VANCOUVER, Dec. 21 /CNW/ - CanAlaska Uranium Ltd. (TSX-V: CVV) - Further
to the Company's news release of October 12th, 2007 regarding the Cree East
uranium project, CanAlaska is pleased to announce that outstanding approvals
from the Korean Government and the Korean Consortium, comprising Hanwha
Corporation, Korea Electric Power Corporation, Korea Resources Corporation and
SK Energy Co. Ltd., have been granted. The agreements whereby the Korean
Consortium has committed to invest Cdn$19.0 mil. towards an earn-in of a 50%
ownership interest in the Cree East Project have been formally executed and
released from escrow. Cdn$3.6 mil. in funding has been received, representing
capitalization for the first phase of the exploration joint venture..
The company has carried out a series of airborne and ground definition
surveys across the Cree East property over the past 30 months. Most of this
area was previously unexplored due to limitations of older geophysical
technology and lack of geological modeling. In early 2007, modeling of the
survey results defined a number of key targets areas capable of hosting
Athabasca unconformity-style uranium mineralization. Of additional
significance were areas of high lake sediment uranium geochemistry, uranium
boulder trains, and surface clay alteration of the style associated with other
uranium deposits in the Athabasca.
The summer 2007 programme of ground IP-Resistivity geophysical surveys
was successful in delineating drill targets for winter 2008 drilling. Totaling
246km and conducted in the shallower parts of the property, these surveys have
outlined several clear signatures typical of unconformity-hosted uranium
deposits. There are strong "alteration-over-conductor" anomalies at each of
the drill targets.
The company has prepared a winter exploration programme of a minimum 5
drill-holes, beginning mid-late January, to test the better targets defined
from the current work. In these areas, the estimated depth to the unconformity
is 350 metres.
Other Corporate Developments
On the Company's West McArthur Project, CanAlaska has received formal
budget approval from exploration partner Mitsubishi Development Pty. to
undertake a $1.97 mil. program for the current exploration year. Mitsubishi
Development Pty. presently holds an earn-in option to vest into a 50%
ownership interest in the West McArthur Project. At the Waterbury Project, the
Company has received formal notification from NWT Uranium Corp. that it will
terminate its option on the project as a result of internal corporate
restructuring. CanAlaska will continue to investigate uranium targets
delineated on the Waterbury Project via drill-testing in 2008.
The Company is pleased to announce the appointment of Ms. Frances
Petryshen as Corporate Secretary effective immediately. Ms. Petryshen brings
to CanAlaska considerable business and professional corporate secretarial
expertise and CanAlaska looks forward to her contributions in support of the
future growth of the Company. CanAlaska would also like to express its
gratitude to Ms. Taryn Downing, whose long service as the company's prior
corporate secretary is very much appreciated.
Finally, the Company's Board of Directors has approved the grant and
issuance of a total of 6,078,500 options to the Company's directors, officers,
employees and consultants in recognition of their hard work and contributions
this year towards the advancement of CanAlaska's mission of "Discovering and
Developing One or More World-Class Uranium Deposits in Canada's Athabasca
Basin". Subject to regulatory approval, the options carry an exercise price of
$0.40 per share for a term of 5 years.
On behalf of the Board of Directors
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: CUSIPNo. 13708P 10 2. This news
release contains certain "Forward-Looking Statements" within the meaning of
Section 21E of the United States Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical fact, included herein are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate, and actual
results and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the Company's
documents filed from time to time with the British Columbia Securities
Commission and the United States Securities & Exchange Commission.
For further information:
For further information: Emil Fung, Vice President, Corp. Dev., (604)
688-3211, Toll Free (N. America): 1-800-667-1870, Email: email@example.com