Columbia Yukon Releases 2009 Updated NI 43-101 Mineral ResourceEstimate

Storie Property Now One of the Largest Primary Molybdenum Deposits in
Canada
 
WEST VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 04, 2009) -
Columbia Yukon Explorations Inc. (the "Company" or "Columbia Yukon")
(TSX VENTURE: CYU)(FRANKFURT: VOR) is extremely pleased to announce
an impressive increase in the resource estimate of both Measured and
Indicated Resources for the Company's "Storie" Property molybdenum
deposit. The current estimated total of both the Measured and
Indicated Resource categories is 139.82 million tonnes grading 0.064%
Mo. at a cutoff of 0.030%. In addition, the 2008 drilling program
identified an Inferred Resource of 58.39 million tonnes grading
0.059% Mo. at a cutoff of 0.030%. Further infill drilling is required
in order to potentially reclassify the Inferred Resource into a NI
43-101 Measured or Indicated Resource category. Columbia Yukon is
also pleased to point out that the deposit remains open in three
directions. The Company's positive exploration efforts during the
past three years have resulted in the Storie Property molybdenum
project becoming one of the largest primary molybdenum deposits in
Canada. The Storie Property is located near the former town site of
Cassiar, British Columbia.
 
Mintec, Incorporated of Tucson, Arizona, ("Mintec"), was retained by
Columbia Yukon to prepare a further updated NI 43-101 Mineral
Resource Estimate for the Storie Property molybdenum deposit. The
2009 updated NI 43-101 Mineral Resource Estimate was commissioned to
reclassify, and in part, to confirm the increase in the size of the
previously reported 2008 NI 43-101 Mineral Resource Estimate for the
Storie Property molybdenum deposit. The 2008 drilling program
successfully outlined a very significant increase in the tonnage of
resources for the Storie Property. As well, these efforts served to
reclassify the previous mineral resources of Indicated and Inferred
Resources to Measured, Indicated and Inferred Resource categories.
The Company has retained Watts, Griffis and McOuat Limited ("WGM"),
Consulting Geologists and Engineers of Toronto, Ontario, to
incorporate the Mintec Mineral Resource Estimate into a 2009 updated
NI 43-101 report ("the WGM report") which will also review the
results of metallurgical studies by SGS Canada. The 2009 WGM report
is currently being prepared by Robert M. Kuehnbaum, P.Geo., Senior
Associate Geologist with WGM and Abdullah Arik, AusIMM, Principal
MineSight Specialist with Mintec.
 
2009 MINERAL RESOURCE ESTIMATE
 
Mintec was also retained by Columbia Yukon to further update the 3-D
modeling of the Storie Property deposit. The purpose of the modeling
is to assist the Company in further exploration. The work completed
by Mintec included:
 
- Collection of all available drilling and topographic information;
- Development of a 3-D solid of mineralized domain;
- Geostatistical analysis of the data;
- Development of a 3-dimensional exploration block model; and
- Resource estimation and classification.
 
The number of drill holes used by Mintec in the evaluation was 165,
including 49 drill holes from the 2008 drilling campaign. Based upon
the mineralized solid (3-D wireframe model) and the geostatistical
analysis of the assay data, a 3-D model of the deposit was built with
10x10x10 metre-sized blocks for Mineral Resource estimation. The
block grades were interpolated for all items using the Inverse
Distance Cubed Weighting ("ID3") method. Molybdenum ("Mo") grade was
also interpolated using Ordinary Kriging ("OK") and Polygonal methods
for checking and comparison. Outlier high grade intervals were capped
for Mo within the mineralized domain during the interpolation to
restrict the smearing effect of very high grades. The capping was
based on the cumulative probability plot and statistical analysis of
Mo grade distribution.
 
Based on the 2009 updated NI 43-101 Report, the total Indicated and
Measured Mineral Resource in the deposit at 0.030% Mo cutoff is
approximately 140 million tonnes grading 0.064% Mo, which represents
an increase of 42 million tonnes in this category. In addition, the
Inferred Mineral Resource at the same cutoff is approximately 58
million tonnes grading 0.059% Mo, which represents an increase of 27
million tonnes in this category.
 
The Measured, Indicated and Inferred Mineral Resources for Mo at
incremental cutoffs from the different methods are shown as follows:
 
Summary of the Measured Mo Mineral Resources at Incremental Mo Cutoffs
 
--------------------------------------------------------------------------
                            MOID3             MOKRG             MOPLY
                     ----------------- ----------------- -----------------
Cutoff                           Grade             Grade             Grade
(Mo%)                  Tonnage    (Mo%)  Tonnage    (Mo%)  Tonnage    (Mo%)
--------------------------------------------------------------------------
greater than or       35,588.8  0.0691  38,217.8  0.0644  35,153.8  0.0704
 equal to 0.030
--------------------------------------------------------------------------
greater than or       30,864.3  0.0747  33,119.9  0.0693  30,597.5  0.0761
 equal to 0.035
--------------------------------------------------------------------------
greater than or       27,083.4  0.0799  28,768.0  0.0742  27,097.4  0.0811
 equal to 0.040
--------------------------------------------------------------------------
greater than or       20,900.8  0.0903  21,746.7  0.0837  20,572.4  0.0926
 equal to 0.050
--------------------------------------------------------------------------
greater than or       11,154.2  0.1159  10,999.0  0.1060  11,260.3  0.1186
 equal to 0.075
--------------------------------------------------------------------------
greater than or        6,235.5  0.1394   5,236.1  0.1278   6,534.5  0.1425
 equal to 0.100
--------------------------------------------------------------------------
 
