PRESS RELEASE
Columbia Yukon Explorations Inc.
TSX VENTURE: CYU
Email A Friend Add to Hot Off The Wire Signup for Hot Off The Wire
APRIL 17, 2007 - 12:54 ET
Columbia Yukon Announces Additional $2.5 Million Financing
WEST VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 17, 2007) - Columbia Yukon Explorations Inc. (the "Company") (TSX VENTURE:CYU) announces that, subject to regulatory approval, it intends to proceed with a non-brokered private placement (the "Private Placement") to raise up to $2,500,000 by the issuance of 2,000,000 non-flow through units at $1.00 per unit (the "Non FT Units") and 500,000 flow through units at $1.00 per unit (the "FT Units"). Each Non FT Unit will consist of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase an additional common share at a price of $1.25 for a period of one year from the closing date. Each FT Unit will consist of one flow through common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional non-flow through common share at a price of $1.35 for a period of one year from the closing date.
With respect to this Private Placement, the Company will pay a finder's fee in the amount of 7% of the Units sold (payable in Units at a deemed price of $1.00 per Unit) based on the number of Units purchased by subscribers introduced to the Company by such finders.
The proceeds from this Private Placement will be used for general working capital and for exploration and development of the Company's "Storie" molybdenum property located in northern British Columbia. The Storie property lies south of the former Cassiar Mine townsite and is accessible by paved highway to Cassiar and then 5 kilometers of all weather gravel road.
The historical resource estimate for the Storie Property molybdenum deposit is 100,500,000 tonnes @ 0.077% Mo or 0.129% MoS2. The resource calculated by Shell Canada Resources Ltd. ("Shell") in 1981 is a historical resource and does not meet National Instrument 43-101 standards and as such can not be relied upon. The Company's Qualified Person, John Kowalchuk, P. Geo., has not reviewed the calculation for the historical resource; however, believes that it has been calculated by competent engineers to the standards of the period. The historical resource estimate was based on 86 drill holes, covering an approximate 1000-metre (3,280 feet) strike length, over a 300-400 metre (980-1,310 feet) width and to a vertical depth of 150 metres (492 feet).
As recently announced, the Company has retained Watts, Griffis and McOuat Ltd., Consulting Geologists and Engineers ("WGM"), to construct a deposit model and to calculate an NI 43-101 compatible resource for the Storie property. In this regard, on or about April 23, 2007, the Company's Qualified Person and a representative of WGM will be conducting a site visit as part of the process in finalizing the NI 43-101 report for the Property, which report the Company expects to have completed during May, 2007. WGM have also been engaged to complete a scoping study for the Storie project. The scoping study will help guide the Company's exploration of the Storie project towards full feasibility. The scoping study is scheduled to be completed after the NI 43-101 report.
John Kowalchuk, P. Geo., has reviewed this release and is the Company's Qualified Person for the Storie molybdenum property project. This release has also been reviewed by Al Workman, P. Geo., Vice President of WGM.
Columbia Yukon Explorations Inc.
Douglas L. Mason, Chairman
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION
Columbia Yukon Explorations Inc.
Mr. Clive Shallow
Investor Communication
(604) 922-2030
Website: www.columbiayukon.com
|
|
Thread abonnieren
