VANCOUVER, Aug. 10 /CNW/ - CanAlaska Uranium Ltd. (TSX.V - CVV)
("CanAlaska" or the "Company") is pleased to announce that it has entered into
an option agreement with Kodiak Exploration Limited (KXL - TSX.V) ("Kodiak")
with regard to the Company's 100%-owned McTavish uranium project ("Project"),
situated in the prolific Athabasca Basin of northern Saskatchewan.
Pursuant to the recent execution of an option agreement, Kodiak has been
granted an option to acquire up to a 70% interest in the Project. In order to
earn an initial 50% interest in the Project, Kodiak must complete $4,000,000
in exploration and issue 1,000,000 Kodiak shares to CanAlaska in accordance
with the following schedule: 100,000 Kodiak Shares on or before the Effective
Date; such payment to be made within 10 business days after the date of
acceptance (the "Effective Date") by the TSX Venture Exchange of a filing to
be made in respect of the proposed option;
(i) $600,000 Expenditures and 50,000 Kodiak Shares by the first
anniversary of the Effective Date;
(ii) a further $800,000 Expenditures and 50,000 Kodiak Shares on or
prior to the second anniversary of the Effective Date;
(iii) a further $1,200,000 Expenditures and 50,000 Kodiak Shares on or
prior to the third anniversary of the Effective Date;
(iv) a further $1,400,000 Expenditures and 50,000 Kodiak Shares on or
prior to the fourth anniversary of the Effective Date; and
(v) a further 700,000 Kodiak Shares on or prior to the fifth
anniversary of the Effective Date
Kodiak may earn a further 10% interest in the Project (60% total), by
expending $3,000,000 in exploration/pre-feasibility work over an additional
three year period, issuing an additional 550,000 Kodiak shares and producing a
43-101 compliant resource estimate containing at least 35 million pounds
U(3)O(8) in the measured and indicated categories. By defining a resource of
50 million pounds U(3)O(8) during the same period, Kodiak's interest may
increase to 70%. The proposed option is subject to acceptance by the TSX
Venture Exchange.
Figure 1: http://www.canalaska.com/i/maps/MCT_PR_fig1.pdf
Figure 2: http://www.canalaska.com/i/maps/MCT_PR_fig2.pdf
The McTavish Project consists of three separate claim groups totaling
16,385 hectares. One claim group is wholly-enclosed by Kodiak's West
Millennium project. The other two parcels are intimately intertwined with West
Millennium. UTEM data show that the conductors successfully drilled by Kodiak
this past winter at West Millennium extend onto the McTavish property and
appear to intensify.