Summary of the Indicated Mo Mineral Resources at Incremental Mo Cutoffs
 
--------------------------------------------------------------------------
                            MOID3             MOKRG             MOPLY
                     ----------------- ----------------- -----------------
Cutoff                           Grade             Grade             Grade
(Mo%)                  Tonnage    (Mo%)  Tonnage    (Mo%)  Tonnage    (Mo%)
--------------------------------------------------------------------------
greater than or      104,230.3  0.0628 107,501.7  0.0612  95,249.5  0.0698
 equal to 0.030
--------------------------------------------------------------------------
greater than or       89,757.2  0.0677  92,349.0  0.0660  82,322.8  0.0756
 equal to 0.035
--------------------------------------------------------------------------
greater than or       77,313.0  0.0726  79,133.6  0.0707  72,199.0  0.0810
 equal to 0.040
--------------------------------------------------------------------------
greater than or       57,846.7  0.0821  58,549.1  0.0799  54,784.3  0.0926
 equal to 0.050
--------------------------------------------------------------------------
greater than or       28,492.4  0.1037  28,202.4  0.1001  29,873.8  0.1189
 equal to 0.075
--------------------------------------------------------------------------
greater than or       13,032.6  0.1248  11,567.1  0.1205  17,124.0  0.1435
 equal to 0.100
--------------------------------------------------------------------------
 
Summary of the Inferred Mo Mineral Resources at Incremental Mo Cutoffs
 
--------------------------------------------------------------------------
                            MOID3             MOKRG             MOPLY
                     ----------------- ----------------- -----------------
Cutoff                           Grade             Grade             Grade
(Mo%)                  Tonnage    (Mo%)  Tonnage    (Mo%)  Tonnage    (Mo%)
--------------------------------------------------------------------------
greater than or       58,386.1  0.0593  59,556.9  0.0582  53,541.9  0.0661
 equal to 0.030
--------------------------------------------------------------------------
greater than or       48,450.7  0.0648  49,154.6  0.0637  44,392.8  0.0731
 equal to 0.035
--------------------------------------------------------------------------
greater than or       40,726.4  0.0700  41,448.4  0.0686  37,909.2  0.0792
 equal to 0.040
--------------------------------------------------------------------------
greater than or       29,084.2  0.0802  29,159.9  0.0788  27,698.3  0.0922
 equal to 0.050
--------------------------------------------------------------------------
greater than or       13,221.6  0.1033  13,218.1  0.1004  13,744.4  0.1237
 equal to 0.075
--------------------------------------------------------------------------
greater than or        5,698.4  0.1258   5,040.3  0.1232   8,090.2  0.1493
 equal to 0.100
--------------------------------------------------------------------------
 
Notes:
- Tonnage times 1000;
- The blocks outside the Economic Pit Design ($30 Mo pit) and the blocks
  below 1,220m elevation were excluded and not considered in the Mineral
  Resources;
- MOID3 represents Mo grades calculated using ID3 method;
- MOKRG represents Mo grades calculated using Ordinary Kriging;
- MOPLY represents Mo grades calculated using Polygonal method;
- Variable density applied.
 
Columbia Yukon's 2006, 2007 and 2008 work focused on increasing,
verifying and upgrading resources which were previously known.
Further, to the deposit remaining open, there is at least one
untested molybdenum occurrence (the "M" Zone) which merits further
investigation. The WGM Report is currently being prepared in
compliance with NI 43-101 requirements and presents a review of the
geology and Mineral Resources of Columbia Yukon's Storie Property
molybdenum deposit. The Company will be filing the 2009 updated NI
43-101 Report on www.SEDAR.com and on its website at
www.columbiayukon.com.
 
This news release has been reviewed and approved by Robert M.
Kuehnbaum, M.Sc., P.Geo., for WGM and Abdullah Arik, B.Sc., M.S., Aus
IMM, for Mintec, who are acting as independent Qualified Persons for
the Company's Storie Property molybdenum project in accordance with
regulations under NI 43-101.
 
About Columbia Yukon Explorations Inc.:
 
Columbia Yukon is a Canadian mineral exploration company focused on
the development of its Storie Property molybdenum deposit. The Storie
Property is situated about 6 km southwest of Cassiar, British
Columbia. Cassiar is located 15 km (by road) west of Highway 37 which
provides access to Watson Lake, Yukon, to the north and Dease Lake
and Stewart, British Columbia, to the south.
 
Columbia Yukon Explorations Inc.
 
Ronald A. Coombes, President & CEO
 
This news release includes certain statements that may be deemed
"forward-looking statements". 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. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in forward-looking statements. 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.
 
The TSX Venture Exchange has not reviewed this news release and does
not accept responsibility for the adequacy or accuracy of this
release.
Contacts:
Columbia Yukon Explorations Inc.
Mr. Clive Shallow
Investor Communications
(604) 922-2030
(604) 922-2037 (FAX)
Email: info@columbiayukon.com
Website: www.columbiayukon.com
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.