Mitsubishi joins CanAlaska in uranium hunt

Thursday, 12 April 2007

[CanAlaska, Mitsubishi, 11 April]Mitsubishi of Japan will acquire a 50% interest in the West McArthururanium mining project in Saskatchewan, Canada, through itswholly-owned, Australian based mining subsidiary, MitsubishiDevelopment Pty (MDP). Under an agreement finalized by MDP andCanAlaska Uranium, MDP will acquire the right to buy a 50% ownershipinterest in the West McArthur project by spending a minimum C$11million ($9.6 million) in cash and exploration payments to CanAlaskaover a three-and-a-half year period. Upon MDP fulfilling itsexploration commitments, the two companies will enter into a 50-50joint venture. CanAlaska will act as operator of the project and willbe responsible for conducting all exploration activities. CanAlaska'spresident and CEO, Peter Dasler, said: "We are pleased to welcomeMitsubishi as our exploration partner on the West McArthur project.Based on initial exploration results, we believe there existssignificant potential for the discovery of a major uranium deposit andwe are most appreciative of the confidence and resources extended byMitsubishi to CanAlaska in support of this aim." While focussing on itscoal businesses, MDP has decided to expand into the uranium miningbusiness.

[CanAlaska, Mitsubishi, 11 April] Mitsubishi of Japan will acquire a 50% interest in the West McArthur uranium mining project in Saskatchewan, Canada, through its wholly-owned, Australian based mining subsidiary, Mitsubishi Development Pty (MDP). Under an agreement finalized by MDP and CanAlaska Uranium, MDP will acquire the right to buy a 50% ownership interest in the West McArthur project by spending a minimum C$11 million ($9.6 million) in cash and exploration payments to CanAlaska over a three-and-a-half year period. Upon MDP fulfilling its exploration commitments, the two companies will enter into a 50-50 joint venture. CanAlaska will act as operator of the project and will be responsible for conducting all exploration activities. CanAlaska's president and CEO, Peter Dasler, said: "We are pleased to welcome Mitsubishi as our exploration partner on the West McArthur project. Based on initial exploration results, we believe there exists significant potential for the discovery of a major uranium deposit and we are most appreciative of the confidence and resources extended by Mitsubishi to CanAlaska in support of this aim." While focussing on its coal businesses, MDP has decided to expand into the uranium mining business.

Further information

CanAlaska Uranium
Mitsubishi Corp