CANALASKA URANIUM LTD

Uranium exploration in twenty-one uranium projects in Canada's Athabasca Basin

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Message: Some good news

I downloaded the resource report and went through it. It's a comprehensive review of the exploration work on the property with plenty of maps and drill results, but it's not a resource estimate. More drilling needs to be done which CVV plans to do this winter. There is an existing deposit which will average less than 1% average grade but the exciting results come from the most recent drilling at the NE end of the deposit where the grades in the basement rock reach 3 % over narrow intervals. I used the existing deposit geometry with an estimated average grade to get a feel for what the current share value might be. Using deposit dimensions of 300 m length, 30 m depth and 10 m width together with grade avg of 0.1 % I get share value of 14.5 cents. This is very conservative since the grade will probably average a higher number plus it does not take into account the more recent basement intersections. A good exploration target for this winter. CVV controls the offsetting land as well. Once they set up a computerized geologic model then they will have a better handle on the deposit geometry and grade.

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