Toronto Stock Exchange (TSX): CVV
VANCOUVER, Nov. 1, 2013 /CNW/ - CanAlaska Uranium Ltd. (TSX: CVV) ("CanAlaska" or the "Company") is pleased to announce the filing on SEDAR of its latest NI43-101 report for the Cree East Project. The report details the programs of work funded by the Korean Consortium partners, Hanwha, KORES, KEPCO and SK, and the multiple zones of uranium mineralization recognised from the first and second pass drill programs. The Korean Consortium has now agreed on continued work on the property in 2014.
The report is the eighth NI43-101 report filed for CanAlaska's properties in the Athabasca region. The current report and the previous reports can all be accessed from the bottom of the relevant project pages on the CanAlaska website www.canalaska.com. These reports support CanAlaska's current TSX listing, and will support CanAlaska's pending application to list on the TSX-V in December 2013, should this be necessary due to TSX-V listing policies. At the current time CanAlaska's capitalization is below the minimum market capitalization requirement of the TSX, and notice has been given for delisting from that exchange on December 2, 2013.
CanAlaska management, for the past year, has minimised the Corporate expenditures to maintain a minimum 12 month cash operating position. During this time the Company has entered into multiple NDA agreements with third parties for the evaluation and possible option or sale of non-core projects. In September the Company announced two Option agreements for a total of $13M of exploration work on the Patterson Lake and NW Manitoba Uranium properties. Additional property reviews and evaluations are currently underway by third parties. These agreements provide for immediate project work and substantial share payments to CanAlaska.
A first phase of work has been completed on the NW Manitoba property, under the option agreement with MPVC Inc., and work is planned for the Patterson property by Makena. The approval by the Korean Consortium for additional work on the Cree East property in 2014 is a significant event for the Company.
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 news release.
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 advanced projects.
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 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.
SOURCE: CanAlaska Uranium Ltd.
For further information:
Peter Dasler, President and CEO.
Tel: +1.604.688.3211 x318
Email: [email protected]