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Gold/Mining/Energy : Columbia Yukon Resources (A.CYR) -- Ignore unavailable to you. Want to Upgrade?

To: dvid who wrote (655)	5/13/1998 1:51:00 PM
From: Flea	Read Replies (1) \| Respond to of 686

Even more news... Columbia Yukon Resources Ltd - Buffalo Head Mustang drill program completed Columbia Yukon Resources Ltd CYR Shares issued 20286888 1998-05-12 close $0.175 Wednesday May 13 1998 Also International Butec Industries Corp (IB) Mr. Michael Gustavson reports Columbia Yukon Resources, as operator, along with its joint venture partner International Butec, has completed the drilling program on its Buffalo Head Mustang property in northwestern Alberta. The company resumed drilling last week after shutting down in April for the spring thaw. An airborne magnetic survey of the property completed last fall had resulted in eight targets grouped into three main clusters picked for follow up drilling. These anomalies were interpreted to lie at depths ranging from 5 to 52 metres below surface. The single target drilled in April was found to be explained by magnetite-bearing sands in overburden. A total of 112 metres were drilled on two holes in May. One target in each of the untested clusters was tested and in each case the source of the magnetic anomaly was found to be magnetite-bearing material in overburden. The depths of these sands were consistent with the geophysical interpretation models. Hole PR17-1 was drilled to a depth of 43 metres, and hole PR3-1 to 68.6 metres. With the lack of helicopter support, as a result of forest fires within the area, the company was unable to test drill target PR33, however, it is expected that magnetic sands have caused this anomaly as well. In light of the results, it was decided not to drill any other anomalies on the property as they are of similar character. Management will review all technical and drill data to determine the nature of any further exploration on the Mustang property.