Columbia Yukon Provides Company Update

WEST VANCOUVER, BRITISH COLUMBIA--(Marketwire - February 03, 2009) -
Columbia Yukon Explorations Inc. (the "Company" or "Columbia Yukon")
(TSX VENTURE: CYU)(FRANKFURT: VOR) is pleased to provide an update on
the Company's strategic plans for 2009.
 
Columbia Yukon currently has over $4 million in cash and receivables,
which the Company believes will enable it to meet all of its planned
expenditures for the next 12 to 18 months without having to raise
additional funding.
 
As part of Columbia Yukon's 2009 plan, the Company will be completing
a further updated NI 43-101 Mineral Resource Estimate Report,
including a further exploration model. The current NI 43-101 resource
calculation, that was completed in August 2008, delivered an
impressive resource reclassification for its "Storie" Property
molybdenum deposit located near the township of Cassiar, British
Columbia.
 
This year, the Company also plans to continue with its environmental
studies, and to commission a more advanced metallurgical study on the
Storie project. As well, proactive consultation with the local First
Nations and departments of government respecting Columbia Yukon's
2009 plans for the Storie molybdenum project will continue.
 
Columbia Yukon's Chairman, Douglas Mason, commented, "During the past
year, the Company made tactical decisions to preserve working
capital. This ensured that we would be in a positive cash position to
carry through with our strategic plans for 2009 and beyond. With a
successful 2008 drill program and the updated 2009 NI 43-101 pending,
along with a considerable cash reserves, Columbia Yukon is preparing
to move forward with a planned strategy for the "Storie" molybdenum
deposit which will include positive steps towards the completion of
necessary studies and advancing potential strategic partnerships for
the development of the Storie Property."
 
Columbia Yukon has also now completed the purchase of the maximum
number of shares permitted under its Normal Course Issuer Bid (the
"Bid"). Specifically, Columbia Yukon has repurchased 2,041,747 common
shares out of the market, which shares will be cancelled. The Bid was
undertaken in June 2008 as the Board of Directors believed that
Columbia Yukon's shares were trading at values much less than their
true worth.
 
During the current market conditions, insiders and close associates
of Columbia Yukon have continued to acquire additional shares out of
the market to significantly increase their combined ownership.
Currently, insiders of the Company now control approximately 5.5
million shares, representing approximately 14% of the issued and
outstanding capital (following the cancellation of the purchased Bid
shares). Close associates of Columbia Yukon own an additional 2.2
million shares, representing approximately 5.7% of the issued and
outstanding capital. Together, insiders and close associates control
approximately 7.7 million shares, representing 20% of the issued and
outstanding capital, and on a fully diluted basis, hold approximately
11.5 million shares, representing approximately 26% fully diluted.
 
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.