|December 27, 2013|
CanAlaska Winter Budgets and Shareholder Update
Vancouver, Canada, December 27, 2013 - 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 quarter 2014.
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 www.canalaska.com.
Peter Dasler, M.Sc., P Geo. is the qualified person responsible for this news release.
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV -- TSX, CVVUF -- OTCBB, DH7F -- Frankfurt) has undertaken uranium exploration on multiple uranium projects in Canada's Athabasca 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.
Peter Dasler, President and CEO.
Tel: +1.604.688.3211 x 138
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.
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