West Vancouver, British Columbia – July 19, 2011 – Columbia Yukon Explorations Inc. (the “Company” or “Columbia Yukon”) is pleased to report that it has commissioned AMEC Americas Limited (“AMEC”) of Vancouver, B.C. to complete a NI 43-101 Preliminary Economic Assessment (“PEA” or “Scoping Study”) for its Storie Property molybdenum deposit.
The AMEC team of highly skilled project management, engineering and mining consultants have begun the PEA study with an estimated completion timeframe of fourth quarter 2011. Once Columbia Yukon has received the PEA study, the Company intends to move toward establishing strategic partnerships and/or other funding alternatives to enable a feasibility study to be completed during 2012.
By way of background, in late 2009 AMEC was commissioned to complete a “Conceptual Review” of the Storie Property molybdenum deposit. The Conceptual Review was designed with the purpose of reviewing the project so that the Company could identify potential project deficiencies prior to engaging in a Preliminary Economic Assessment of the project. The Company has since addressed certain identified potential deficiencies of the Conceptual Review and is now positioned to move forward with the PEA.
The Storie Property molybdenum project is located near the former town site of Cassiar, British Columbia. In June 2007, an NI 43-101 technical report was prepared by Watts, Griffis and McQuat Limited (“WGM”), Consulting Geologists and Engineers, of Toronto. In April 2009, WGM, in conjunction with Mintec, Inc of Tucson, Arizona, prepared a further NI 43-101 technical report which provided Columbia Yukon with an updated resource calculation for its Storie Property molybdenum deposit. The April 2009 updated NI 43-101 compliant technical report (the “April 2009 WGM Report”) reported a Measured and Indicated Resource of 139.82 million tonnes grading 0.064% Mo (at a cut-off of 0.030% Mo) and also reported an Inferred Resource of 58.39 million tonnes grading 0.059% Mo (at a cut-off of 0.030% Mo).
AMEC (LSE: AMEC) is a focused supplier of high-value consultancy, engineering and project management services to the world’s oil and gas, minerals and metals, clean energy, water and environmental sectors. With annual revenues of almost £3 billion, AMEC designs, delivers and maintains strategic and complex assets for its customers.
About Columbia Yukon Explorations Inc. – The Early Development Stage
Leading up to the Preliminary Economic Assessment process, Columbia Yukon has been focused on the steps necessary to move its Storie Property molybdenum deposit to the development stage, which also included the completion of a preliminary bulk sample metallurgical analysis, as prepared by SGS Canada Ltd. (“SGS”) of Vancouver, British Columbia. The testing by SGS was performed on four composites compiled from over 100 samples taken from all areas of the Storie Property deposit. The results of the 10 KG flotation tests on four variability composites achieved a concentrate grade of 37% to 50% Mo and a recovery of 75% to 84% and the master composite (composite B, which is a combination of all samples) achieved a 50.15% Mo concentrate grade, while recovering 81.2% of the contained molybdenum. The test program showed that a minimum of a 14 minute retention time in rougher flotation at a grind of 80% passing 112 microns would yield recoveries ranging from 89.9% to 96.4% (as referenced in the April 2009 WGM Report).
For further information, contact Mr. Clive Shallow, Shareholder Communications, at 604-922-2030, Robert A. Young, Investor Relations, at 604-682-5123 or visit the Company’s website at www.columbiayukon.com.
Columbia Yukon Explorations Inc.
Ronald A. Coombes, President & CEO
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