VANCOUVER, Nov. 17 /PRNewswire/ - CanAlaska Uranium Ltd.
(CVV - TSX.V) (the "Company" or "CanAlaska") has been
carrying out extensive uranium exploration in the Athabasca Basin in the Province of
Saskatchewan since 2004. The
Company is working on 21 exploration projects which cover a vast 1
million hectares (4,000 sq. miles), with multiple prospective
targets.
The Company has been working closely with major
funding partners from Japan and
Korea, and more recently, China,
with total exploration expenditures over the past 6 years exceeding
Cdn$75 mil. CanAlaska possesses
its own in-house exploration staff and undertakes exploration
programs for both itself and for its Joint Venture partners as
Operator. This operational structure maintains strong
continuity for our exploration efforts and provides extensive
benefits and cost savings. Logistical and operations support
is maintained from the main field office in Saskatoon, supported by a logistical warehouse
and expediting centre located in La
Ronge, Saskatchewan.
In fiscal 2009, the Company successfully carried
out Cdn$9.1 mil. of exploration, with
continued target vectoring at its Cree East and West McArthur
projects, and new target discoveries at Cree East, Fond Du Lac, and at Collins Bay. In the
first two quarters of 2011, the Company expects to carry out a
minimum Cdn$7.5 mil. of exploration
on various uranium projects.
To view CanAlaska Uranium Projects in the Athabasca Basin visit:
http://www.canalaska.com/s/News.asp?ReportID=428638
Exploration in later 2010 and early 2011 will
focus on the West McArthur and Cree East projects, followed by a
ramp-up of exploration at the Collins Bay and Fond Du Lac projects.
Our partner, Westcan Uranium, at the Grease
River project expects to be able to provide funding for drilling in
March-April, 2010 and our partners at the McTavish project, Kodiak
Exploration, have a very significant target to investigate with
further drilling.
Our very large land position centered over the
Wollaston Lake uranium belt in
Manitoba is ready for detailed
targeting and drilling. The exploration permits for the NE
Wollaston project drill programs have been issued, and the Company
is currently discussing logistics and operations with the members
of the Lac Brochet First Nations community, on whose traditional
lands the Company will be working. This area contains
extensive uranium mineralization on surface, and multiple targets,
identified from our previous work in 2005-2007. The
completion of the Manitoba Governments Community Consultation
Protocol in early 2010 has now allowed the Company to resume
exploration planning. Several major exploration groups are
interested in this project, and are presently reviewing geological
data. The Company is currently completing an independent
NI43-101 report for publication.
CanAlaska made significant advances in 2009 and
throughout 2010 in forging strong ties with world-wide uranium
end-users and their exploration teams. Currently, the Company
is negotiating with four major groups for potential project joint
ventures, as well as maintaining strong ties with its existing
Korean and Japanese partners. These negotiations and
discussions are expected to provide major sources of funding to the
Company and allow for the development of target areas indentified
by exploration undertaken over the past six years.
Vice President - Corporate Development,
Emil Fung states: "Our
progress has been evenly spread over our exploration projects
during the past 6 years and we have identified significant priority
targets, while maintaining our strategic land position in the
Athabasca Basin. The developing awareness of the Athabasca Basin as a politically stable and
productive uranium region is of huge importance to countries who
not only consume uranium, but who also heavily rely on multi
billion-dollar nuclear reactor sales to provide for their GDP
growth. The building excitement for uranium suppliers and
projects currently seen in the financial markets will continue to
flow across the industry as an increasing number of new reactors
enter electrical grid service. CanAlaska is not only
positioned for exploration successes on its well developed uranium
targets, but is one of the few entities able to offer strategic
exploration properties and investment partnerships in the
Athabasca Basin, the Saudi Arabia of Uranium".
Peter Dasler,
M.Sc., P Geo. is the Qualified Person responsible for this news
release.
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV -- TSX.V, CVVUF
-- OTCBB, DH7 -- 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 targets.
For more information visit www.canalaska.com
On behalf of the Board of Directors
"signed"
Peter Dasler,
M.Sc., P.Geo.
President & CEO, CanAlaska Uranium Ltd.
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.
SOURCE CanAlaska Uranium Ltd.
Copyright . 17 PR Newswire