May 26, 1998
Trading Symbol: CYR (ASE)
News Release - No. 82

Columbia Yukon - Consolidated Venturex - Hearne Craton

Columbia Yukon Resources Ltd. (the "Company") and Consolidated Venturex Holdings Ltd. ("CVA") announce the closing of the transaction under the agreement to purchase, each as to a 50% interest, certain metallic and industrial mineral permits, representing 43,648 hectares (107,852 acres) from Raynard William Howarth ("Howarth") for a total consideration of $67,000.

Under the terms of the agreement, the purchase price consists of a one time cash payment of $10,000 payable by the Company and an aggregate of 100,000 common shares of CVA and 100,000 common shares of the Company. Under the agreement, Howarth will retain a 2.5% net diamond royalty, and Venturex and CYR have the right to purchase 1% of the diamond royalty for $1,000,000. All shares issued by the Company in connection with this transaction will be subject to a hold period trade restriction expiring at midnight on May 22, 1998. All shares issued by CVA in connection with this transaction will be subject to a hold period trade restriction expiring at midnight on May 15, 1998.

ON BEHALF OF THE BOARD OF DIRECTORS


MICHAEL S. GUSTAVSON, MANAGING DIRECTOR

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