Forming a 50:50 JV in Uranium Exploration Project in Canada
~Acquisition of West McArthur Project in Canada's Saskatchewan Province~

Mitsubishi Corporation has completed its funding obligations specified under the Option Agreement with CanAlaska Uranium Ltd., ("CanAlaska") and has now earned a 50% interest in the West McArthur project through its wholly owned Canadian subsidiary MC Resources Canada Ltd.

 

The West McArthur project consists of 12 mineral claims covering 359 square kilometers and is located in proximity to the world’s largest uranium mine, McArthur River, which produces high grade uranium ore containing more than 20% U₃0₈. Mitsubishi Corporation has been involved in the exploration of West McArthur since entering into an Option Agreement with CanAlaska in April 2007. Exploration activities, including various geophysical surveys and diamond drilling, continue to provide support for the target mineralisation model and hold promise for a significant uranium discovery. Mitsubishi Corporation will continue to support the project through the newly established 50/50 joint venture with CanAlaska, who will continue to be the operator of the project.

 

CanAlaska, which has one of the most skilled exploration teams in the region, is undertaking uranium exploration in 23 projects in Canada's Athabasca Basin. Since September 2004, CanAlaska has aggressively acquired one of the largest land positions in the region, comprising over 10,117 sq. km.

 

Producing lower level of greenhouse gas emissions than other forms of power generation, nuclear energy is gathering attention as an environment friendly form of energy production. Together with Mitsubishi Corporation's involvements in other uranium exploration projects in Canada, Australia, and Mongolia, the West McArthur project is aimed to provide a stable supply of uranium for nuclear power generators thereby contributing to the prevention of further global warming.