Columbia Yukon Resources - Update.

VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 27, 1995-- COLUMBIA YUKON RES.(Alberta Stock Exchange: CYR) Columbia Yukon Resources Ltd. (the "Company") reports that following a review of work completed on the extensive holdings of the Company in the Voisey Bay area, management has decided to carry out further work in the area west of the Voisey Bay discovery of Diamond Fields Resources. Several strong conductors have been identified on MLs 1886, 1760, and 1887.

The Company is finalizing plans to drill massive sulphide targets that have been located by prospecting and geological mapping on these claim blocks that lie in the Cabot Lake and Konrad Brook areas. These targets carry copper and zinc values and are considered different geologically from the Diamond Fields discovery but with good potential for an economic mineral deposit. Several other companies are active in this area, including Castle Rock Resources and International CanAlaska. Max Min EM surveys are being completed on the Columbia Yukon ground to define drill targets and a field camp is being winterized nearby.

This camp will also serve as a base of operations for airborne surveys and ground work on the 100 percent owned ML 0903, or Bay Claims, east of the camp and south of the Voisey Bay deposit. International CanAlaska has informed Columbia Yukon of its withdrawal from its option to earn a 50 percent interest in this ground. Favorable geology on the ML license has not been evaluated to date. The same winterized camp will be cost effective to service work in progress on claims being optioned from Columbia Yukon by Agarwal Resources, Consolidated Venturex Holdings, Hyder Gold Resources, Loumic Resources, and Sonoma Resources. The related claim blocks lie in the same geological environment as that hosting the massive sulphide targets and will be worked on under the 1995 program.

Work is also being carried out on the Yanks Peak Resources claim blocks in the Voisey Bay West area under an agreement whereby Columbia Yukon can earn a 15 percent carried interest for administering the work program. Columbia Yukon has a right to earn a further 35 percent contributing interest by completing expenditures of $500,000 over 2 years on any of the 10 individual claim blocks selected by Columbia Yukon for follow-up work. Max Min EM surveys are scheduled for ML 3259 where airborne geophysical surveys have flagged two multiple line anomalies.

ML 3259 is also situated in a similar geological environment to that of the massive sulphide targets discussed above.

ON BEHALF OF THE BOARD OF DIRECTORS BENJAMIN AINSWORTH DIRECTOR

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Note to Editors: 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: Daniel B. Evans

Director

604/683-3070