Toronto Stock Exchange (TSX): CVV
VANCOUVER, Dec. 27, 2013 /CNW/ - CanAlaska Uranium Ltd. (TSX - CVV) ("CanAlaska" or the "Company") announces that trading of its common
shares will be transferred to the TSX Venture Exchange on December 30,
The Company has recently entered into project option agreements on the
Patterson Lake and the NW Manitoba Uranium projects, with respective
initial work commitments of $1.5M and $3.2M. Work has commenced on
each of these projects, the results of which are expected to be
available in the first quarter 2014.
At Patterson Lake, airborne surveys have been contracted and survey work
is imminent. At NW Manitoba the current interest is drill testing of
high grade near-surface uranium mineralization. This is well supported
by the geology and mineralization found on the property to date. The
$11.6M project option will allow CanAlaska shareholders to benefit from
significant exploration on one of our advanced properties without
suffering the effects of share dilution in the current market.
The Company has also been in discussion with a number of other industry
participants concerning its advanced projects in the Athabasca. These
discussions are progressing under confidentiality agreements. The
Company has reduced its own direct project costs. To this end MC
Resources Canada Ltd, a subsidiary of Mitsubishi Corporation, and
CanAlaska have allocated a net maintenance budget of $98,850 for the
2014 JV expenditure on the West McArthur project. The Cree East
Project, financed by CanAlaska's Korean Partners, Hanwha, SK, KORES and
KEPCO, has adopted a winter budget of $408,163, to allow detailed
gravity and radon surveys, as well as ground EM and resistivity within
the area of ZONE B.
At Cree East, a summer drill program to test target B has been approved,
subject to additional financing following the winter ground work. The
Cree East project has a number of large alteration zones caused by
hydrothermal fluids interacting with rocks at the unconformity and the
overlying sandstone. These alteration zones show the characteristics
of alteration at active mines elsewhere in the Athabasca. The largest
and most intense target on the property is located at ZONE B. This
target has been detailed in previous news releases, but, in summary,
drilling has intersected a major 50 meter offset at the unconformity,
coincident with a quartz ridge, intense sandstone silicification/
de-silicification and sandstone column collapse, extending from the
unconformity at 400 metres to surface.
The recent announcement of the discovery of a new diamond area, east of
La Ronge, Saskatchewan, has drawn significant interest to the 12 target
areas staked by the Company earlier this year. These are non-core
assets and the Company has these claims for sale or option. Each claim
group covers selected geophysical targets with distinct magnetic
signatures similar to kimberlite targets in the area.
Shareholders and investors can review detailed information on all the
Company's 18 uranium projects and joint ventures on the Company's
website at www.canalaska.com.
Peter Dasler, M.Sc., P Geo. is the qualified person responsible for this
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV -- TSX, CVVUF -- OTCBB, DH7F -- Frankfurt) has undertaken uranium exploration on multiple uranium projects in
Canada's Athabasca Basin -- the "Saudi Arabia of Uranium" since 2005.
The Company has major international partners for its West McArthur and
Cree East properties, and is concentrating its activities on these
For more information, visit www.canalaska.com
On behalf of the Board of Directors
Peter Dasler, M.Sc., P.Geo., President & CEO,
CanAlaska Uranium Ltd.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release: CUSIP# 13708P 20 1. 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
SOURCE: CanAlaska Uranium Ltd.
For further information:
Peter Dasler, President and CEO.
Tel: +1.604.688.3211 x 138