South Korean Consortium to Invest $19 Million in Saskatchewan Uranium Project

Vancouver-based CanAlaska Uranium Ltd. reached definitive agreements for investment by a South Korean Consortium led by Hanwha Corporation uranium exploration of CanAlaska’s Cree East Project, located in Saskatchewan. The members of the South Korean Consortium, Korea Electric Power Corporation (KEPCO), Korea Resources Corp. (KORES) and SK Energy Co. Ltd. (SK) will join with Hanwha to invest C$19 Million toward an earn-in of a 50% ownership in the Cree East Project over a four-year period. Under the terms of the agreements, the Korean Consortium will recompense CanAlaska for all exploration expenditures incurred by CanAlaska on the project since June 1st, 2007.