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Nov 15, 2006

News Release No. 185
Oct 24, 2006

Columbia Yukon and CanAlaska Ventures Grant an Option on their VB-2 Property in Labrador, NL

Gold Canyon B.C

Gold Canyon Project, British Columbia 
[CYU Right to earn 100%]

Overview: Gold Canyon, is in a prolific mineral producing region in British Columbiaˇ¦s West Kootenay Mountain range. Gold Canyon is located approximately seven kilometers southeast of Burton, British Columbia, at Mount Marshal, in the western part of the Tillicum Mountain Range, in close proximity to the town of Nakusp (31 km north). The property features year round accessibility and is close to vital infrastructure.

The Gold Canyon Property is primarily a silver/gold prospect with mineralization shown to exist in an occurrence that was recently unearthed on the property as a result of road work in the area. Trenching and stripping of this initial occurrence has exposed the mineralization further and rock sampling was done in 2003.

Columbia Yukon Explorations has subsequently secured 53 claim units in three contiguous blocks covering approximately 1645 hectares. Surrounding properties have a high occurrence of gold and silver mineralization including Mosquito Consolidated Goldminesˇ¦ Heino deposit, which recovered 164,552 grams of gold (1981-1993), and the Tillicum Property, with gold and silver deposits adjacent to the Gold Canyon I to VII claims.

Gold Canyon has the potential for significant economic silver/gold mineralized skarn deposits. Its geological setting is similar to those of nearby Tillicum, Silver Queen and Strebe deposits and its geology is consistent with silver/gold mineralized skarns. Initial surface sampling and a short diamond drilling program in 2003 returned high grade gold and silver values. Geochemical and geophysical surveys completed earlier in 2003 indicated the potential extension of mineralization over more than 300 meters of strike length.

Trenching completed in summer 2004 showed mineralization as galena, pyrrhotite, pyrite, minor arsenopyrite, and minor copper sulphides extending over approximately 150 meters. With trench sampling complete, a drill program was conducted to test the depth and continuity of the mineralization in the area around the original discovery. The geochemical survey indicated several other gold-silver targets, which are supported by anomalies from the geophysical surveys; exploration is planned for these targets in 2005.

A modest diamond drill program was carried out in gold Canyon in November-December 2003.  158 meters of core were drilled in six short holes to better define the character, distribution and morphology of the gold-silver mineralization. Previous chip sampling of the surface mineralization had returned a width of 4 meters averaging 7.25 g/t gold, 450 g/t silver, 2.80% lead and 2.90% zinc. Each of the drill holes intersected significant gold mineralization. Higher gold values were generally associated with significant silver values. Highlights included: drill hole 03GC-5 yielded 580 g/t silver and 30.78 g/t gold over a 1M core interval; and, drill hole 03GC-6 produced 236 g/t silver and 70 g/t gold over a 1M core interval.  

Following this drill program, an airborne geophysical survey was completed. The airborne survey identified further magnetic and electromagnetic targets around the area of the known mineralization. A grid was cut in the summer field season and geochemical sampling and ground geophysical surveys were carried out. This work culminated in a nine hole diamond drill program of which four holes where designed as ˇ§step outsˇ¨ on the discovery zone and the remainder over a new mineralized area that was confirmed by very encouraging trench results in November 2004 (see ˇ§assays pendingˇ¨ below). 

On November 16, 2004, Columbia Yukon Explorations Inc. released assay results from trench sampling on its Gold Canyon Property located in southern British Columbia. The following listing of assay results are the first part of a set of samples located in an outcrop surface opened up by trenching over an area of approximately 25 meters by 20 meters; the area extends to approximately 50 meters east of the discovery area and location of drilling completed in the 2003 season.

Significant results obtained from this sampling included:

O       3 meters averaging 1.72g/t Au, 208g/t Ag (23178 ˇV 23180)

Including 1.0m at 1.45g/t Au, 382g/t Ag, 4.16% Zn and 2.77% Pb

O       6.9 meters averaging 2.68g/t Au, 37g/t Ag (23182 ˇV 23188)

Including 1.0m at 8.45g/t Au, 118g/t Ag, 1.76% Zn and 1.01% Pb

O       2.7 meters averaging 5.52g/t Au, 53g/t Ag (23194 ˇV 23196)

Including 0.7m at 8.82g/t Au, 120g/t Ag, 3.62% Zn and 2.34% Pb

O       2.5 meters averaging 5.03g/t Au, 142g/t Ag (23209 ˇV 23210)

Including 1.5m at 6.22g/t Au, 168g/t Ag, 2.33% Zn and 1.21% Pb

O       0.35 meters averaging 5.45g/t Au, 202g/t Ag, 3.37% Zn and 1.00% Pb. (23206)


Assays pending: The Company also reports that assays from the previously discussed 9 hole diamond drill program completed on the Gold Canyon project late Fall ˇ¦04 are currently pending and are expected to be received and announced in the very near future (See news release #138).