Columbia Yukon: Voisey's Bay, Labrador, VBE-1 and VBE-2 Program Updates.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 17, 1997-- Columbia Yukon Resou(Alberta Stock Exchange CYR.) VBE-1: Columbia Yukon Resources Ltd. (the "Company') as operator and International CanAlaska Resources Ltd. ("ICA"), who in conjunction with Falconbridge Ltd.

Are conducting the deep drilling program on VBE-1, advise following consultation with program operator MPH Consulting, that due to significantly higher than expected exploration costs the program will now consist of 9800 metres in a total of seven holes. Downhole geophysical probing will be carried out on holes VBE-1-4 and VBE-1-5 this week, and VBE-1-6, currently at a depth of 1137 metres is expected to be completed next week. Spotting of the seventh hole will be based on information gathered from the three current and three previous holes.

VBE-2: Columbia Yukon and CanAlaska have completed a review of the assay data received from the initial nine-hole diamond drilling program on Mineral License VBE-2, located nine kilometres south of the Voisey's Bay copper/nickel deposit. The program tested the gold discovery made on VBE-2 in 1996.

The mineralization intersected in eight of the drill holes showed that gold values are substantially continuous throughout the sulphide rich graphitic gneiss. All high grade samples have been submitted for check assays to a second registered laboratory, any significant variance will be reported. The results below were analysed by Stairs Laboratory of New Brunswick. -0-

Drill Hole      Core Intersection   Thickness    Gold Grade
                    (metres)        (metres)   (grams/tonne)

VBE2-1            47.58-49.85         2.28         3.8
VBE2-2            55.91-56.82         0.91         3.6
VBE2-3            49.52-50.94         1.42         2.6
VBE2-4            48.09-49.36         1.27         7.4
VBE2-5            65.82-66.97         1.15         2.4
VBE2-6            56.24-57.91         1.67         3.5
VBE2-7            50.85-52.73         1.88         5.7
VBE2-8            63.67-65.18         1.51         5.1
VBE2-9          No significant mineralization intersected.

Over narrow widths within these interceptions, higher grade intervals were noted from 10 to 24 grams. The results show that gold mineralization is present in a well defined horizon that most likely extends beyond the area drilled. The sulphide-rich graphitic gneiss unit which contains the gold represents an altered iron formation, a common host for some of the world's larger economic gold deposits. The mineralization remains open to the north, south, and to depth. Geophysical surveys completed to date have assisted greatly in defining the prospective gold-bearing horizon, and additional Max-Min surveys are recommended in order to expand the known zone beyond its current confines.

ON BEHALF OF THE BOARD OF DIRECTORS

Daniel B. Evans, Director -0-

The Alberta Stock Exchange nor any other regulatory body has reviewed this news release and therefore do not accept responsibility for the adequacy or accuracy of this release.

CONTACT: Columbia Yukon Resources Ltd.

Daniel B. Evans, 604/683-3070

604/683-2308 (FAX)

1-888-888-9122 (Canada), 1-888-888-9123 (USA)

http://www.columbia-yukon.com/columbia-yukon/