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VBE 1, Labrador

The Company holds a 50% interest, subject to a 2.5% NSR royalty, together with CanAlaska Ventures Inc., now known as CanAlaska Uranium Ltd., as to 50%, on the VBE-1 property located in the Voisey’s Bay area of Labrador.

Location, Access and Infrastructure.

The VBE 1 claims are situated approximately 18 kilometre southwest of Nain, Labrador between Kangeklualuk Bay to the north and Voisey’s Bay to the south. There is no infrastructure available nearby and direct access to the site is by helicopter from Nain, or Goose Bay located 300 kilometres to the south.

The VBE 1 claims are situated on a generally barren coastal peninsula with high topographic relief and steep, rugged land forms. Elevations range between sea level and 250 metres. Bedrock exposures occur as glacially scoured hills and ridges. The terrain is characterized by cliffs, steep valleys, and high relief topography with abundant bedrock exposure.

Previous Exploration.

During the period from mid June to the end of October, 1997, exploration consisted of limited line cutting, two phases of audio magnetotelluric (AMT) surveying, diamond drilling and downhole EM surveys.