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August 1, 1997 VBE-2 Labrador Drilling Progress VANCOUVER, BRITISH COLUMBIA--Columbia Yukon Resources Ltd. (the "Company"), as operator, along with its joint venture partner International CanAlaska Resources Ltd. has been advised by Northwest Exploration Services that four drill holes have been completed from the first set up on the VBE-2 claim block, Voisey's Bay area, Labrador. The drill program is designed to test gold mineralization and strong conductors located on the property in earlier work. The property is located due south of the Voisey's Bay nickel, copper, cobalt deposits and is underlain by sulphide rich gneisses and schists.A sulphide intersection, correlatable with the surface gold showings, was cut by all four holes. The mineralization consists of pyrrhotite with minor chalcopyrite and pyrite. A dark grey quartz similar to that observed in outcrop was identified in the drill intercepts by the site geologist. The holes were all collared at the same set up. Hole 97-1 was angled at -46 degrees with an azimuth of N55 degrees E; 97-2 had the same azimuth and a dip of 70 degrees; 97-3 was swung northwards to an azimuth of N35 degrees E with a dip of 45 degrees; 97-4 was swung eastwards to an azimuth of N79 degrees with a dip of -46 degrees. This fan of holes indicates that the sulphide mineralization is persistent to depth and laterally. Assay results will be reported following the completion of duplicate analysis by two independant certified assay laboratories in eastern Canada. Drilling is continuing to test the strong conductor which was identified by airborne and ground electro-magnetic surveys in 1995- 1996, after the discovery of the gold showing by prospecting and mapping.
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