De Beers Canada enters into option and participation agreement for diamond exploration in Western Athabasca region with CanAlaska Uranium

De Beers Canada Inc. (De Beers) entered into an option and participation agreement with CanAlaska Uranium Ltd. (CanAlaska) that provides for multi-stage work programs for De Beers to earn-in up to a 90% participating interest in the Saskatchewan project, following which the parties will enter into a joint venture agreement, the form of which has been negotiated by the parties. If De Beers, acting as operator, completes the work programs it will have spent an aggregate of C$20.4 million over a seven year period. CanAlaska retains the right to participate on a pro rata basis once De Beers has earned a 70% participating interest in the project. Fasken Martineau advised De Beers with a team that included Robert L. Shirriff and Alex Nikolic.