CanAlaska and Korean Partners Agree on Cree East Uranium Project Buyout
TSX Venture Exchange: CVV
NEWS RELEASE
CanAlaska and Korean Partners Agree on Cree East Uranium Project
Buyout
Vancouver, Canada, May 18, 2017 – CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB:
CVVUF; Frankfurt: DH7N) “the Company” is pleased to announce that the Company and its
Korean partners, Hanwha, KORES, KEPCO and SK, have entered into a buy back agreement
for the Korean Partners’ 50% interest in the Cree East uranium project Limited Partnership. The
Cree East Project covers 57,752 ha (223 square miles) of highly prospective terrain in the
eastern Athabasca basin. CanAlaska will buy back the 50% interest in the Limited Partnership
earned by the Korean partners (the “Partners”) in consideration for certain indemnities which it
will provide to the Partners. In addition, all funds previously invested by the Partners that are
held in the Partnership’s bank account on the date of closing will be returned to the Partners at
closing.
News Release Page 2 May 18, 2017
Since 2007 the Korean Partners have funded $20 million of exploration on the Cree East Project,
and delineated multiple zones of uranium mineralization associated with graphitic conductors
and large hydrothermal alteration halos, both in basement and sandstone environments, at
depths ranging from 100 metres to 450 metres below surface. The systematic multi-phase
exploration programs on the project were reduc ed in scale in 2011 and exploration drilling has
been suspended since 2012. The property has two priority exploration targets at Zone A and
Zone B, where uranium has been discovered above and below the unconformity, which is
located at approximately 400 metres depth. 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.
President Peter Dasler commented, “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.”
In other news, CanAlaska has accepted the termination of property sales agreements with
Fjordland Exploration Inc. and Canterra Minerals Corporation for certain diamond exploration
properties in the western Athabasca. CanAlaska retains a 100% unencumbered interest in
these properties.
The qualified technical person for this news release is Dr. Karl Schimann, P. Geo., VP
Exploration for CanAlaska.
About CanAlaska Uranium
CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) holds interests in
approximately 500,000 hectares (1.2 million acres), one of the largest land positions in
Canada’s Athabasca Basin region – the "Saudi Arabia of Uranium.” CanAlaska’s strategic
holdings have attracted major international mining companies Cameco, Denison, KORES, and
KEPCO. CanAlaska is a project generator posi tioned for discovery success in the world’s
richest uranium district. For further information visit www.canalaska.com.
On behalf of the Board of Directors
“Peter Dasler”
Peter Dasler, M.Sc., P.Geo.,
President & CEO,
CanAlaska Uranium Ltd.
Contacts:
Peter Dasler
President
Tel: +1.604.688.3211 x 138
Email: [email protected]
News Release Page 3 May 18, 2017
John Gomez
Corporate Development
Tel: +1.604.484.7118
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
All statements included in this press release that address activities, event s or developments that the Company
expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking
statements involve numerous assumpti ons made by the Company based on its ex perience, perception of historical
trends, current conditions, expected future developments and other factors it believe s are appropriate in the
circumstances. In addition, these statements involve s ubstantial known and unknown risks and uncertainties that
contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove
inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-
looking statements. Except as required by law, the Company does not intend to revise or update these forward-
looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.