Columbia Yukon’s Storie keeps growing (January 17, 2008)

Vancouver – The more Columbia Yukon Explorations (CYU-V, CYUXF-O) drills at its Storie deposit in northern B.C. the more molybdenum it finds. Results from a 76-hole drill campaign in late 2007 include long mineralized intersections as well as shorter high-grade segments.

The longest intercept to date came from hole 50, which returned 271 metres grading 0.07% molybdenum from 17 metres depth including 123 metres of 0.114% molybdenum from 83 metres below surface. Hole 50 was collared in the newly-defined high grade area at Storie, which sits along the southwestern edge of the drilled area in a sheared zone above the Crone fault.

Other results from the high-grade zone include hole 45, which hit 237 metres grading 0.106% molybdenum from 82 metres depth, and hole 51, which cut 216 metres grading 0.107% molybdenum from 35 metres depth including 105 metres of 0.147% molybdenum. The high-grade area remains open to the west, where Columbia Yukon is planning a 40,000-metre drill campaign for 2008.

To the north and east of the high-grade area drill cores still returned prospective grades. Hole 36 intercepted 150 metres grading 0.094% molybdenum from 168 metres depth; hole 38 returned 108 metres grading 0.094% molybdenum from 87 metre downhole. And hole 40 cut 149 metres grading 0.051% molybdenum from 42 metres below surface, followed by 26 metres of 0.06% molybdenum, 186 metres of 0.075% molybdenum, and 57 metres of 0.076% moly.

Most of the 2007 drill program was designed to improve the confidence of the resource estimate, which pegs Storie’s inferred resources at 101.6 million tonnes grading 0.067% molybdenum, based on a 0.035% molybdenum cutoff, an open-pit depth maximum of 325 metres, and an assumed 1.5:1 stripping ratio. In contrast, the 2008 program will focus on expanding the resource.

The deposit is still open to the east, west, and north, as well as at depth. It occurs within the Cassiar Stock, which is composed mostly of quartz monzonites, and mineralization is associated with quartz-feldspar porphyry.

Columbia Yukon optioned the Storie property from private Calgary-based Eveready Resource in March 2006, signing a 5-year payment agreement worth $1.15 million and 600,000 shares as well as $4 million in exploration spending. The company already owns the property, having completed its option payments within 18 months.

The company also recently signed a memorandum of understanding with the Dease River Indian Band, which covers the exploration phase of the project. Under the agreement, the company has agreed to make a number of financial contributions and work-related opportunities available to the band, in exchange for band support for the Storie project.

Columbia Yukon fell 7 on the latest drill results to close at 57. The company has a 52-week trading range of 39 to $2.88 and has 38.4 million shares issued.