“CanAlaska Seizes Full Ownership of Uranium Project in Major Extension Project”

CanAlaska completes key Extension Uranium Project Earn-in to consolidate 100% Ownership

CanAlaska Uranium Ltd. has completed its earn-in agreement with Cameco Corporation in relation to the Extension Uranium Project in the Athabasca Basin. This will allow CanAlaska to consolidate 100% ownership of the project, which is located in Saskatchewan, Canada.

The Athabasca Basin is one of the most prolific uranium mining jurisdictions in the world. It is estimated to produce more than 20% of the world’s uranium production. CanAlaska’s Extension Uranium Project is situated in the centre of this production zone and is 80km northeast of the city of Uranium City.

The Extension Uranium Project was initially acquired by CanAlaska in 2001 and is strategically located within the Basin along the Yale Lake Fault Corridor. CanAlaska is now the sole owner of the project and has commenced exploration, including targeted geophysical surveys and drilling.

CanAlaska is now hoping to advance the Extension Uranium Project towards a viable uranium resource. According to the company’s President & CEO, Peter Dasler, “We are very excited to now be the sole owners of the Extension Uranium Project. This project is well situated within the Basin and we are looking forward to unlocking its potential. Our exploration program will be conducted in phases and will involve collecting detailed geophysical data, as well as drilling to explore new uranium discoveries. With our consolidated ownership, we will be focusing on fast-tracking this project with the goal of creating a viable resource over the coming years.”

The Extension Uranium Project is one of several uranium exploration projects CanAlaska holds in the Athabasca Basin region. As the company continues to advance its projects and attracts new investments, investors are hopeful that future success appears more imminent.

CanAlaska plans to pursue further strategic partnerships and joint ventures with other partners in the coming months. As the company continues to build on its development of the Extension Uranium Project and its other projects, investors will be able to better assess the potential of CanAlaska’s projects.