Monday, Nov 11, 2013 MPVC Inc. ("MPVC" or the "Corporation") (TSX VENTURE:MVC.H) announces it has submitted its technical report to the TSX Venture Exchange on the Northwest Manitoba Property (the "Northwest Manitoba Property") which is subject to an option agreement with CanAlaska Uranium Ltd. ("CanAlaska") which allows MPVC, subject to certain conditions, to acquire up to an 80% interest the uranium exploration property located in northwest Manitoba The signing of the option agreement was previously announced in a news release dated October 4, 2013. The Northwest Manitoba Property covers approximately 143,603 hectares and is made up of three licenses (MEL-236B, MEL-166B, and MEL-247B) located along the Saskatchewan/Manitoba border. The licenses are located approximately 150 kilometres northeast of the McClean Lake uranium deposit. The Northwest Manitoba Property lies within the Wollaston Domain trend, which hosts a number of uranium deposits including, Cigar Lake, Rabbit Lake, Eagle Point, McClean Lake, Midwest Lake and McArthur River. These are some of the richest uranium deposits in the world.
Technical Report
A National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") technical report on the Northwest Manitoba Property dated November 3, 2013, was prepared by Ron Avery, P.Geo. (the "Avery Report"). The Avery Report documents the results of exploration conducted by CanAlaska Uranium on the Property up to April 12, 2012, and is current to November 3, 2013. Mr. Ron Avery is independent of both CanAlaska Uranium and MPVC.
Land Tenure
CanAlaska's land holdings in Manitoba consist of three contiguous mineral exploration licenses (MEL-236B, MEL-166B, and MEL-247B) which encompass a combined area of 1,436 km2. The Manitoba Mines Branch has recently renewed Mineral Exploration Licenses 166B and 236B for a further five year term, with respective good standing dates of January 4, 2018, and September 15, 2015. Exploration license MEL-247B has a current good standing date of April 21, 2014. There are excess exploration credits on each of the three mineral exploration licenses.
CanAlaska Uranium is currently in possession of a work permit for exploration activities on the Northwest Manitoba Property as issued by Manitoba Conservation on July 13, 2013. The work permit is valid for a period of one year and is renewable on a yearly basis. A five year term Memorandum of Understanding (MOU) signed in December 2011 by CanAlaska Uranium Ltd. and the Northlands Denesuline First Nation of Lac Brochet provides a framework for active exploration on the property with the First Nation.
None of the CanAlaska's land holdings in the northwestern Manitoba are subject to any royalties, back in rights or encumbrances. The Qualified Person (Ron Avery) is unaware of any adverse environmental waste disposal or any other significant risks or factors that might affect access, title, or the right of the claim holder to undertake exploration on the Northwest Manitoba property.