07:03:34 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Canalaska Uranium Ltd (2)
Symbol CVV
Shares Issued 25,763,636
Close 2016-07-28 C$ 1.04
Market Cap C$ 26,794,181
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Lundin says hold Canalaska Uranium

2016-07-28 21:06 ET - In the News

Brien Lundin, in the July, 2016, edition of the Gold Newsletter, says hold Canalaska Uranium Ltd., recently $1.16. Mr. Lundin said buy in April, 2016, at 51 cents. A $1,000 investment then is now worth $2,273. Canalaska and its optionee at the West McArthur project, Cameco, have kicked off their summer drill program. West McArthur, located in Saskatchewan's Athabasca basin, lies on "prime hunting ground for elephant-sized uranium deposits," says Mr. Lundin. It is just six kilometres northwest of Cameco's McArthur River mine and right beside its Fox River discovery. Cameco can earn a 61-per-cent interest in West McArthur by contributing $12.5-million in cash payments and accelerated exploration programs. Exploration this summer will focus on fault zones in the C10 South structure, where an initial drill hole found elevated uranium values. Separately, Canalaska recently announced a $1.12-million private placement of two million 56-cent units. Each unit will comprise a share and a warrant exercisable at 70 cents. Given that the stock is now trading at $1.16, Mr. Lundin says the financing may need to be repriced. In any event, his focus is the summer drill program. Canalaska is a hold for now and a buy on any significant weakness.

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