VANCOUVER, Jan. 10 /CNW/ - CanAlaska Uranium Ltd. (CVV - TSX.V) -
CanAlaska's management is pleased to report the commencement of 2008 field
operations on its uranium exploration projects in Canada's Athabasca Basin.
Drilling programs are due to commence at Lake Athabasca (Johnson Island), Cree
Lake and at Key Lake, following preliminary grid work. At West McArthur, field
crews are co-ordinating detailed ground gravity and EM geophysical surveys
over six individual target zones. On one of these zones CanAlaska's drilling
programs have previously intersected uranium mineralization within alteration
envelopes. The ground detail work is planned to determine the optimum drill
locations to determine the continuity and size of the current targets and
define drill targets in three new areas. The Lake Athabasca and Cree Lake
drill programs are expected to continue into early April.
In 2007 successful drill programs were carried out on five of the
company's projects, West Mc Arthur, Key Lake, Waterbury, Lake Athabasca and
Helmer. A sixth drill program at NE Wollaston was terminated due to
operational problems. However the Company continued to make numerous surface
discoveries of high-grade pitchblende stringers and displaced boulder trains,
as well as multiple surface zones of disseminated uranium and multiple zones
of significant uranium-Rare Earth mineralization. Drilling will re-commence at
NE Wollaston following permitting and logistical considerations and further
Mapping and surface sampling was carried out on nine projects. However
the majority of Project surface samples, and the drill samples from the Helmer
Lake project are still being processed at the assay laboratories. The company
expects in January to progressively report assay values associated with the
radioactivity noted from scintillometer readings taken during the summer
CanAlaska enjoys solid support from its international exploration
partners - totaling $49 million in exploration commitments to date. Mitsubishi
Development Pty, is engaged in an $11 million exploration program on the West
McArthur Project. A Consortium of Korean energy and resource companies, led by
Hanwha Corporation is supporting $19 million of exploration on the Cree East
Project. Mega Uranium Ltd is financing an $8 million program at on the Poplar
Project, and Uranium Prospects Plc and Yellowcake Plc are jointly funding
$5 million of exploration on the Grease River Project. Junior Canadian
explorer Wescan Uranium is funding a combined $ 6 million on the Key Lake and
Cree West Projects.
The Company is focusing its corporate development efforts in the early
part of 2008 towards establishing more multinational partnerships and the
financing of additional work programs its exploration projects. Additional
activity has included the staking of further exploration projects.
The Qualified Person for this news release is Peter Dasler, P.Geo.
About CanAlaska Uranium Ltd. - www.canalaska.com
CANALASKA URANIUM LTD. (CVV - TSX.V, CVVUF - OTCBB, DH7 - Frankfurt) is
undertaking uranium exploration on seventeen 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).
CanAlaska has expended over Cdn$30 million exploring its properties in the
Athabasca Basin and has delineated multiple uranium targets. Initial drilling
results from the West McArthur Project revealed uranium mineralization and
significant zones of hydrothermal alteration, indicative of a favourable
environment for uranium deposition. Active drilling and exploration continued
through the Summer, and Fall 2007 seasons at West McArthur and at 2 other
significant projects. The Company's high profile in the prominent Athabasca
Basin has attracted the attention of major international strategic partners.
Among others, Mitsubishi Development Pty., a subsidiary of Japanese
conglomerate Mitsubishi Corporation, has undertaken to provide CanAlaska
C$11 mil. in exploration funding to earn 50% of the West McArthur Project. A
C$19 mil. Agreement for exploration has also been executed with a Korean
Consortium led by Hanwha Corporation to enter into joint exploration of
CanAlaska's Cree East Project.
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: CUSIP No. 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., Tel:
(604) 688-3211, Toll Free (N. America): 1-800-667-1870, Email: