VANCOUVER, July 8 /CNW/ - CanAlaska Uranium Ltd. (TSX.V - CVV)
("CanAlaska" or the "Company") is pleased to announce the approval by its
Korean Consortium joint venture partners of a Cdn$1.68 million budget to
undertake further drilling and geophysics at the Cree East Project during the
summer of 2008. This program will follow-up on significant uranium targets
identified in this past winter's exploration drilling.
The Cree East Project is situated in the southeastern Athabasca Basin,
approximately 25 km northwest of the Key Lake uranium mine, and 20 km
south-west of Cameco Corp.'s Millennium uranium deposit. The Project's claims
were originally staked by CanAlaska in 2004 and cover 559 sq. km. of the
Wollaston-Mudjatik domain rocks. The depth to unconformity varies from 250
metres in the south to an inferred 800 metres in the north. From geophysical
evidence and past drilling, there appears to be a number of step structures at
the unconformity boundary and in the basement.
A successful winter drilling program conducted in March and April 2008
identified intense alteration zones in the cores of all drill holes - CRE-001
and CRE-002 at site A and CRE-003 to CRE-007 at site C. These two zones show
strong hydrothermal mineralizing systems coincident with airborne and ground
geophysical anomalies. Intense fracturing in the rock and clay alteration
forced the drillers to abandon five of the seven winter drill holes before
reaching the basement. The summer 2,500 metre drill program will use new
drilling techniques and will continue with the program at site A as well as
exploring additional land-based targets at sites B, D, E, F and G (see map
attached). The mobilization of the drill will commence in early August and
drilling operations are scheduled for all of August and September. Seismic
surveys will also be carried out in the vicinity of site C, as well as other
lake-covered targets during the summer season.
Map and image reference:
CanAlaska Korea Uranium Ltd. is presently a joint venture owned 82.6% by
the Company and 17.4% by the Korean Consortium, which comprises Hanwha Corp.,
Korea Electric Power Corp., Korea Resources Corp. and SK Energy Co. Ltd. The
Korean Consortium may earn an aggregate 50% interest in the joint venture by
funding Cdn$19.0 mil. towards exploration of the Cree East Project. Together
with the approval of the summer budget, funding provided by the Korean
Consortium to the Project now totals Cdn$5.3 mil.
The Technical Person for this news release is Peter G. Dasler, P. Geo.
About CanAlaska Uranium Ltd. - www.canalaska.com
CANALASKA URANIUM LTD. (CVV - TSX.V, CVVUF - OTCBB, DH7 - Frankfurt) is
undertaking uranium exploration in nineteen 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$45 million in 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., a subsidiary of Japanese conglomerate Mitsubishi
Corporation, has undertaken to provide CanAlaska C$11 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.
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, Email: email@example.com