CanAlaska Uranium Ltd. - Gold Project Financed by New Zealand Explorer



    VANCOUVER, June 10 /CNW/ - CanAlaska Uranium Ltd. (TSX.V - CVV)
("CanAlaska" or the "Company") is pleased to announce Glass Earth Gold Ltd. as
a new exploration partner for its Rise and Shine gold project in Otago, New
Zealand.
    CanAlaska's New Zealand subsidiary, Golden Fern Resources Ltd, the
pending holder under joint venture of the mineral licence covering the Rise
and Shine shear zone, located north of Cromwell, New Zealand, has entered into
an option agreement for the sale of a 70% ownership interest in Golden Fern in
return for detailed project evaluation and exploration on the Rise and Shine
project, including 4,000 metres of drill testing on favourable gold targets.
Additional terms of the agreement include progressive cash payments of $13,000
and the issuance of 200,000 shares in Glass Earth Ltd. to the Company over the
course of the program.
    President Peter Dasler commented, "the historic New Zealand gold rushes
provided ample evidence of extensive gold mineralizing systems throughout the
country. Modern gold mines in New Zealand are capitalizing on discoveries on
unexplored ground, and CanAlaska's New Zealand property holdings cover
significant areas of historic gold-producing camps. The Company had previously
established operating partners for the Reefton gold project and, now, the
highly prospective Rise and Shine property so as to allow CanAlaska to advance
Rise and Shine and to concentrate more closely on its uranium exploration
activities in Canada's Athabasca Basin".

    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 NE Wollaston Project comprising a potential 100,000 metres of drill
testing.

    
    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 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: info@canalaska.com

Organization Profile

CanAlaska Uranium Ltd.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890