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Joint Venture Partner Announces Encouraging Drill Assay Results on 1506 Property, Labrador

West Vancouver, British Columbia December 5, 2011 Columbia Yukon Explorations Inc. (the “Company” or “Columbia Yukon”) is pleased to announce that its joint venture partner, Black Panther Mining Corp. (“Black Panther” TSX-V:BPC) has reported its drilling and assay results on four highly anomalous geophysical (VTEM) targets that were part of Black Panther’s “1506 Property” 2011 drilling program.

The 1506 Property consists of claims in the minerals licenses 1506, 13863 and 16161 in the Puttuaalu Lake Area of northern Labrador and is situated approximately 90 km northwest of the Voisey’s Bay nickel mine in the Nain area of northern Labrador.

As reported by Black Panther in its news release dated December 5, 2011, sulfide mineralization has been detected in each of the anorthosite and gabbro and troctolite host rock types of the Nain Plutonic Suite, and according to Black Panther, these have potential for a Voisey’s Bay-style Nickel (Ni)- Copper (Cu)- Platinum Group Elements (PGE) ore body and are probable magma fractionation type deposits of the Nain Plutonic Suite.

Black Panther’s reported assays results for the four drill holes are as follows:

Hole
Number

From
(metres)

To
(metres)

Width
(metres)

Ni (%)

Cu (%)

Co (%)

1506-11-01

22.25

28.35

6.10

0.30

0.17

0.04

including

23.47

24.69

1.22

0.48

0.32

0.07

and

25.91

27.13

1.22

0.40

0.16

0.06

including

29.56

30.78

1.22

0.25

0.25

0.04

including

52.42

56.08

3.66

0.20

0.20

0.03

1506-11-02

175.56

176.78

1.22

0.12

0.06

0.02

1506-11-03

35.66

36.27

0.61

0.07

0.26

0.02

and

38.25

39.01

0.76

0.28

0.32

0.09

1506-11-04

1.52

4.27

2.75

0.51

0.50

0.08

including

2.44

4.27

1.83

0.71

0.65

0.11

Pursuant to an option agreement with the Company, Black Panther has recently earned a 60% interest in the 1506 Property (with Columbia Yukon retaining a 40% interest), and accordingly, Black Panther and Columbia Yukon are joint venture partners on this project.

Previous work on the 1506 Property was carried out by the Company in 1995 and 1996, and at that time, Columbia Yukon reported occurrences of anomalous concentrations of nickel, copper and cobalt in massive to semi-massive sulfides in rocks belonging to the Nain Plutonic Suite, which also hosts the Voisey’s Bay nickel deposits to the south. The Company also reported at that time that its drilling had intersected local concentrations of nickel, copper and cobalt in coarse grained magmatic sulfides comprising pyrrhotite and lesser chalcopyrite.

Similar to the Columbia Yukon’s earlier drilling, Black Panther has reported that its 2011 drill program intersected widespread sulfide mineralization in all four completed drill holes. These holes encountered interlayered anorthosite-leucogabbro and gabbronorite-troctolite units with widespread intervals of disseminated sulfides as well as several narrow sections of semi-massive to massive pyrrhotite with chalcopyrite.

Black Panther has indicated that its first phase of drilling was designed to test six significantly anomalous VTEM targets thought to be potential Voisey’s Bay (copper, nickel, cobalt) troctolitic type targets. Black Panther’s 2011 drilling program was prematurely terminated by adverse weather conditions and, as a result, its two principal VTEM targets were not drilled at that time. As reported by Black Panther, results from the four drill holes that were completed are as follows:

  • Hole 1506-11-01 targeted a moderately strong southeast-trending conductor that aligns as a probable extension of an intense VTEM anomaly approximately 700 metres to the northwest. The hole encountered variably altered anorthosite grading to leucogabbro in the lower part of the hole. Small semi-massive to massive pyrrhotite intervals with minor chalcopyrite and pyrite were intersected within a mineralized zone occurring at 22.2 to 38.1 metres (73 to 125 feet) in altered anorthosite. The strongest sulphides are associated with quartz-chlorite-carbonate alteration. Disseminated and blebby pyrrhotite, pyrite, trace chalcopyrite are widespread within the zone and also occur within a weaker mineralized zone at 47.2 to 56.1 metres (155 to 184 feet) in altered and variably brecciated anorthosite. Sulfide mineralization in this hole appears to be variably remobilized.

