November 5, 1997
Columbia Yukon Resources Ltd. ("CYR") reports that it has entered into a letter of intent with Liberty Bell Mining Company ("LBM"), a private Nevada corporation, to undertake a merger of a wholly-owned subsidiary of CYR with and into LBM under the laws of Nevada. Under the terms of the proposed merger, each share of common stock of LBM will be converted into one (1) share of common stock of CYR and LBM will become a wholly-owned subsidiary of CYR. Presently it is anticipated that 6,751,600 shares of CYR will be exchanged for the LBM merger. It is expected that the merger should be completed before year end. The proposed merger is subject to the receipt of Alberta Stock Exchange approval.
This merger will expand CYR's current undivided 20% interest in the property to 100% interest in a large, and highly prospective gold property located in the Bonnifield Mining District, approximately 60 miles southwest of Fairbanks, Alaska. LBM controls their mineral interest in 26 Alaska state mining claims in its own name and controls a mineral interest, through three separate leases (with options to purchase) made with third party lessors, in 258 Alaska state mining claims. These 284 Alaska state mining claims are located in the Nenana Recording District of Alaska. The property is approximately 47 sq. Km (18.0 sq. miles) and has an indicated resource potential of 250,000 ounces of gold identified in two defined areas. A futher seven mineralized targets have been identified and future drilling programs have the potential to expand the gold resource significantly.
Among the more active majors in the area is Amax Gold, which is expected to produce 350,000 ounces of gold annually from its 4 million ounce Fort Knox deposit. Full scale production of the bulk mineable resource is slated to begin by the end of this year.
THE ALBERTA STOCK EXCHANGE NOR ANY REGULATORY BODY HAS REVIEWED THIS NEWS RELEASE AND THEREFORE DO NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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