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9/23/2015 by mdc
Partner Elects to Increase Stake in NW Manitoba Property - Raising $500,000 Immediately. CanAlaska Uranium Ltd., is pleased to announce that Northern Uranium Corp., has elected to acquire an 80% interest in the Company Northwest Manitoba (NW Manitoba) by incurring further expenditures of $5.6 million on the project over the next two years. Northern Uranium exercised its option to acquire a 70% interest in the property having reported it spent $6 million on property exploration. Northern will now issue CanAlaska a further 5 million shares and 2.5 million share purchase warrants.

CanAlaska President, Peter Dasler commented that they are delighted that Northern Uranium drilling program confirmed uranium mineralization associated with the large gravity target at Maguire. Initial drill results, indicate the target hosts elevated uranium, including pitchblende stringers within a large hydrothermal alteration system. Such a system is conducive to hosting large uranium deposits at the REDOX boundaries. They look forward to working with Uranium North during this drill program, and further programs to test the many targets on the property.

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