Columbia Yukon Resources - Update on Alliger Lake Claims.

VANCOUVER, BC--(BUSINESS WIRE)--Sept. 18, 1995--Columbia Yukon Resources Ltd. (the "Company") has been continuing its field evaluation of nickel copper cobalt gossans on mining license 1506 on the Alliger Lake map sheet north of Voisey Bay, Labrador. Silverstone Resources Ltd. has entered into an option to earn a 50 per cent interest in the property. The south boundary of the claims is contiguous with the Canadian States Gas property on which a large gossan with significant nickel-copper-cobalt values has been described.

CYR's original discovery was close to the top of a steep ridge hosted by layered troctolitic rocks. Two other gossan zones could be observed to the north from this first discovery and appear to be aligned and were sampled by project crews and samples were submitted for assay. The samples ranged in value from 0.69 per cent to 0.2 per cent Ni, 2.35 per cent to 0.1 per cent Cu, and 0.1 per cent to 0.06 per cent Co as reported on September 06, 1995.

Further ground work today by CYR's project management team, supported by MPH Consulting Ltd. staff, has identified a new zone over 800 metres in length in the layered troctolites with sulfide bearing layers 1 to 2 meters in width. The zone was intermittently exposed along its approximately east-west strike length and its westerly extension is buried under coarse talus; chalcopyrite, pyrrhotite and pyrite were identified in the sulphide zones.

Airborne surveys are underway on the property and one conductor west of these gossans, has been identified to date. A program of Max-Min ground E.M. surveying is planned to be followed by a drilling program from a winterized camp. Drill permits have been applied for. At present it is believed that such permitting should only take 2-3 weeks because the area is not subject to special conditions. -0- ON BEHALF OF THE BOARD OF DIRECTORS

Douglas L. Mason, Director

CONTACT: Daniel B. Evans, 604/683-3070

604/683-2308 (fax)