Mitsubishi joins CanAlaska in uranium hunt

12 April 2007

[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

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