January 21, 2016 CanAlaska and MC Resources Canada Ltd. agree on West McArthur Uranium Project buyout
CanAlaska News Release - Jan 21 2015
Vancouver, British Columbia, January 21,
2016 -- CanAlaska Uranium Ltd. "the Company"(TSX-V:
DH7N) "the Company" is pleased to announce that
the Company and MC Resources Canada Ltd. ("MC Resources"), a
wholly owned subsidiary of Mitsubishi Corporation have entered
into a buy back agreement of MC Resources' 50% interest in the
West McArthur Joint Venture. CanAlaska will buy back the 50%
interest in the Joint Venture earned by MC Resources, subject to
a staged cash payment of $600,000 and a 1% royalty arrangement.
CanAlaska has been in discussion with other interested parties
regarding the interests it will buy back from MC Resources.
The West McArthur joint Venture covers 35,830 ha
(88,536 acres), commencing 6 km (3.5 miles) west of the McArthur
River uranium mine. In 2012 CanAlaska and MC Resources
identified new uranium exploration targets on the Grid 5 target
zone, which is likely the western continuation of the C10
conductor horizon being explored by Cameco at Fox Lake. The
large sulphide alteration zones seen in the Athabasca sandstone
in drill holes WMA 28 and WMA 34 from the JV's 2012 program are
similar in style to that reported from the Fox Lake target
drilling by Cameco. See CanAlaska's April 13 2012 and earlier
Since 2006 CanAlaska and MC Resources have expended over $17
million and carried out systematic multi-phase exploration
programs on the project lands, by progressively carrying out
property wide airborne surveys and grid based ground geophysical
surveys followed by drill testing of delineated geophysical
conductors and related anomalous features. CanAlaska and MC
Resources had prioritized exploration drilling on Grids 1, 4 and
5 where several drill holes have intersected features considered
favourable for discovery of Athabasca type unconformity
deposits. Exploration drilling has been suspended since 2013.
President Peter Dasler commented "CanAlaska has been frustrated
with the slowdown in uranium exploration following the nuclear
accident at Fukushima. CanAlaska is very grateful for the
support of Mitsubishi's management and staff and for their
guidance on the project. We are now tasked with finding new
partnerships, so that the extremely enticing targets can be
evaluated by further drilling."
The qualified technical person for this news release is Dr. Karl
Schimann, P. Geo., VP Exploration for CanAlaska.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V:
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, visit
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.
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