VANCOUVER, Aug. 14 /CNW/ - CanAlaska Uranium Ltd. (TSX.V - CVV, OTCBB -
CVVUF, Frankfurt - DH7) ("CanAlaska" or the "Company") is pleased to announce
the commencement of exploration by operator East Resources Inc. at its Poplar
uranium Project, situated on the northern rim of the Athabasca Basin of
A team of six Chinese geologists from East Resources Inc. have teamed
together with CanAlaska personnel to undertake geological mapping and
prospecting at 5 target zones on the project in preparation for extensive
drill testing this coming winter.
Pursuant to an Memorandum of Understanding between CanAlaska and East
Resources (see News Release dated June 25th, 2009), East Resources may earn a
40% interest in the Poplar project by undertaking a minimum of 100,000 metres
of diamond drilling within 5 years. ERI may earn a 70% interest in the project
by undertaking a minimum of 50,000 metres of diamond drilling, successfully
completing a feasibility study for a minimum economic reserve of 15 million
pounds U3O8 and fully-financing the costs of mine construction. ERI may earn
an 80% interest in the Project by undertaking a minimum of 50,000 metres of
diamond drilling, successfully completing a feasibility study for a minimum
economic reserve of 35 million pounds U3O8 and fully-financing the costs of
mine construction. ERI may also earn an additional 15% interest in the Project
to hold a cumulative 95% ownership by granting to CanAlaska a 5% gross revenue
royalty from the production and sale of minerals.
The Company warmly welcomes the participation of the geological team from
China and looks forward to their constructive and fruitful engagement in the
exploration of this highly-promising property.
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 Poplar Project comprising a
potential 100,000 metres of drill testing. In addition, Kodiak Exploration has
also optioned the McTavish Project to advance exploration with the goal of
attaining a 60% project interest earn-in by delineating a minimum of 35
million pounds U3O8.
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: CUSIPNo. 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: firstname.lastname@example.org