December 21, 2007 CanAlaska Outlines Exploration Plans For Cree East Uranium Project
CanAlaska News Release - Dec 21 2007
British Columbia, Canada -- December 21st, 2007:
CanAlaska Uranium Ltd. (TSX-V: CVV)
-- Further to the Company's news release of October 12th,
2007 regarding the Cree East uranium project, CanAlaska is
pleased to announce that outstanding approvals from the Korean
Government and the Korean Consortium, comprising Hanwha
Corporation, Korea Electric Power Corporation, Korea Resources
Corporation and SK Energy Co. Ltd., have been granted. The
agreements whereby the Korean Consortium has committed to invest
Cdn$19.0 mil. towards an earn-in of a 50% ownership interest in
the Cree East Project have been formally executed and released
from escrow. Cdn$3.6 mil. in funding has been received,
representing capitalization for the first phase of the
exploration joint venture.
The company has
carried out a series of airborne and ground definition surveys
across the Cree East property over the past 30 months. Most of
this area was previously unexplored due to limitations of older
geophysical technology and lack of geological modeling. In
early 2007, modeling of the survey results defined a number of
key targets areas capable of hosting Athabasca
unconformity-style uranium mineralization. Of additional
significance were areas of high lake sediment uranium
geochemistry, uranium boulder trains, and surface clay
alteration of the style associated with other uranium deposits
in the Athabasca.
The summer 2007
program of ground IP-Resistivity geophysical surveys was
successful in delineating drill targets for winter 2008
drilling. Totaling 246km and conducted in the shallower parts
of the property, these surveys have outlined several clear
signatures typical of unconformity-hosted uranium deposits.
There are strong "alteration-over-conductor" anomalies at each
of the drill targets.
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The company has
prepared a winter exploration programme of a minimum 5
drill-holes, beginning mid-late January, to test the better
targets defined from the current work. In these areas, the
estimated depth to the unconformity is 350 metres.
Company's West McArthur Project, CanAlaska has received formal
budget approval from exploration partner Mitsubishi Development
Pty. to undertake a $1.97 mil. program for the current
exploration year. Mitsubishi Development Pty. presently holds
an earn-in option to vest into a 50% ownership interest in the
West McArthur Project. At the Waterbury Project, the Company
has received formal notification from NWT Uranium Corp. that it
will terminate its option on the project as a result of internal
corporate restructuring. CanAlaska will continue to investigate
uranium targets delineated on the Waterbury Project via
drill-testing in 2008.
The Company is
pleased to announce the appointment of Ms. Frances Petryshen as
Corporate Secretary effective immediately. Ms. Petryshen brings
to CanAlaska considerable business and professional corporate
secretarial expertise and CanAlaska looks forward to her
contributions in support of the future growth of the Company.
CanAlaska would also like to express its gratitude to Ms. Taryn
Downing, whose long service as the company's prior corporate
secretary is very much appreciated.
Company's Board of Directors has approved the grant and issuance
of a total of 6,078,500 options to the Company's directors,
officers, employees and consultants in recognition of their hard
work and contributions this year towards the advancement of
CanAlaska's mission of "Discovering and Developing One or More
World-Class Uranium Deposits in Canada's Athabasca Basin".
Subject to regulatory approval, the options carry an exercise
price of $0.40 per share for a term of 5 years.
CANALASKA URANIUM LTD. (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). CanAlaska has
expended over Cdn$24 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 has continued
through the Summer, and Fall 2007 seasons at West McArthur and
at 2 other significant projects. The Company's high profile in
the prominent Athabasca Basin 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 to earn 50% of the
West McArthur Project. A C$19 mil. Agreement for exploration
has also been executed with a Korean Consortium led by Hanwha
Corporation to enter into joint exploration of CanAlaska's Cree
On behalf of the Board of Directors
Peter Dasler, P. Geo.,President & CEO
Investor Contact: Emil Fung, Vice President, Corporate
Tel: +1.604.688.3211 Toll Free (North America) 1-800-667-1870
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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