DIAMONDS: CanAlaska, De Beers in $20.4M deal for kimberlite targets near Lake Athabasca

SASKATCHEWAN – Vancouver-based CanAlaska Uranium has entered into an $20.4 million option-participation agreement with De Beers Canada of Toronto. The funds will be spent testing 75 kimberlite style targets staked by CanAlaska south of Lake Athabasca in the western portion of the Athabasca Basin. The targets were chosen based on the results of a 2011 high resolution airborne geophysical survey done by the Saskatchewan Geological Survey. The survey revealed a series of discrete magnetic anomalies northeast of the Carswell structure and close to the large crustal suture related to the Grease River Fault zone. De Beers can acquire a 90% interest in the properties by spending the full amount, but CanAlaska has retained the right to participate as a joint venture partner when De Beers’ interest reaches 70%. For more information about CanAlaska's Athabasca kimberlite project go to www.CanAlaska.com/s/AthabascaKimberliteProject.asp?ReportID=740492.