  • Hole 1506-11-02 was collared at the floor of the valley in the eastern part of the intense VTEM conductor located northwest of hole 1506-11-01. The drill hole intersected interlayered anorthosite and gabbro-norite with gradational transition to interlayered leucogabbro and troctolite which extends to the end of the hole. Within the gabbro-troctolite unit at 174.9 to 185.3 metres (574 to 608 feet) a moderately to weakly mineralized zone occurs with intermittent short intervals of disseminated, blebby, and semi-massive pyrrhotite, pyrite, chalcopyrite associated with coarse pyrrhotite. Sulfide textures are more typical of magmatic provenance compared to drill hole 1506-11-01.

  • Hole 1506-11-03 was collared northeast of hole 1506-11-02 over a very strong east-west trending VTEM conductor. This hole intersected a magnetite-bearing, weakly foliated and altered gabbro with variably mineralized zones at 12.5 to 18.4 metres (41 to 60.5 feet) and 35.7 to 39.6 metres (117 to 130 feet) containing small pods of a few sulphides of semi-massive to massive pyrrhotite, chalcopyrite separated by intervals with disseminated and blebby pyrrhotite and pyrite. Below the gabbro unit there occurs a massive and layered plagioclase-phyric norite. Intermittent layers up to 10cm long of semi-massive and blebby pyrrhotite with local trace chalcopyrite occur at 124.8 to 127.9 metres (410 to 420 feet), 162.7 to 173.7 metres (534 to 570 feet) and 192.5 to 192.8 metres(631.5 to 632.5 feet). Below the norite unit a gradational transition to interlayered norite and cumulate textured troctolite with plagioclase megacrysts was observed. At 224.5 to 240 metres (736.5 to 788 feet) this unit hosts intermittent patchy intervals up to 10cm long with coarse clots, blebs and disseminations of pyrrhotite, pyrite with trace chalcopyrite.

  • Hole 1506-11-04 is located approximately 900 metres northwest of hole 1506-11-03 and about 100 metres east of hole 1506-05 drilled by Columbia Yukon in 1996. The hole was drilled in an area of gossanized massive anorthosite and targeted a very strong VTEM conductor oriented roughly parallel and offset to the northwest relative to the conductor targeted by hole 1506-11-03. Sulfide mineralization was intersected at the top of this hole and at 2.4 to 4.3 metres (8 to 14 feet) near continuous semi-massive and massive pyrrhotite and possible pentlandite engulfing coarse plagioclase was observed along with blebs and stringers of chalcopyrite. Down hole the anorthosite hosts random intervals of disseminated pyrrhotite and minor chalcopyrite and a second weaker mineralized zone at 21.6 to 33.5 metres (71 to 110 feet) with intermittent intervals of 5-20cm along core axis of semi-massive and massive pyrrhotite, minor chalcopyrite. Down hole the anorthosite displays a transition to interlayered leucogabbro-norite and anorthosite hosting patchy intervals of blebby and disseminated pyrrhotite and trace chalcopyrite.

A high priority for Black Panther is the completion of other proposed drill holes which could not be drilled in 2011 as a result of adverse weather conditions. As indicated by Black Panther, recommendations for future work include further review and interpretation of airborne geophysical data and performance of borehole pulse EM surveying on all suitable drill holes to locate targets for deep drilling extending to below 200 metres depth.

This news release has been reviewed and approved by Elisabeth Ronacher, P. Geo., of Caracle Creek International Consulting Inc. of Sudbury, Ontario, who is acting as the Company’s Qualified Person for the 1506 Property project, in accordance with regulations under NI 43-101.

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.

“Douglas L. Mason”
_________________________________
Douglas L. Mason, 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.

This news release includes certain statements that may be deemed “forward-looking statements” within the meaning of applicable securities legislation. All statements, other than statements of historical facts, that address such matters as future exploration, drilling, exploration activities, potential mineralization and resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.