Friday, September 21, 2007

Canalaska Uranium Ltd (V.CVV) Sept 19/07 AGM

Canalaska Uranium Ltd (V.CVV) Sept 19/07 AGM
Peter Dasler – CEO

The AGM was held in their corporate boardroom in the heart of Kerrisdale in Vancouver.

Briefly, in the last year or so, CVV has seen their shares held by institutions increase from 5% to 42% and outside group commitments to financing from $5M to $45M.

CVV has the third largest land holdings in the Athabaska Basin and have 19 areas of exploration in the Basin. And they have been working the land. In 2005, their field crew logged 2360 man-days of work, in 2006, they increased it to 5050 and in 2007, they have worked 11850 man-days so far.

Mitsubishi (Japan) and Hanwha (South Korea) are two foreign conglomerates, which have committed to spending millions ($11M and $19M, respectively) to drill on CVV projects.

Nuggets –

Apparently, In their 2Q report, Cameco, the big dog in the Basin, has made some new discoveries (eg. some zones had 27% Uranium oxide). They haven’t said where they are. As Cameco is so big, the amounts are not material enough to report. There’s a good chance with the 19 projects, CVV is close to the new discoveries.

The value of an uranium mine in the Basin is much greater than a similar-sized gold mine in Red Lake.

Drilling season for CVV – June to Oct, Jan to May.

Drills will be turning in 3-4 weeks at northern part of Basin – Helmer Lake, Cree Lake, Johnson Island. Their McArthur Lake property will be drilled starting in Jan 1/08.

Pace of drilling – 1.5 holes per month.

10-12 weeks wait for drill results. That’s the reality of the situation. Labs in Saskatoon, where CVV has a office.

Lots of news releases coming.

Check out this video-

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