Columbia Yukon corrects resource calculation numbers
2007-09-11 15:21 ET - News Release
Mr. Ronald Coombes reports
COLUMBIA YUKON CORRECTS PREVIOUS NEWS RELEASE
Columbia Yukon Explorations Inc. has corrected its news release in Stockwatch of Sept. 7, 2007. In that news release the company summarized the assay results for the first nine holes of its continuing 2007 drill program on the company's Storie molybdenum property located in Northern British Columbia. Specifically, the assay results set forth in the table contained in the previous news release are correct and accurate, however, in the two paragraphs below the assay results table there was a typographical error in the decimal placement of certain of the numbers referred to therein. Accordingly, the company wishes to reannounce the assay results in the manner set out in the results from the first nine drill holes.
As part of its 2007 drill program, the company has thus far completed 35 drill holes (11,000 metres of drilling). To date, the company has received assay results for the first nine drill holes. The company will report the rest of the assay results when they are received, however, the results from the first nine drill holes are shown in the results from the first nine drill holes table.
Hole No. From (m) To (m) Interval (m) MoS2 (%)
ST07-21 17 92 75 0.080
ST07-22 139 214 75 0.080
ST07-23 231 273 42 0.085
ST07-24 267 300 33 0.052
ST07-25 134 167 33 0.020
ST07-26 187 265 78 0.072
ST07-27 110 190 80 0.082
ST07-28 171 228 57 0.058
ST07-29 66 123 57 0.100
All of the first nine drill holes lie east of the zone that was drilled in 2006, and therefore, were not used in the calculation of the National Instrument (NI) 43-101 mineral resource estimate prepared by Watts Griffis & McOuat Ltd. (WGM), consulting geologists and engineers of Toronto, Ont. As announced in the company's news release in Stockwatch of July 5, 2007, WGM calculated an inferred resource of 101.6 million tonnes grading 0.067 per cent Mo (0.112 per cent MoS2). This calculation was made using a 0.035-per-cent Mo (0.058 per cent MoS2) cut-off grade, a 1.5:1 waste-to-ore stripping ratio and a maximum open pit mining depth of 325 metres.
Although narrower intercepts were encountered, the MoS2 grades from seven of the first nine drill holes were in excess of the 0.058 per cent MoS2 cut-off grade used for the initial resource area by WGM in its NI 43-101 mineral resource estimate. As well, these additional holes have thus far extended the mineralization 100 metres to the east along the Crone fault, which remains open to the west.
The company has four drills operating on the property which are presently drilling infill holes within the initial resource area for the purpose of upgrading the current inferred resource to an indicated and measured resource. When the infill drilling is completed, the drills will continue testing the east and west extensions to the initial resource area. Additionally, the company is negotiating to secure a fifth drill which could be on the property by mid-September.
As well, the company currently has a geophysical crew on the property completing an induced polarization (IP) survey. The IP survey is intended to locate the position of other mineralizing structures similar to the Crone fault. The primary structure to be tested will be the X-fault, which is to the south of the Crone fault.
This news release has been reviewed and approved by John Kowalchuk, PGeo, qualified person for the Storie property project in accordance with regulations under NI 43-101.
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