Columbia Yukon Explorations Inc.: Major 150 Metre Step Out Drill Hole At Storie Deposit Hits Significant Moly!

WEST VANCOUVER, BRITISH COLUMBIA--(Marketwire - September 17, 2008) - Columbia Yukon Explorations Inc. (the "Company" or "Columbia Yukon") (TSX VENTURE: CYU)(FRANKFURT: VOR) is extremely pleased to announce a significant advancement of the Company's "Storie" property molybdenum deposit located near Cassiar in northern British Columbia. Drilling of the extensions to the resource (identified in the 3-D modeling completed earlier this year by Mintec, Inc.) has successfully intersected molybdenum mineralization. Drill hole ST08-108 located 150 metres west of the known Indicated resource intersected 362 metres grading 0.060% Mo. Further grid drilling will be required, however, this mineralized drill hole does substantiate the presence of molybdenum mineralization considerably beyond the known deposit and may significantly increase the size of the deposit over that referred to in the Company's recently updated NI 43-101 Mineral Resource estimate of 98.3 million Indicated tonnes, grading 0.064% Mo at a cutoff grade of 0.030% Mo, with an additional 31 million Inferred tonnes, grading 0.059% at the same cutoff grade of 0.030% Mo (see News Release dated August 5, 2008). The 2008 drilling program continues to deliver very positive results which may both significantly increase the potential tonnage and decrease the already low strip ratio of waste rock within the current NI 43-101 Mineral Resource estimate calculation. The Company is extremely pleased to announce the following 5 drill holes, which drill holes are all outside of the known deposit:
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                                                   Average
Average
Hole               From         To     Interval      Grade
Grade
 Number         (metres)   (metres)     (metres)      (Mo%)
(MoS2%)
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ST08-105            189        450          261      0.074
0.123
  Including         255        339           84      0.121
0.202
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ST08-106             96        390          294      0.082
0.137
  Including         240        297           57      0.141
0.235
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ST08-107            294        495          201      0.057
     0.095
  Including         441        489           48      0.108
0.180
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ST08-108             90        452          362      0.060
0.100
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ST08-109            177        321          144      0.081
0.135
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             (i)conversion factor: 1% MoS2 equals 0.5999% Mo
As referred to in the current NI 43-101 Mineral Resource estimate report, there is a higher grade zone which appears to be continuous through the center of the deposit. Mintec, Inc. specifically noted that if this zone can be better defined geologically or structurally with further drilling, the block grade smoothing that occurs from the interpolation can be minimized and the grade and confidence of the Mineral Resource estimates can be improved. As a result, the Company has completed and is now awaiting assays from core drilling of several infill holes at 25 metre spacing. These holes were designed in an effort to better define the higher grade zone. The current NI 43-101 Mineral Resource estimate report, as prepared by Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers of Toronto, Ontario, and Mintec, Inc. of Tucson, Arizona, has been prepared in compliance with NI 43-101 and presents a review of the geology and Mineral Resources of Columbia Yukon's Storie property molybdenum deposit. The Company has filed the NI 43-101 report on www.SEDAR.com and on its website at www.columbiayukon.com. This news release has been reviewed and approved by John Kowalchuk, P.Geo., who is acting as the independent Qualified Persons for the Company's Storie property molybdenum project in accordance with regulations under NI 43-101. About Columbia Yukon Explorations Inc.: Columbia Yukon is a Canadian mineral exploration company focused on the development of its Storie property molybdenum deposit. The Storie property is situated about 6 km southwest of Cassiar, British Columbia. Cassiar is located 15 km (by road) west of Highway 37 which provides access to Watson Lake, Yukon, to the north and Dease Lake and Stewart, British Columbia, to the south. Columbia Yukon Explorations Inc. Ronald A. Coombes, President & CEO The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release. Contacts: Columbia Yukon Explorations Inc. Mr. Clive Shallow Investor Communications (604) 922-2030 Website: www.columbiayukon.com