February 25, 1998
"MUSTANG" PROPERTY - BUFFALO HEAD
Columbia Yukon Resources Ltd., (the "Company") as operator, along with it's joint venture partner International Butec, is pleased to report on work progress on the "Mustang" Property situated 36 miles S.W. of the Ashton/Pure Gold/ Alberta Energy's diamondiferous kimberlite discovery.
The Airborne EM Survey commissioned from TerraQuest Ltd. - was completed at the end of January 1998 and has since been analysed by M.P.H. Consulting Ltd. for the removal of any potential cultural anomalies. M.P.H., as project managers, have reported to the company that 24 magnetic anomalous targets exist on the 250,000 sq acre "Mustang" Property and that ground crews are now on site completing ground geophysical follow-up to further define and prioritize drill sites for the upcoming spring program, expected to get underway during March.
Negotiations for property access with the various Landowner - Leaseholders are now complete and M.P.H. Consulting, acting on behalf of the Company, has applied for all necessary licenses and drill permits for which approvals are expected shortly.
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