Columbia Yukon Explorations Inc.
TSX VENTURE : CYU

Columbia Yukon Explorations Inc.

November 14, 2007 13:35 ET

Columbia Yukon Signs Memorandum of Understanding with the Dease River Indian Band

WEST VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 14, 2007) - Columbia Yukon Explorations Inc. (the "Company" or "Columbia Yukon") (TSX VENTURE:CYU) is pleased to announce that it has entered into a Memorandum of Understanding (the "Agreement") with the Dease River Indian Band (the "Band") regarding the Company's "Storie" Molybdenum Property near Cassiar, British Columbia. The Agreement will cover the entire mineral exploration phase of the Company's molybdenum deposit project (the "Project"), which is estimated to take a further two years to complete.

Under the Agreement, the Company has agreed to make a number of financial contributions and work-related opportunities available to the Band and the Band has agreed to support the exploration of the Storie Property. As part of the Agreement, Columbia Yukon and the Band have also agreed to promptly commence additional negotiations towards concluding a detailed Socio-Economic Participation Agreement ("Participation Agreement") that is intended to cover a broad range of interests related to the potential future development of a mine on the Storie Property, including such matters as economic and business opportunities, skill development and training for the Band, as well as, establishing protocols for environmental monitoring and protection and conservation of the Band's cultural heritage. The objective of the Band and Columbia Yukon is to have the Participation Agreement in place well in advance of finalizing a feasibility study for the Storie Property.

Chief Kevin Carlick states, "Today marks a new beginning for our community. Our interest in developing this MOU and a Participation Agreement is to ensure that any development within our traditional territories is sustainable, and protects and respects the interests of the Kaska Dena, our peoples. We have entered into this agreement with Columbia Yukon based on mutual trust, respect and understanding. We believe that it is in the mutual and beneficial interests of the parties to cooperate with each other to mitigate any adverse environmental effects and impacts and to encourage economic, business and positive cultural benefits for the Band. We must have meaningful economic opportunities in our communities, but it must never be at the expense of our practices, customs and traditions. It is our belief that this MOU and a Participation Agreement can strike this balance. We look forward to working together with the Company in the future and thank Columbia Yukon for the spirit in which they negotiated this Agreement."

"Columbia Yukon is extremely pleased to have been able to conclude a favourable arrangement with the Dease River Indian Band and we believe the Agreement will bring economic opportunities to the region and will provide certainty for the Company's molybdenum deposit Project," said Douglas Mason, Chairman of Columbia Yukon.

About Columbia Yukon Explorations Inc.: Columbia Yukon is a Canadian mineral exploration company focused on the development of its Storie Molybdenum Property deposit located in northern British Columbia.

Columbia Yukon Explorations Inc.

Douglas L. Mason, Chairman

The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Columbia Yukon Explorations Inc.
    Mr. Clive Shallow
    Investor Communications
    (604) 922-2030
    Website: www.columbiayukon.com