Vancouver, British Columbia, January 5, 2016 — CanAlaska Uranium Ltd. “the Company” (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) is pleased to announce Denison Mines Corp. (TSX: DML; NYSE MKT: DNN) has optioned part of the Company’s Moon uranium project (claim S-107558) in Saskatchewan. The claim comprises the southern portion of CanAlaska’s Moon project which adjoins Denison’s Wheeler River project in the eastern Athabasca Basin.
On signing of the option agreement, Denison paid CanAlaska $62,405 to make the necessary assessment security deposit to maintain the claim in good standing and will carry out $200,000 of exploration work on the claim over the next two years to acquire a 51% interest. CanAlaska has also granted to Denison the right to increase its interest in the claim to 75% for further $500,000 in expenditures. The claim currently has a royalty payable to Denison. The option agreement includes provisions for the formation of a joint venture and a 2% NSR Royalty which will be automatically granted if either party’s interest is decreased below 10% (“NSR Dilution Royalty). The NSR Dilution Royalty may be purchased by the non-diluting party for $500,000.
President, Peter Dasler, commented, “This is a good transaction for CanAlaska as we will start to benefit from Denison’s experience in an area where they have had recent multiple success at Wheeler River with the discovery of the Phoenix and Gryphon uranium deposits. CanAlaska will retain a 100% interest in the northern part of the Moon project.”
In other news, CanAlaska is waiting for results for the drill program at NW Manitoba, under option to Northern Uranium Corp, and the drill program at Patterson Lake West, under option to Makena Resources Inc. The Company has acquired by staking additional claims in the Athabasca basin and is continuing discussions concerning its projects with various parties.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) holds interests in approximately 700,000 hectares (1.7 million acres), one of the largest land positions in Canada’s Athabasca Basin region — the “Saudi Arabia of Uranium”. CanAlaska’s strategic holdings has attracted major international mining companies Mitsubishi, KORES and KEPCO as partners at its core projects. CanAlaska is a Project Generator and is positioned for discovery success in the world’s richest uranium district. For further information. For further information, visit www.canalaska.com.
On behalf of the Board of Directors
Peter Dasler, P. Geo., President & CEO
Peter Dasler, President and CEO.
Tel: +1.604.688.3211 x318
The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP# 13708P 10 2.
Forward Looking Statements
This announcement contains “forward-looking statements” within the meaning of applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes” or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks and uncertainties relating to the Company’s business disclosed under the heading “Risk Factors” in its Annual Report on Form 20-F filed with the SEC on August 29, 2014 and its other filings with the SEC, which are available online at www.sec.gov. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.