CanAlaska will purchase 100% of the project from Hawk for 1,250,000 Company shares and a cash payment of Cdn$62,500, subject to the approval of the TSX Venture Exchange. Hawk will retain a 2.5% Net Smelter Return (NSR), 2% of which will be purchasable by CanAlaska for payments of Cdn$2.0 million.
The Cluff Lake claims will be added to those of the Company's existing Carswell project (http://www.canalaska.com/i/maps/carswell1.jpg). These claims are situated immediately west of the past-producing uranium mine and processing facilities at Cluff Lake, which had produced in excess of 62 million lbs U(3)O(8) over 22 years prior to its closure in 2000. They are also located 11 km NW of the
Over the past year, all of the Project area has been flown using VTEM airborne geophysics technology. The VTEM airborne surveys allow detailed evaluation of magnetic and conductive features, and the associated structural dislocation caused by faulting, to depths greater than was possible during the previous exploration and development of the Cluff Lake mine. These current surveys have provided to CanAlaska evidence of structural breaks and possible mineralization zones.
With the consolidation of the Project mineral claims, CanAlaska will now carry out the next stages of exploration at the Carswell project with the aim of a new discovery, and the potential of forming joint venture partnerships with strategic partners.
About CanAlaska Uranium Ltd. - www.canalaska.com
CANALASKA URANIUM LTD. (CVV - TSX.V, CVVUF - OTCBB, DH7 -
CanAlaska's geological expertise and high exploration profile has attracted the attention of major international strategic partners. Among others, Japanese conglomerate Mitsubishi Corporation has undertaken to provide the Company C$11 mil. in exploration funding for its West McArthur Project. Exploration of CanAlaska's Cree East Project is also progressing under a C$19 mil. joint venture with a consortium of Korean companies led by Hanwha Corporation, and comprising Korea Electric Power Corp., Korea Resources Corp. and SK Energy Co, Ltd. Exploration recently commenced on the Poplar Project with Chinese mining partner East Resources Inc., comprising a potential 100,000 metres of drill testing. In addition, Canadian explorer Kodiak Exploration has also optioned the McTavish Project to advance exploration with the goal of attaining a 60% project interest earn-in by delineating a minimum of 35 million pounds U(3)O(8).
On behalf of the Board of Directors (signed) Peter Dasler, M.Sc., P.Geo. President & CEO, CanAlaska Uranium Ltd.
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP No. 13708P 10 2. This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the
For further information: Emil Fung, Director & V.P. - Corp. Dev., Tel: (604) 688-3211, Email: [email protected]
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