VANCOUVER, APRIL 1, 2014 /CNW/ - CanAlaska Uranium
Ltd. (TSX – CVV) ("CanAlaska" or the "Company") is pleased to
announce that it has entered into a binding agreement to sell its
interest in its Kasmere South project in northwestern Manitoba to private company East Resource Ltd.
for a cash payment of Cdn$1,800,000.
East Resource and CanAlaska have had ongoing activities and
relationships in the Athabasca
region since 2009, including an exploration Letter of Intent on the
adjacent NW Manitoba project
(currently under option from CanAlaska to MPVC Ltd), and an
exploration option on CanAlaska's Poplar project on the north rim
of the Athabasca basin.
CanAlaska will assist East Resource with the exploration of the
property, and will retain a NSR on any future production. The
NSR will have a CDN$20,000,000
one-time pre-production purchase option.
President Peter Dasler commented
"We are very pleased to be able to enter into this agreement with
East Resource, so as to allow significant exploration on this
exciting project. Historical exploration work gives us evidence of
surface uranium and gold mineralization. Additionally, sparse
historical drilling carried out in the 1970's intercepted uranium
mineralization. These known uranium zones are priority
targets for new exploration. The cash payment will
significantly strengthen CanAlaska and assist with the Company's
plan to concentrate on more rapid exploration of its core Japanese
and Korean joint ventures at West MacArthur and Cree East, within
the Athabasca basin.
CanAlaska retains the large Kasmere North project, adjacent to the
northeast, as well as its interest in the NW Manitoba Project,
which MPVC has recently financed, and is in the process of planning
a field work program."
CanAlaska is currently concentrating on further property options
and joint ventures under multiple CA agreements, as well as
planning for the continued drill testing of the Cree East project
targets, as early as summer 2014. At the current time
geophysical crews, working for the Cree East JV are on the property
collecting detailed information for the next drill program.
The qualified technical person for this news release is
Peter Dasler, P. Geo.
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
(signed)
Peter Dasler, M.Sc., P.Geo.,
President & CEO,
CanAlaska Uranium Ltd.
The TSX-V has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release: CUSIP# 13708P 10 2.
This news release may contain 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.
