CanAlaska Primed for a Big Uranium Discovery in Athabasca

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CanAlaska Primed for a Big Uranium Discovery in Athabasca

By Andrew K. Burger
12 May 2007 at 09:18 PM GMT-04:00

DAMMAM, Saudi Arabia (ResourceInvestor.com) -- With the spot price of uranium rising at exponential rates, uranium miners are flying high following decades of depressed prices and little new mine development or exploration activity. Shares of Denison [TSX:DML; AMEX:DNN] and Energy Metals Corp. [TSX:EMC; NYSE:EMU] jumped 5% last week following rumours that they were on the acquisition radars of Cameco [TSX:CCO; NYSE:CCJ] and France's Areva, two of the world's largest uranium miners.

When it comes to high quantities of high-grade and relatively easily accessible uranium ores, Canada's Athabasca Basin is geologically unique in the world. Encompassing an area of some 100,000 square kilometres in northern Saskatchewan and a small portion in Alberta, the region is the source of approximately 30% of the world's uranium.

Looking to follow the path blazed by Cameco and Dension, CanAlaska Uranium Ltd. [TSX-V:CVV] may be on the verge of becoming the third major uranium producer in the region. The company on May 7 announced that it had signed a Memorandum of Understanding (MoU) with a consortium of South Korean companies led by the Hanwha Corp. to negotiate investment terms for the exploration of CanAlaska's Cree East Project.

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