Columbia Yukon Resources Voisey's Bay, Labrador 1997, $3.3 Million - 13,500 Metres drilling for VBE-1.VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--May 30, 1997-- Columbia Yukon Resources (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). CYR CYR Colonia, Uruguay (Airport Code) .) Columbia Yukon Resources Ltd. ("Columbia Yukon") as operator wishes to announce that the plans and funding for the 1st phase of the 1997 VBE-1 Field Program are complete. The VBE-1, jointly owned by Columbia Yukon and International CanAlaska Resources Ltd. ("CanAlaska"), is situated on the south eastern boundary of Inco's licenses containing the world class "Eastern Deeps" copper, nickel, cobalt discovery. Columbia Yukon and CanAlaska recently entered into an option agreement with Falconbridge Ltd. to jointly fund, on a one third per company basis, the 1997 program budgeted at $3,3000,000 Cdn. Specifically, Falconbridge can elect to earn 25 percent interest in the property by spending $22 million Cdn over 3 years beginning in 1998, 51 percent interest can be earned by delivering a bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. and 60 percent earned by taking the property to commercial production. A 13,500 metre diamond drill contract has been awarded to Lantech Drilling Services Inc. which includes the provision for three drill rigs, a Boyle 56 and two Longyear Super 44's. Helicopter support will be provided by Newfoundland based Universal Helicopters Universal Helicopters is a commercial helicopter company located in Newfoundland and Labrador, Canada. Universal Helicopters currently operates a fleet of:
The VBE-1 1997 exploration program will commence in early June with two north/south lines of magneto-telluric surveys conducted on the western boundary and approximately at the mid point of VBE-1. This deeply penetrating geophysical survey Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. will determine which of the 11 locations currently permitted for drilling are the most suitable initial targets. Drill rig mobilization will begin as soon as the shipping lanes are free of ice, estimated for the latter half of June. All three drill rigs are expected to be sited and operational by early July. Internationally respected MPH Consulting Ltd. of Toronto have been engaged as project managers. Falconbridge Ltd. will provide their geophysical and geological expertise for interpretation of field data and on site inspection/consultation during the 1997 Drill Program. ON BEHALF OF THE BOARD OF DIRECTORS Douglas L. Mason, Director 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. Douglas L. Mason, 604/683-3070 604/683-2308 (FAX) Toll Free 1-888-888-9122 CDN, 1-888-888-9123 USA Web Site: http://www.columbia-yukon.com/columbia-yukon/ |
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