December 20, 2010 Cree East Uranium Joint Venture Receives $4.68 million Funding from Korean Consortium
CanAlaska News Release - December 20 2010
Vancouver, Canada, December 20th, 2010 -
CanAlaska Uranium Ltd. (TSX.V -- CVV) ("CanAlaska" or the
"Company") is pleased to report the receipt of $4.68 million in
funding from the Korean Consortium, comprising Hanwha Corp.,
Korea Electric Power Corp. (KEPCO), Korea Resources Corp. (KORES)
and SK Energy Co. Ltd., in satisfaction of the Consortium's
total $19 million earn-in commitment for the Cree Lake uranium
project in the Athabasca Basin, Canada. The Korean Consortium
now holds a 50% participating interest in the Cree East joint
venture partnership, which is operated by CanAlaska.
In preparation for Winter 2011 exploration on the
Cree East project, preliminary geophysical surveying commenced
in early December as part of a planned $3.58 million, 7,650
metre, 18-drill hole winter drill program.
CanAlaska expects to carry out drill testing on 3 targets (Zones
I, C and D) located within shallow lake-covered areas. In each
of these areas, previous drilling has intercepted uranium
mineralization and strong alteration in surrounding rocks and
the covering Athabasca sandstone.
The best drill intercept was in drill-hole CRE040 at Zone I,
where the first of two holes into a new target intercepted
strongly fractured and clay altered core, hematization and
geochemically anomalous uranium and trace base metal
mineralization above an upper basement intercept of 1.4 m @
0.091 % U3O8 in a graphitic conductor unit.
At Zone D, previous drill-hole CRE017 intercepted 1.7 m @ 0.012
U3O8 in basement rocks. Overlying this was uranium and boron
(±Ni, As) above the unconformity for up to 30-40 metres with
values of up to 10 times background. There are also major
basement offsets totaling up to 45 metres within this zone.
In all drill areas on the project, geological and geophysical
work has more closely-identified the targets, and ongoing
drilling is expected to concentrate within 100 metres of
previous wider-spaced drill intercepts. A summer 2011 drill
program is also anticipated for land-based targets, which were
upgraded by this past summer's drilling on Zones A, H and G (see
News Release - Sept 28th, 2010).
The Qualified Person for this news release is Peter G. Dasler,
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV -- TSX.V, CVVUF -- OTCBB, DH7F --
Frankfurt) is undertaking uranium exploration in twenty one
uranium projects in Canada's Athabasca Basin -- the "Saudi
Arabia of Uranium". 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$75 million
exploring its properties and has delineated multiple uranium
Emil Fung, Director & V.P. - Corp. Dev.
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
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