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Canalaska Uranium looked at again by Lundin

Cameco can earn a 30% interest in the project by paying Canalaska $725,000 and spending $3mln on exploration

Canalaska Uranium was featured again in the Gold Newsletter

Canalaska Uranium Ltd (CVE:CVV) has once again been featured by Brien Lundin in the Gold Newsletter, which he rates a 'strong hold' pending drill results.

Last month, the mining group reached a significant moment - as partner Cameco Corporation (TSX: CCO; NYSE: CCJ) started summer drilling at the West McArthur uranium project.

There are well defined targets in two highly prospective areas of the property - a project, which Lundin particularly likes.

"The major can earn a 30-per-cent interest in the project by paying Canalaska $725,000 (already paid) and spending $3-million on exploration (in progress)," he notes.

After completing these earn-in commitments, Cameco can double its interest to 60% by paying $500,000 to Canalaska and spending a further $6.27mln on exploration.

For now, Cameco is focusing on the first phase of the earn-in, and is currently conducting a summer drill program in the Grid 1 and Grid 5 areas of the project.

Lundin acknowledges that uranium markets are out of favour at the moment, but he says "there's nothing like a big discovery to make a company's share price pop".

CanAlaska Uranium shares were unchanged in Toronto at C$0.375 each.

Quick facts: CanAlaska Uranium Ltd

Price: 0.2 CAD

Market: TSX-V
Market Cap: $11.52 m

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