Exploration Buys for Risk-takers

Article Excerpt

CANALASKA VENTURES $0.69 (Toronto symbol CVV; SI Rating: Start-up) (1-800-667-1870; www.canalaska.com; Shares outstanding: 107.5 million; Market cap: $74.2 million) holds seventeen 100%-owned uranium projects in the Athabasca Basin region of Saskatchewan. Since September 2004, the company has acquired one of the largest land positions in the region, totaling over 2.3 million acres. Drilling is now underway on five targets. Early results at the 100%-owned West MacArthur project, located immediately west of Cameco’s MacArthur River mine (the largest high-grade uranium mine in the world), have revealed promising mineralization. Mitsubishi Development Pty. Ltd. of Japan is acquiring a 50% interest in the West McArthur by spending $11 million in cash and exploration payments to CanAlaska over 3 1/2 years. Some of CanAlaska’s other properties are also adjacent to producing areas. This includes the Cree East project, near Cameco’s Key West mine. CanAlaska has just signed a preliminary agreement whereby a consortium of Korean companies can earn a 50% interest in the property by funding all…