June 7, 1996
Trading Symbol: CYR (ASE)

FIRE ASSAYS RETURN STRONGER COBALT SHOWINGS ON ML 1506 - ALLIGER LAKE

Drill core samples from drill hole #2 onML 1506 in the Alliger Lake area have been re-assayed and some increases in metal values were reported. Cobalt, which accounts for approximately half of the gross value of the mineralization, showed increases of more than 10%.

The highest grade mineralization was at the base of the large sulphide intersection over a thickness of 2.78 meters (9.1 ft) where the weighted average grade was 0.67% Ni, 0.63% Cu and 0.124% Co (old IPC values were 0.64% Ni, 0.54% Cu and 0.102% Co were reported for the interval).

A step out drill hole 1506-7, 20 meters (66 feet) to the east of 1506-2, has intersected 9.75 meters (32ft) of similar massive and disseminated sulphides in the same conductor. Assay results are awaited for this drill hole and drill hole 1506-6.

Metal prices quoted in the Northern Miner for this week are: Nickel US $3.97/lb, Copper US $1.17/lb and Cobalt US $26.00/lb. The gross value of the above section of massive sulphide mineralization is US $143.00/tone. Modern hydrometallurgical processes for converting such sulphides to metals are now capable of recoveries of more than 95% of contained metals.

Assays for the first 5 holes have been received and are summarized below. The substantially higher cobalt values (above 0.1% Cobalt or 2.2 lbs per tonne) in the massive sulphides on ML 1506 indicate good potential for locating high cobalt values in deeper accumulations of sulphides beneath the massive sulphide zones tested to date.

DDH # FROM
(m.)		 TO
(m.)		 INTERVAL
(m.)		 NICKEL
%		 COPPER
%		 COBALT
%
1506-1 209.23 209.68 0.45 0.44 0.55 0.099
1506-2 33.5 40.00 6.50 0.44 0.47 0.08
Including 36.90 39.68 2.78 0.67 0.63 0.124
1506-2 61.21 61.43 0.22 0.73 0.30 0.108
1506-2 61.80 62.06 0.26 1.00 0.18 0.144
1506-3 37.55 38.89 1.03 0.69 0.33 0.134
1506-3 39.58 40.40 0.82 0.73 0.92 0.143
1506-3 41.30 41.79 0.49 0.53 0.39 0.1024
1506-3 43.46 44.62 1.16 0.77 0.46 0.125
1506-4 103.41 103.90 0.49 0.59 0.42 0.131
1506-5 17.85 18.34 0.49 0.91 0.34 0.124
1506-5 44.80 45.44 0.64 0.93 0.48 0.121
1506-5 50.40 50.64 0.24 0.60 0.14 0.071

The new results confirm strong indications of mineralization in the layered troctolitic rocks on ML 1506. Columbia Yukon Resources Ltd. is planning to continue systematic exploration with further testings of the claims using deep search geophysical methods and a higher capacity drill rig.

Silverstone Resources Ltd. (SVT-VSE) has an option to earn a 50% interest in the claims with Columbia Yukon as the operator.



ON BEHALF OF THE BOARD OF DIRECTORS


"Douglas L. Mason"
Douglas L. Mason, DIRECTOR

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Trading Symbol
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