West Vancouver, British Columbia – March 10, 2011 – Columbia Yukon Explorations Inc. (the “Company” or “Columbia Yukon”) is pleased to announce that it has, subject to regulatory approval, acquired twelve mineral claims (the “Additional Property”), comprising 2,329 hectares adjacent to the Company’s Storie Property molybdenum deposit located near Cassiar, British Columbia.
The Additional Property has been acquired by Columbia Yukon as a potential alternate tailings and mill site for the future development of the Company’s molybdenum project. The Additional Property is being acquired from Eveready Resources Corporation (“Eveready”) of Calgary, Alberta. The Company previously acquired its original “Storie Property” claims from Eveready under an agreement dated March 20, 2006. In consideration for the Additional Property, the Company has agreed to issue 650,000 shares to Eveready, and as well, Eveready has retained a 5% NSR on the Additional Property. Additionally, as part of the Agreement for the acquisition of the Additional Property, the buyout of Eveready’s 2.5% NSR on the original Storie Property claims has been increased by $1,200,000 from $4,062,000 to $5,262,000.
About Columbia Yukon Explorations Inc.
Columbia Yukon is a Canadian mineral exploration company focused on the development of its Storie Property molybdenum deposit situated about 6 km southwest of Cassiar, British Columbia. The Storie Property molybdenum deposit has an April 2009 updated NI 43-101 compliant Measured and Indicated Resource of 139.82 million tonnes grading 0.064% Mo (at a cut-off of 0.030% Mo) and 58.39 million tonnes of Inferred Resource grading 0.059% Mo (at a cut-off of 0.030% Mo). Cassiar, British Columbia is located 15 km by road west of Highway 37 which connects 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.
“Douglas L. Mason”
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Douglas L. Mason, Director (Chairman)
Neither the 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. |
