Subject: CanAlaska Acquires Five Significant Platinum Group Properties
Platinum Group Metal Projects, Sudbury Mining District, Ontario
===========================================================================
From: Canalaska Ventures Ltd. (CVV)
canalaska.com
mailto:info@canalaska.com
---------------------------------------------------------------------------
Re: News Release - Wednesday, May 17, 2000
CanAlaska Acquires Five Significant Platinum Group Properties
Platinum Group Metal Projects, Sudbury Mining District, Ontario
===========================================================================
CanAlaska Ventures Ltd ("CanAlaska") is pleased to announce the acquisition
details of it's first five platinum group metal projects in the Sudbury
Mining District, Ontario. The area has already produced more than 20
million ounces of platinum group metals (PGM) as a by-product of
nickel-copper production. Recent exploration programs, and discoveries in
the area have intensified the search for an economically viable PGM
deposit. Most recently, Pacific North West Capital Corp. ("PFN")
intersected significant platinum group metal values in 13 of 13 holes
drilled in the Dana Lake Area, River Valley Property. As a result of these
and other encouraging results the Sudbury area has become the focus of an
unprecedented staking rush.
Located 40 - 60km from Sudbury, CanAlaska's acquisitions to date total over
36,000 acres, and are road-accessible. They are geologically favourable for
platinum group metals, as they include mafic intrusive rocks of the River
Valley Intrusive and Nipissing Diabase. Geological information is
currently being compiled and a detailed geological program is being
planned.
Associated Map: canalaska.com
46 KB in size, approx. 26 seconds to download at 28.8Kbs
The five projects comprise over 1,000 claims and are located in McNish,
Pardo, Hobbs, Clement, McCarthy, Sheppard and Kelly Townships. PD-1 is
located in McNish Township and is comprised of approximately 121 claims
units (4,784 acres, 1,936 hectares). PD-2 is located in the Pardo and Hobbs
Townships and is comprised of approximately 189 claim units (7,472 acres,
3,024 hectares). PD-3 is located in Clement Township and totals 234 claims
(9,252 acres, 3,744 hectares). PD-4 totals 293 claims (11,584 acres, 4,688
hectares) and is located in the following townships - McCarthy Sheppard,
Macbeth, and Kelly. PD-5 is comprised of 76 claims (3,005 acres, 1,216
hectares) which are located in McCarthy Township.
Consideration for the properties is as follows. Cash payments total
$264,000. Property payments total $175,000 over two years. Share payments
total 250,000 shares. A further 250,000 shares will be issued upon
completion of a bankable feasibility study. The properties are subject to a
3% percent net smelter royalty with a 2% buyback provision. A finder's fee
will also be paid. The aforementioned are subject to regulatory approval.
CanAlaska is currently negotiating with several junior and major mining
companies, to provide additional project development funds, via
options/joint venture agreements. CanAlaska will dilute it's interest in
the above mentioned projects and other projects it is currently acquiring
by employing an option/joint venture structure which involves a combination
of 1) exploration commitments, 2) cash and property payments, and 3) stock
payments. CanAlaska will also receive a fee as the Operator of the
projects.
Exploration Team
CanAlaska has retained Peter Dimmell as senior project manager. Mr.
Dimmell is a professional geoscientist (P.Geo.) with 30 years of experience
in the mining / mineral exploration industry. He has managed exploration
projects ranging from grassroots to advanced exploration /delineation
through to production.
Mr. Colin Bird, a Chartered Engineer and director of CanAlaska will oversee
all North American acquisitions. Mr. Bird will continue to pursue an
aggressive acquisition program for CanAlaska to complement its existing
platinum group metals, gold and base metal projects in Alaska, British
Columbia, Ontario, Quebec, Labrador and Newfoundland (see
canalaska.com).
Field Program
The initial budget is expected to total $1 million dollars, and will
include prospecting, surface sampling, trenching and geophysics, with the
objective of outlining drill targets by Summer/Fall 2000. CanAlaska has
established a base camp which it will share with International Freegold
Mineral Development Inc., and has hired Mr. Orville Caddy, of Goose Bay
Labrador to co-ordinate the camp. Mr. Caddy has over twenty-five years of
experience in camp management/expediting experience. Over to page 2
CVV News Release Page 2 May 17, 2000
About CanAlaska
CanAlaska (CVV) is a TIER 1 CDNX mineral resource exploration company, with
investments in two growth-oriented information technology companies which
have the potential to become industry leaders in their fields -
WebDispatchers (see releases Feb. 23, 2000 - May 5, 2000 website
webdispatchers.com); and NewsGurus (see release Mar. 23, 2000
-http://www.newsgurus.com).
As well as the financial association, CanAlaska will assist both
WebDispatchers and NewsGurus in their corporate development and future
initial public offerings. CanAlaska holds substantial share positions in
Pacific North West Capital Corp. (approx. 900,000 shares; website
pfncapital.com); International Freegold Mineral Development Inc
(approx. 1.5 million shares and 1.6 million warrants; ITF-TSE, website
augoldgroup.com); and shares in several other companies acquired
by past investments and payments from joint venture partners; which total
over $2,000,000 as well as $1,000,000 in cash with no debt.
CanAlaska announced (see release Feb. 23, 2000) a brokered private
placement financing, sponsored by Haywood Securities Inc. with
participation from outside brokerage firms, to raise up to an additional
minimum of $4.5 million through an Offering Memorandum cleared in British
Columbia, Alberta, Ontario, Newfoundland, and off-shore. Further
announcements to follow.
CanAlaska also announces that Mr. Michael Philpot has resigned as a
director, due to his current workload. The Management of CanAlaska would
like to thank Mr. Philpot for his past contributions.
On behalf of the board of directors
Harry Barr, President
The Canadian Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release
S.E.C. 12g3-2(b) Reg #82-2131
CUSIP#45921W100 Listed: Standard & Poors
===========================================================================
Copyright (c) 2000 CANALASKA VENTURES LTD. (CVV) All rights reserved. For
more information visit our website at canalaska.com or send
mailto:info@canalaska.com
Message sent on Wed May 17, 2000 at 9:04:43 PM Pacific Time
===========================================================================
Advanced Internet Communication Systems and Services provided by ADNET
Communications Inc. Our goal is to facilitate and enhance your
communications by providing advanced services and technology. Visit us on
the web at adnet-inc.net |
