CanAlaska Enters Into Option Agreement for NW Manitoba Uranium Project

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CanAlaska Uranium Ltd. (TSX:CVV) announced that it has entered into an option agreement with NEX-listed MPVC Inc. to gain interest in the NW Manitoba Uranium project. The project is located on the Saskatchewan/Manitoba border and is comprised of three licenses over roughly 143,603 hectares.

CanAlaska Uranium Ltd. (TSX:CVV)announced that it hasĀ entered into an option agreement with NEX-listed MPVC Inc. to gain interest in the NW Manitoba Uranium project. The project is located on the Saskatchewan/Manitoba border and is comprised of three licenses over roughly 143,603 hectares.

According to the companyā€™s press release:

MPVC can earn an 80 per-cent interest in the project by carrying out a three-stageĀ $11.6 millionĀ exploration program. The first stage allows MPVC to obtain a 50% interest by making a cash payment ofĀ $35,000Ā and by issuing 4.5 million common shares and 2.25 million common share purchase warrants and completing a minimum ofĀ $3.2 millionexploration expenditures on the property by 2015. The second stage allows MPVC to increase its interest in the project to 70% by issuing a further 2.5 million common shares and 1.25 million common share purchase warrants and spending a furtherĀ $2.8 millionĀ on exploration expenditures. The third and final stage allows MPVC to increase its interest to 80% by issuing a further 5 million common shares and 2.5 million common share purchase warrants and spending a furtherĀ $5.6 millionĀ on exploration expenditures.

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