Vancouver, BC (PRWEB) October 26, 2004
Further to the announcement dated October 7, 2004, CanAlaska Ventures Ltd. "CanAlaska" http://www.canalaska.com (TSX Venture: CVV Â OTCBB: CVVLF) announced today that it has completed its second phase of property acquisitions and has now acquired approximately 142,460 hectares (approximately 352,026 acres) or 1,425 square kilometres of prospective uranium claims in the Athabasca Basin, Saskatchewan. The Athabasca Basin hosts a number of major uranium deposits including Cigar Lake and McArthur River, two of the largest and highest grade uranium deposits in the world.
Production from the Athabasca Basin currently accounts for 32% of the world's supply of uranium and this is expected to increase to 50% by the end of the decade.
Click on the hyperlink to view map attachment: http://www.canalaska.com/i/maps/CVV_landposition_highres.jpg
For the past two decades, uranium exploration within the Athabasca Basin has been at a relatively low level and it is evident that the potential for the discovery of other deposits remains high. Peter Dasler, President, noted "before commencing its staking program, CanAlaska carried out a comprehensive due diligence program taking into account existing geological and geophysical data, and as a result, has identified and acquired projects that are well located and which it is believed have considerable potential".
CanAlaska has now received bids for a high-resolution, deep penetrating airborne geophysical survey on the first of several newly acquired properties. The first survey work is expected to commence within three weeks.
Staking is expected to continue through the Fall and Winter in order to position the Company and its shareholders for what CanAlaska believes will be the largest expansion in uranium exploration since the 1970's. Harry Barr, Chairman of CanAlaska stated, "Our objective is simply to control one of the largest uranium exploration portfolios in the Athabasca Basin". CanAlaska's Canadian technical team is currently set up in Saskatchewan working on the acquisition process and preparing for the Fall and Winter exploration programs.
CanAlaska is a mineral exploration company with uranium, gold, base and platinum group metal projects in Alaska, British Columbia, Labrador, Ontario, Quebec and New Zealand. Management's objective is to create shareholder wealth through the exploration and development of a diversified mineral project portfolio. In addition to staking, CanAlaska is actively negotiating on several other drill ready targets in order to rapidly develop its uranium exploration portfolio.
CanAlaska is also actively exploring for gold in the Hemlo Gold Belt and nickel in the Voisey Bay area of Labrador. In New Zealand the Company has assembled a series of grass roots and advanced gold exploration projects, which are budgeted for detailed exploration and drill testing in early 2005.
The qualified person for this release is Peter Dasler, P.Geo, President of CanAlaska Ventures Ltd
To learn more about the exploration and mining activities for Harry Barr publicly traded companies go to: http://www.goldplatinumgroup.com.
For CanAlaska Uranium Project information go to: http://www.canalaska.com/s/Projects.asp?ReportID=88871&_Type=Projects&_Title=Uranium-Project. For a comprehensive June 2004 Briefing Paper entitled "Canada's Uranium Production & Nuclear Power issued by the Uranium Information Centre go to: http://www.uic.com.au/nip03.htm. Leading Bay Street (Toronto) fund manager Eric Sprott forecasts much higher uranium prices. For complete uranium story by Leading Bay Street (Toronto) fund manager Eric Sprott go to: http://www.stockinterview.com/strathmore-sprott.html
On behalf of the Board of Directors
Harry Barr, Chairman
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP#137089108.
This news release contains certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission.
Tel: 604.685.1870 / 1-800-667-1870
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