Sign up USA
Proactive Investors - Run By Investors For Investors

CanAlaska Uranium buys back 50% interest in Cree East uranium project

The Cree East project covers 223 square miles (sq m) of highly prospective terrain in the eastern Athabasca basin, in Canada.
 CanAlaska Uranium buys back 50% interest in Cree East uranium project
Since 2007, the Korean partners had funded exploration worth $20mln on the Cree East project and delineated multiple zones of mineralization

CanAlaska Uranium Ltd (CVE:CVV) told investors it will buy back a 50% interest in the Cree East uranium project from its four Korean partners.

The Cree East project covers 223 square miles (sq m) of highly prospective terrain in the eastern Athabasca basin, in Canada.

Hanwha, KORES, KEPCO and SK are the four partners, which have entered a buyback agreement.

CanAlaska president Peter Dasler said: "Canalaska is 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.

"Canalaska is now tasked with finding new partnerships to advance the drill testing of the targets that have been detailed through our partners' persistence."

Since 2007, the Korean partners have funded exploration worth $20mln on the Cree East project  and delineated multiple zones of mineralization. There are two priority targets at Zone A and Zone B.

Exploration was reduced in scale in 2011 and exploration drilling has been suspended since 2012.

"The partnership has maintained a diamond drill at the site of Zone B mineralization since 2014, however the protracted slowdown in the uranium market has precluded any further activity by the Limited Partnership and its management," said CanAlaska.

Canalaska also noted today that property sales agreements had been terminated with Fjordland Exploration Inc and Canterra Minerals Corporation for certain diamond exploration properties in the western Athabasca.

Canalaska retains a 100% interest in these properties, it said.

Shares fell 6.17% to 38 cents in Toronto.

 

Giles_55af4ddca6481.jpg
Why Invest In CanAlaska Uranium Ltd? Read More Here

Register here to be notified of future CVV Company articles
View full CVV profile View Profile

CanAlaska Uranium Ltd Timeline

Related Articles

latin-resources-Chris-Gale-757.jpg
January 24 2017
Samples grading up to 4.46% lithium oxide were taken from drill targets.
legend-mining_mark-wilson-presenting-Syd-Mar-2017-757.jpg
March 16 2017
Mark Wilson discussed with investors exploration on one of Australia's host post codes, the Fraser Range of Western Australia, with partner Creasy Group.
Lithium_381225958.jpg
January 27 2017
Rainmaker Resources may have been conspicuous by its absence from news feeds for a few months and its shares may be towards the bottom of its historical range, but investments are made of far more than that
Copyright © Proactiveinvestors.com, 2017. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use