CanAlaska Uranium Ltd. (TSX:CVV) announced that it has entered into an option agreement with NEX-listed MPVC Inc. to gain interest in the NW Manitoba Uranium project. The project is located on the Saskatchewan/Manitoba border and is comprised of three licenses over roughly 143,603 hectares.
According to the company’s press release:
MPVC can earn an 80 per-cent interest in the project by carrying out a three-stage $11.6 million exploration program. The first stage allows MPVC to obtain a 50% interest by making a cash payment of $35,000 and by issuing 4.5 million common shares and 2.25 million common share purchase warrants and completing a minimum of $3.2 millionexploration expenditures on the property by 2015. The second stage allows MPVC to increase its interest in the project to 70% by issuing a further 2.5 million common shares and 1.25 million common share purchase warrants and spending a further $2.8 million on exploration expenditures. The third and final stage allows MPVC to increase its interest to 80% by issuing a further 5 million common shares and 2.5 million common share purchase warrants and spending a further $5.6 million on exploration expenditures.