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CanAlaska Uranium Ltd.
(TSX.V -- CVV) ("CanAlaska" or the
"Company") is pleased to announce that it has executed a
Memorandum of Understanding ("MOU") with East Resources, Inc.
("ERI") to commence exploration of the Company's Poplar
uranium project ("Project"), located in the Province of Saskatchewan
on the northern rim of Canada's Athabasca Basin. In December, 2008, ERI
had executed a similar agreement with the Company to undertake uranium
exploration at the Company's NE Wollaston project in the Province of
Manitoba. However, due to continual delays encountered since the Fall
of 2007 with the award of exploration permits by the Government of
Manitoba arising from prolonged consultations with native communities,
both CanAlaska and ERI have opted to initiate their cooperation by
first conducting uranium exploration in Saskatchewan.
Under the terms of the MOU, ERI 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.
Poplar Project
The Poplar
project straddles over 60 km of the northern edge of the Athabasca
Basin in northern Saskatchewan. The Project presently comprises 21
claims, covering 76,976 Ha.
In 2007 and 2008, CanAlaska carried out airborne EM and waterborne
seismic surveys across the southern portion of the Poplar project.
These surveys defined a large number of structural events, and zones of
high conductivity with disruption in the sandstone cover indicative of
hydrothermal alteration.
The presence of favourable graphitic conductors in the meta-sedimentary
package, is revealed by the VTEM airborne surveys. The presence of
large scale structural disturbances, combine well with the uranium
enriched-basement to enhance the potential for unconformity uranium
deposits on this Project. The Company has previously announced three
significant areas of mineralized showings from 2008 reconnaissance
prospecting (See News Release: February 6, 2009), along with a significant number of surface
samples containing uranium mineralization. Samples containing
significant gold and platinum mineralization were also associated with
two of the target areas. Two types of mineralizing styles
are presently recognized:
- Metamorphic
re-concentrations in pegmatitic to granitic rocks with a low U/Th
ratio; these showings contain less than 1% U3O8.
- Hydrothermal
vein-type showings in a variety of rocks with a high U/Th ratio;
these showings contain distinctly higher U3O8,
reaching over 50% U3O8.
Pending ice-free conditions at the Project and the execution of a
definitive agreement, a team of Company and ERI geologists will
commence exploration in July of this year. This Summer 2009 program, to
be funded by ERI, will allow detailed reviews of the many strong
targets across the property and lead to early drill-testing of the most
significant mineralized targets in the following Winter season.
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., 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. Memoranda of
Understanding have also been executed with mining partner East
Resources Inc. to commence exploration on the Poplar and NE Wollaston
Projects, comprising a potential 100,000 metres of drill testing on each
property.
About East Resources Inc.
East Resources Inc. is a British Columbia company, whose principals
also own a controlling interest in Allway Minerals and Science
Technology Co. Ltd., a private enterprise with its headquarters based
in Xian, China. Allway (www.allway.cc) is a mining concern with
diversified operations across China in the production of nickel,
lead-zinc, copper, vanadium and gold. Most recently, Allway has begun
to expand its international operations in Canada and Indonesia.
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On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, P. Geo., President & CEO
Investor Contact: Emil Fung, Vice President, Corporate Development
Tel: +1.604.688.3211 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.
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