CanAlaska Uranium (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N), (“CanAlaska” or 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.
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.
“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.”