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CanAlaska Uranium increases footprint at Cree East project after it buys back 50%

Canalaska now holds 100% of the project which covers a huge 223 square miles (sq m)

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Pictured is a geiger counter

CanAlaska Uranium Ltd (CVE:CVV) revealed that its footprint in the highly prospective eastern Athabasca basin had increased - as it lifted its stake in the Cree East uranium project.

It now holds 100% of the project which covers a huge 223 square miles (sq m) after it bought back a 50% interest in the  limited partnership that had been earned by its Korean partners.

They are Hanwha, KORES, KEPCO and SK.

"CanAlaska is again very grateful for the support of each of the four Korean Industry Partners management and staff for their guidance and financial support on the project," said Peter Dasler.

"CanAlaska is now working to find new partners to advance the drill testing of the targets that have been delineated.

"Management believes that there are a number of parties who are building interest in funding exploration on advanced exploration projects such as Cree East, in recognition that nuclear power is a fundamental cornerstone of clean energy production.

"Nuclear plant construction is at a 25 year high, with a projected doubling of nuclear power reactors by 2050.

"There is a predicted shortage of uranium for these new power plants, and current oversupply is being addressed by short term production cutbacks by the major producers.

"New exploration on advanced projects such as Cree East provide the opportunity for multiple large discoveries which could be timed to match market demand."

Since 2007, the group's Korean partners have funded C$19mln of exploration at Cree East and delineated multiple zones of uranium mineralization associated with graphitic conductors and large hydrothermal alteration halos.

The uranium is found at depths ranging from 100 metres to 450 metres below surface.

The systematic multi-phase exploration programs on the project were reduced in scale in 2011 and exploration drilling has been suspended since 2012.

CanAlaska bought back the 50% interest in consideration for certain indemnities which it provided to the partners.

All funds previously invested by the partners held in the partnership's bank on the date of closing were returned to the partners at closing.

Shares eased 1.14% to 35 cnents each in Toronto.

Quick facts: CanAlaska Uranium Ltd

Price: 0.2 CAD

TSX-V:CVV
Market: TSX-V
Market Cap: $11.52 m
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