VANCOUVER, Aug. 13 /CNW/ - CanAlaska Uranium Ltd. (TSX.V - CVV, OTCBB -
CVVUF, Frankfurt - DH7) ("CanAlaska" or the "Company") is pleased to provide
an update of its current exploration at its uranium projects in the Athabasca
Basin of Saskatchewan, Canada.
At the Cree East Project, an additional $880,000 was recently advanced to
fund summer exploration by the Korea Consortium, comprising Hanwha
Corporation, Korea Electric Power Corporation, Korea Resources Corporation and
SK Energy Co. Ltd. This additional work includes hi-resolution airborne
magnetic, airborne VTEM and ground TDEM geophysical surveys. The results from
this summer's surveys will be used to prepare winter drilling targets.
At the Fond Du Lac Project, exploration has been further extended based
on mineralization recently discovered in basement structures. The Company had
been testing known sandstone uranium mineralization, but is now concentrating
on encouraging uranium mineralized intersections in structures located below
the unconformity. Current drilling is focusing on the eastern end of the
deposit, where major structures intersect the trend of the sandstone-hosted
mineralization. This new basement-hosted mineralization extends the length of
the known deposit by approximately 75 metres.
The Company has now received TSX Venture approval for the terms of its
non-brokered private placement (see July 23rd News Release). Proceeds from the
private placement will be applied towards ongoing uranium exploration at the
Company's projects, including additional drilling at the Fond Du Lac project.
About CanAlaska Uranium Ltd. -- www.canalaska.com
CANALASKA URANIUM LTD. (CVV -- TSX.V, CVVUF -- OTCBB, DH7 -- Frankfurt)
is undertaking uranium exploration in twenty 100%-owned and two optioned
uranium projects in Canada's Athabasca Basin. Since September 2004, the
Company has aggressively acquired one of the largest land positions in the
region, comprising over 2,500,000 acres (10,117 sq. km or 3,906 sq. miles).
To-date, CanAlaska has expended over Cdn$50 million exploring its properties
and has delineated multiple uranium targets. The Company's geological
expertise and high exploration profile has attracted the attention of major
international strategic partners. Among others, Mitsubishi Development Pty
Ltd, a subsidiary of Japanese conglomerate Mitsubishi Corporation, has
undertaken to provide CanAlaska C$10 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. A Memorandum of
Understanding has also recently been executed with mining partner East
Resources Inc. to commence exploration on the Poplar Project comprising a
potential 100,000 metres of drill testing. In addition, 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)O8.
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, Director & V.P. - Corp. Dev., Tel:
(604) 688-3211, Email: firstname.lastname@example.org