| | Published : June 25th, 2007 | Progresses Exploration Venture with Korean Consortium |
|
Article
|
Comments
|
Comment this article
|
Rating
|
♥
Follow Company
|
|
|
|
CanAlaska
Uranium Ltd. |
C
V V - TSX.V C V V U F -
OTCBB DH7 - Frankfurt |
News
Release |
June
25, 2007 |
|
|
CanAlaska
Progresses Exploration Venture with Korean Consortium
|
|
Vancouver,
British Columbia, Canada -- June 25th, 2007: CanAlaska Uranium
Ltd. (TSX-V: CVV) --
Further to the Company's May 7th, 2007 press release regarding
the signing of an Memorandum Of Understanding for uranium
exploration of CanAlaska's Cree East Project in conjunction with
a Korean Consortium led by Hanwha Corporation, CanAlaska is
pleased to announce further details regarding the progress of the
proposed transaction.
Preliminary agreement has been reached between Hanwha and
CanAlaska towards the overall contribution of Cdn$19 million by
the Korean Consortium to effect an earn-in of a 50% ownership
interest in the Cree East Project over a 4-year period. Both the
structure of the proposed transaction and the composition of the
Korean Consortium are presently being finalized. It is the
intention of the parties to execute a definitive Letter Agreement
by no later than July 26th, 2007, which shall be subject to
further approvals by the Boards and regulatory authorities of the
respective parties.
Accordingly, the exclusivity period granted by CanAlaska to Hanwha
Corporation for the commercial undertaking of the proposed
transaction has been extended to July 26th, 2007.
The Cree East project is located in the southeastern Athabasca
basin, approximately 25 km west of the Key Lake uranium mine, and
20 km south west of the newly announced Millenium uranium deposit
of Cameco.
The project was staked by CanAlaska in 2004, and covers 559 sq km
of the Wollaston-Mudjatik domain rocks. Historical drilling tested
alteration zones and targets, generally to the south and east of
the property, and current exploration by other companies is
revisiting these areas. The depth to the unconformity varies from
100 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.
CanAlaska carried out airborne surveys across the property area in
2005 and determined priority targets. In 2006, detailed collection
of over 2,000 surface rock samples and over 400 lake sediment
samples by CanAlaska's field crews defined three large areas of
dravite and clay alteration on surface, and localised boulder
samples containing anomalous uranium (highest at 13.1 ppm
uranium).
It is thought that the dravite and clay alteration, coupled with
the anomalous uranium in the lakes and boulders in this vicinity
indicates the proximity of unconformity and basement style uranium
mineralization. The shallow depth to basement also allows close
definition of conductive zones and geological structures, using
the airborne survey data. Initial ground geophysical data from the
first lines of IP-Resistivity surveys have also provided the
Company with evidence of strong alteration in the sandstone
horizons overlying these basement conductors.
About CanAlaska Uranium Ltd. -- www.canalaska.com
CanAlaska Uranium (CVV -- TSX.V, CVVUF -- OTCBB, DH7 -- Frankfurt)
is undertaking uranium exploration in seventeen 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). In 2005/2006, CanAlaska
expended over Cdn$15 million exploring its properties in the
Athabasca Basin and has delineated multiple uranium targets.
Initial drilling results from the West McArthur Project revealed
uranium mineralization and significant zones of hydrothermal
alteration, indicative of a favourable environment for uranium
deposition. Active drilling and exploration continues in the
Summer, 2007 exploration season at West McArthur and at 4 other
significant projects. The Company's high profile in the
prominent Athabasca Basin has attracted the attention of major
international strategic partners. Mitsubishi Development Pty., a
subsidiary of Japanese conglomerate Mitsubishi Corporation, has
undertaken to provide CanAlaska Cdn$11 million in exploration
funding to earn 50% of the West McArthur Project. An MOU has also
been executed with Hanwha Corporation, a South Korean
conglomerate, to enter into joint exploration of CanAlaska's
Cree East Project.
|
On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, P. Geo.,
President & CEO
|
|
|
Investor
Contact: Emil Fung, Vice President, Corporate Development |
Tel:
604.685.1870 Toll Free (North America) 1-800-667-1870 Email: info@canalaska.com |
|
The
TSX Venture 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. Not to be construed as an offer to buy or sell securities of
CanAlaska Uranium Ltd. |
|
|
|
|
To unsubscribe to our
Email list, please click
|
|
Data and Statistics for these countries : Canada | All Gold and Silver Prices for these countries : Canada | All
|
VanEck Vectors Global Alternative Energy ETF
|
|
EXPLORATION STAGE |
CODE : CVV.V |
ISIN : CA13708P2017 |
|
| |
ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Canalaska Uranium is a uranium and nickel exploration company based in Canada. Canalaska Uranium holds various exploration projects in Australia and in Canada. Its main exploration properties are GLITTER LAKE, VBE 1 CLAIMS, ALBERTA, HELMER, KEY LAKE, LAKE ATHABASCA, COLLINS BAY EXTENSION, WATERBURY, BLACK LAKE PROJECT, POPLAR PROJECT, GREASE RIVER, VBE 2 CLAIMS, NE WOLLASTON, ARNOLD PROJECT, CAMSELL, CARSWELL PROJECT, CREE WEST, HODGSON, KASMERE, MCTAVISH, MISTY, MOON, CREE EAST PROJECT, WEST MCARTHUR, FOND DU LAC, ATIKOKAN AREA, CENTRAL ZEBALLOS MINE and LAC ROCHER in Canada and RISE AND SHINE in New Zealand. Canalaska Uranium is listed in Canada, in Germany and in United States of America. Its market capitalisation is 32.3 millions as of today (US$ 23.8 millions, € 21.4 millions). Its stock quote reached its highest recent level on January 05, 2007 at 9.70, and its lowest recent point on October 17, 2014 at 0.08. Canalaska Uranium has 47 442 200 shares outstanding. |
In the News and Medias of VanEck Vectors Global Alternative Energy ETF |
Financings of VanEck Vectors Global Alternative Energy ETF |
Nominations of VanEck Vectors Global Alternative Energy ETF |
Project news of VanEck Vectors Global Alternative Energy ETF |
|
Corporate news of VanEck Vectors Global Alternative Energy ETF |
|
|