Columbia Yukon Signs Resource Funding Agreements with First Nations
West Vancouver, British Columbia – July 15, 2009 – Columbia Yukon Explorations Inc. (the “Company” or “Columbia Yukon”) is pleased to announce that it has entered into two Resource Funding Agreements (the “Agreements”) with the Dease River Indian Band, Daylu Dena Council, Kwadacha First Nation and Kaska Dena Council (collectively the “BC Kaska”) in connection with the continued exploration and development of the Company’s “Storie” Property molybdenum deposit located near Cassiar, British Columbia. Under the Agreements, Columbia Yukon has agreed to provide resource funding to the BC Kaska to contribute to the cost of negotiating a Traditional Knowledge Protocol (the “TK Agreement”) and a detailed Socio-Economic Participation Agreement (the “SEPA”).
With respect to the current and ongoing exploration of the Storie Property, Columbia Yukon and the BC Kaska currently operate under a Memorandum of Understanding (the “MOU”) which has been in place since November 2007. Going forward, Columbia Yukon and the BC Kaska both wish to finalize a TK Agreement, which will assist the parties in establishing the appropriate traditional knowledge protocols for the exploration and development of the Storie Property. As well, and as part of the potential development and design of the mine infrastructure for the Storie Property project, Columbia Yukon and the BC Kaska wish to conclude a SEPA which would include environmental, cultural and socio-economic and business opportunities and benefits, including employment and training, for members of the BC Kaska and their businesses.
“Columbia Yukon is very pleased to have been able to conclude the Resource Funding Agreements that will enable the Company and the BC Kaska to move forward with concluding a TK Agreement and a SEPA which we believe will bring economic opportunities to the region and provide certainty for Columbia Yukon’s Storie Property molybdenum deposit project”, said Douglas Mason, Chairman of Columbia Yukon.
Chief Cat Lee of the Dease River Indian Band stated, “Our Nation continues to develop its beneficial relationship with Columbia Yukon. These Resource Funding Agreements are another stepping stone to mutual recognition and respect. As a directly affected First Nation, we anticipate positive benefits and opportunities for our citizens. The Kaska Dena will maintain and further our socio-economic vision with a sustainable economic development that provides meaningful incentives, benefits and opportunities for Kaska citizens.”
George Miller, Chair of the Kaska Dena Council, added, “The Kaska Dena consider the signing of these Agreements to not only be a constructive development for our relationship with the mining community, but it can be a catalyst towards further Aboriginal nation-building. We will be a stronger nation by acting together. We want to see healthy communities, environmental compliance and meaningful investment in Kaska territory, including infrastructure development, and not at the expense of our culture and social integrity. Such Agreements are examples of substantive accommodation that can benefit citizens at the community level.”
About Columbia Yukon Explorations Inc.
Columbia YukoTimes New Roman">Columbia Yukon is a Canadian mineral exploration company focused on the development of its Storie Property molybdenum deposit situated about 6 km southwest of Cassiar, British Columbia. The Storie Property molybdenum deposit has an April 2009 updated NI 43-101 compliant Measured and Indicated Resource of 139.82 million tonnes grading 0.064% Mo (at a cut-off of 0.030% Mo) and 58.39 million tonnes of Inferred Resource grading 0.059% Mo (at a cut-off of 0.030% Mo). Cassiar, British Columbia is located 15 km by road west of Highway 37 which connects to Watson Lake, Yukon, to the north and Dease Lake and Stewart, British Columbia, to the south. <