Under the terms of the agreement, CanAlaska will assist East Resource with the exploration of the property as well as retains a NSR on any future production.
The NSR will have a CDN$20,000,000 one-time pre-production purchase option.
CanAlaska president Peter Dasler said that the cash payment will significantly strengthen CanAlaska while assisting its plan to focus on more rapid exploration of its core Japanese and Korean joint ventures at West MacArthur and Cree East, within the Athabasca basin.
"CanAlaska retains the large Kasmere North project, adjacent to the northeast, as well as its interest in the NW Manitoba Project, which MPVC has recently financed, and is in the process of planning a field work program," Dasler added.
In addition to concentrating on further property options and joint ventures under multiple CA agreements, CanAlaska is planning for the further drill testing of the Cree East project targets, as early as summer 2014.
