West Vancouver, British Columbia – May 2, 2011 – Columbia Yukon Explorations Inc. (the “Company” or “Columbia Yukon”) is pleased to announce that, further to its news release dated April 4, 2011, Columbia Yukon has closed its non-brokered private placement (the “Private Placement”). The Company has raised $499,500 by the issuance of 3,330,000 non-flow through units (the “Units”) at a price of $0.15 per unit. Each Unit consists of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share at a price of $0.20 for a period of two years from the closing date. In connection with the Private Placement, finders’ fees were paid in the amount of $10,500. All of the securities issued pursuant to this Private Placement are subject to a hold period expiring on August 30, 2011.
The Company intends to use the proceeds from this Private Placement for general working capital purposes and for furthering the exploration and development of the Company’s Storie Property molybdenum project. In particular, the Company intends to use a portion of the proceeds to fund a preliminary economic assessment (“PEA”) to be prepared by AMEC Americas Limited (“AMEC”), who have recently been engaged to prepare this Report.
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, Shareholder Communications, at 604-922-2030, Robert A. Young, Investor Relations, at 604-682-5123 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
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. |
