Toronto Stock Exchange (TSX): CVV
VANCOUVER, Dec. 27, 2013 /CNW/ - CanAlaska Uranium Ltd. (TSX - CVV)
("CanAlaska" or the "Company") announces that trading of its common shares
will be transferred to the TSX Venture Exchange on December 30, 2013.
The Company has recently entered into project option agreements on the
Patterson Lake and the NW Manitoba Uranium projects, with respective initial
work commitments of $1.5M and $3.2M. Work has commenced on each of these
projects, the results of which are expected to be available in the first
At Patterson Lake, airborne surveys have been contracted and survey work is
imminent. At NW Manitoba the current interest is drill testing of high grade
near-surface uranium mineralization. This is well supported by the geology and
mineralization found on the property to date. The $11.6M project option
will allow CanAlaska shareholders to benefit from significant exploration on
one of our advanced properties without suffering the effects of share dilution
in the current market.
The Company has also been in discussion with a number of other industry
participants concerning its advanced projects in the Athabasca. These
discussions are progressing under confidentiality agreements. The Company has
reduced its own direct project costs. To this end MC Resources Canada Ltd, a
subsidiary of Mitsubishi Corporation, and CanAlaska have allocated a net
maintenance budget of $98,850 for the 2014 JV expenditure on the West McArthur
project. The Cree East Project, financed by CanAlaska's Korean Partners,
Hanwha, SK, KORES and KEPCO, has adopted a winter budget of $408,163, to allow
detailed gravity and radon surveys, as well as ground EM and resistivity
within the area of ZONE B.
At Cree East, a summer drill program to test target B has been approved,
subject to additional financing following the winter ground work. The Cree
East project has a number of large alteration zones caused by hydrothermal
fluids interacting with rocks at the unconformity and the overlying
sandstone. These alteration zones show the characteristics of alteration at
active mines elsewhere in the Athabasca. The largest and most intense target
on the property is located at ZONE B. This target has been detailed in
previous news releases, but, in summary, drilling has intersected a major 50
meter offset at the unconformity, coincident with a quartz ridge, intense
sandstone silicification/ de-silicification and sandstone column collapse,
extending from the unconformity at 400 metres to surface.
The recent announcement of the discovery of a new diamond area, east of La
Ronge, Saskatchewan, has drawn significant interest to the 12 target areas
staked by the Company earlier this year. These are non-core assets and the
Company has these claims for sale or option. Each claim group covers
selected geophysical targets with distinct magnetic signatures similar to
kimberlite targets in the area.
Shareholders and investors can review detailed information on all the
Company's 18 uranium projects and joint ventures on the Company's website at
Peter Dasler, M.Sc., P Geo. is the qualified person responsible for this news
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV -- TSX, CVVUF -- OTCBB, DH7F -- Frankfurt) has
undertaken uranium exploration on multiple uranium projects in
Canada'sAthabasca 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 20 1. 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.
Contact: Peter Dasler, President and CEO. Tel: +1.604.688.3211 x 138
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CO: CanAlaska Uranium Ltd.
ST: British Columbia
-0- Dec/27/2013 18:49 GMT
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