VANCOUVER,
Dec. 20 /PRNewswire/ - 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.
To view Cree East Project map please visit:
http://www.canalaska.com/s/News.asp?ReportID=434063
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, P. Geo.
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 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.
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