CanAlaska Uranium Ltd. and MC Resources Canada Ltd. have entered into a buy back agreement of MC Resources' 50% interest in the West McArthur Joint Venture. CanAlaska will buy back the 50% interest in the Joint Venture earned by MC Resources, subject to a staged cash payment of $600,000 and a 1% royalty arrangement. CanAlaska has been in discussion with other interested parties regarding the interests it will buy back from MC Resources.

The West McArthur joint Venture covers 35,830 ha (88,536 acres), commencing 6 km (3.5 miles) west of the McArthur River uranium mine. In 2012 CanAlaska and MC Resources identified new uranium exploration targets on the Grid 5 target zone, which is likely the western continuation of the C10 conductor horizon being explored by Cameco at Fox Lake. The large sulphide alteration zones seen in the Athabasca sandstone in drill holes WMA 28 and WMA 34 from the JV's 2012 program are similar in style to that reported from the Fox Lake target drilling by Cameco.