Mining Projects

Energy. Electricity. Power!

Everyday the world wakes up, hungry for greater amounts of energy - but the big question is: how do we meet escalating world demand without adding to global warming - and further jeopardizing the health of the planet?
Concerns over CO2 levels have sparked a closer look at nuclear power – and resurgence in this remarkably clean and potent energy.

Right now, France, the United States and Japan lead the way, operating half of all nuclear power plants. France, in particular, is a world-leader with 80% of its electricity coming from 56 plants. But, over the next decade, nuclear power will take center stage, expanding from 442 reactors to 550. Countries like China, India, and South Korea recognize the benefits of nuclear energy over fossil fuels, and are eager to create their own success stories. A 1000-megawatt nuclear power station uses about 24 tonnes of uranium each year – or about 70 kilograms a day – whereas a coal-fired station of similar size burns roughly 8,600 tonnes of coal a day, or about 3.2 million tonnes a year – contributing directly to CO2! The timing is right for nuclear energy. When properly designed and operated, plants are safe, effective, and reliable.

Although plentiful throughout the world, uranium is experiencing a supply crunch. In 2004, Russia announced that it will stop selling its enriched uranium in order to satisfy its own needs. Australia produces a high volume of uranium, but thequality is low. For high grade, highly concentrated uranium, there's only one place on the planet that offers this in abundance - the Athabasca Basin, a large area in Canada that stretches across Northern Saskatchewan and into Alberta.

Here you'll find the world's richest uranium deposits – rich in every sense of the word. Athabasca ore contains an impressive 17 to 25% uranium oxide, while other producers measure in at less than 1%. And value differences are dramatic! A ton of Athabasca ore worth approximately $40,000 (U.S.) compares to only $400 per ton from other regions. Add to this a worldwide shortfall, and you get skyrocketing spot prices - from $7 per pound, in 2003, to $120 per pound – and climbing! Right now, the Basin supplies 30% of the world's uranium, but that figure is expected to jump – as it is largely under-developed, and estimated to contain huge deposits worth billions of dollars!

Several mining companies operate here, including two of the world's largest: Canada's Cameco and France's Areva. CanAlaska Uranium is also a key player and holds some of the best real estate in the Basin – over two and a half million acres, in fact! – rivalling the size of Cameco and Areva holdings. With 19 projects on the go, CanAlaska is well positioned to capitalize on an invigorated uranium market and growing demand. In fact, Peter Dasler, President & CEO describes this "uranium rush" as the richest, most exciting time in his career.

The CanAlaska team is focusing its sights on West McArthur, a property located in the heart of Cameco's holdings. By drilling here, in an area of proven success and close to the world's largest and richest uranium mine - Cameco's McArthur River - CanAlaska and its development partner, the giant Mitsubishi Corporation, are confident in significant finds. Over three and a half years, Mitsubishi will fund $11 million of exploration budget on West McArthur, earning 50% interest. Also on board is Dr. Karl Schimann, a senior geologist who spent 20 years with Areva, helping that company discover and develop the Basin's second largest mine, Cigar Lake. Together, CanAlaska - and its partners and stakeholders - are confident that West McArthur will yield remarkable results. They know that uranium exploration in Canada's North is not an easy task - requiring capital, commitment, and ingenuity. But they also recognize that a multi-billion dollar discovery here - in the world's premium hotspot – would mean clean energy at a time when the planet needs it most.
A find here means the world to us!