 – The Company wishes to announce that, subject to regulatory and shareholder approvals, it has reduced the exercise price of the following incentive stock options to $0.25 per common share: (a) in regard of insiders, a total of 2,570,000 options will be re-priced (375,000 options granted on October 21, 2004 at an exercise price of $0.85 per common share; 890,000 options granted on September 25, 2006 at an exercise price of $0.55 per share; 510,000 options granted on September 24, 2007 at an exercise price of $0.81 per common share; 350,000  options granted on October 15, 2007 at an exercise price of $1.27 per common share;  175,000 options granted on February 12, 2008 at an exercise price of $0.57 per common share; and 270,000 options granted on June 3, 2008 at an exercise price of $0.50 per common share); and (b) in regard of non-insiders, a total of 930,000 options will be re-priced (250,000 options granted on October 21, 2004 at an exercise price of $0.85 per common share; 200,000 options granted on September 25, 2006 at an exercise price of $0.55 per common share; 170,000 options granted on September 24, 2007 at an exercise price of $0.81 per common share; 100,000 options granted on November 7, 2007 at an exercise price of $1.28 per common share;  25,000 options granted on April 21, 2008 at an exercise price of $0.63 per common share; and 185,000 options granted on June 3, 2008 at an exercise price of $0.50 per common share). The foregoing re-pricings are subject to TSX Venture Exchange acceptance, as well as disinterested shareholder approval at the Company’s Annual General Meeting to be held on September 18, 2009.

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For further information, please contact:

 Columbia Yukon Explorations Inc.

“Ronald A. Coombes”
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Ronald A. Coombes, President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.