Vancouver, Canada, September 20th 2013 – CanAlaska Uranium Ltd. (TSX — CVV) (“CanAlaska” or the “Company”) is pleased to report the approval by the TSX Venture Exchange to the Patterson Property Option with Makena Resources Inc. The option allows Makena to acquire a 50-per-cent interest in the Patterson West, North and East projects (6,687 hectares) located in the Athabasca Basin region of Saskatchewan. Consideration is $100,000 cash, 2.5 million shares, one million share purchase warrants and $1.4-million in exploration expenditures over a three-year period. The Patterson property was staked by CanAlaska in December 2012, immediately on the opening of claim staking in the Patterson Lake area. The agreement with Makena allows for work to commence immediately on the follow-up of targets indicated from historical VTEM and MEGATEM airborne surveys.
Property Update for Shareholders:
The Company focus is uranium exploration. Our mission is still to secure success with our drill programs and attain the discovery of substantial uranium deposits for all of our investors to benefit. No other place in this world exhibits the large tonnage and high-grade uranium deposits available in the Athabasca Region, and this is where we continue our efforts. The substantial funding which we have invested in our projects allows us to maintain our assessment on large areas of prospective property. With outside project funding through options, joint ventures and sales, management intends to protect CanAlaska shareholders from unnecessary share dilution, and still look forward to new discovery.
The Company is fortunate to have the support of its Asia based Joint Venture Partners on the large key projects at West McArthur, and Cree East. Both of these exploration projects have advanced with the discovery of intensive uranium related hydrothermal alteration zones within the claim areas (see website for detail for each property).
These two projects have been funded with over $35M of work, and they now show multiple targets with potential for the discovery of new uranium deposits. They are in the Eastern Athabasca basin, near to existing mines and discoveries. They each have over 15 years of assessment work applied, and are significant assets for the Company.
Our Cree East property shows an intense alteration zone above a very large target at ZONE B. The hydrothermal system extends at least 400 metres to the east and is open to the west. The multiple-element geochemical halo, the fluid dissolution effects, as well as the sporadic higher uranium responses indicate that the main target in this area is part of an intense chemical and physical hydrothermal event, typically associated with a large uranium deposit.
At our West McArthur property we have targets at Grid1, Grid 4, and a new target developing at Grid 5, just to the west of where Cameco Corporation has been intensely drilling its Fox Lake discovery. Each of these targets require further drill testing, which would be possible following a market recovery.
Uranium Properties for Option
CanAlaska has been actively marketing its non-core projects, and the Agreement with Makena is a positive sign of the increased momentum of activity. Our 100% owned NW Manitoba property has continued to generate significant interest, and is a reflection of the extensive work carried out by the Company in the past. We have identified the geophysical signature of a typical basement hosted uranium mineralizing system at the Maguire showings. This geophysical target is located under shallow overburden in an area where we had previously found uranium mineralization in rock outcrop and boulders. The Company is also continuing to present each of the other eleven uranium projects located within the Athabasca Basin to potential financial and exploration groups.
Non Uranium Properties
CanAlaska’s non uranium projects have also generated outside option and joint venture interest, our Alaskan and BC, gold and copper projects, as well at the North Ruttan VMS project in Manitoba have been marketed over the past months. Additionally, over the past month, the Company staked mineral claims in north-central Saskatchewan to cover specific geophysical targets within the area of the new Pikoo kimberlite discovery. The option agreement with Atlantic Industrial Minerals on the Reefton Gold project has been terminated, and this project is also being newly marketed.
The Company has continued to maintain a strong local community involvement with the Fond Du Lac First Nations, the Black Lake First Nation, Hatchet Lake First Nation and Patuanak First Nation in Saskatchewan. In Manitoba, we still have strong support from the community of Lac Brochet to carry out the next phases of exploration on our NW Manitoba licence area.
Shareholders are reminded of the Company’s AGM, which will be held at the Corporate Offices at 10am on September 26 2013. Shareholder voting forms have been mailed, and additional information is available on the Company website.
Shareholders and investors can review detailed information on 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, P. Geo., President & CEO
Peter Dasler, President and CEO.
Tel: +1.604.688.3211 x318
Email: [email protected]
The TSX 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.