West Vancouver, British Columbia – May 5, 2011 – Columbia Yukon Explorations Inc. (the “Company” or “Columbia Yukon”) announces that, subject to regulatory approval, it intends to proceed with a non-brokered private placement (the “Private Placement”) to raise up to $225,000 by the issuance of 1,500,000 non-flow through units (the “Units”) at $0.15 per Unit. Columbia Yukon just completed a non-brokered private placement on April 29, 2011, however, as the recently completed private placement was over subscribed, the Company has announced this further Private Placement to include certain places that were not able to participate in the earlier private placement. Each Unit of the new Private Placement will consist of one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share at a price of $0.15 for a period of one year from the closing date. With respect to this Private Placement, the Company may pay finders’ fees in the amount of 7% of the proceeds raised from the sale of the Units (payable in cash or Units at a deemed price of $0.15 per Unit) purchased by subscribers introduced to the Company by such finders.
The Company intends to use the proceeds from this Private Placement for general working capital purposes and for furthering the exploration and development of the Company’s Storie Property molybdenum project. In particular, the Company intends to use a portion of the proceeds to fund a preliminary economic assessment (“PEA”) to be prepared by AMEC Americas Limited (“AMEC”), who have recently been engaged to prepare this Report.
About Columbia Yukon Explorations Inc.
Columbia Yukon is a Canadian mineral exploration company focused on the development of its Storie Property molybdenum deposit situated about 6 km southwest of Cassiar, British Columbia. The Storie Property molybdenum deposit has an April 2009 updated NI 43-101 compliant Measured and Indicated Resource of 139.82 million tonnes grading 0.064% Mo (at a cut-off of 0.030% Mo) and 58.39 million tonnes of Inferred Resource grading 0.059% Mo (at a cut-off of 0.030% Mo). Cassiar, British Columbia is located 15 km by road west of Highway 37 which connects to Watson Lake, Yukon, to the north and Dease Lake and Stewart, British Columbia, to the south.
For further information, contact Mr. Clive Shallow, investor communications at 604-922-2030 or visit the Company’s website at www.columbiayukon.com.
Columbia Yukon Explorations Inc.
“Douglas L. Mason”
Douglas L. Mason, Director (Chairman)
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.