Vancouver, Canada, March 3rd, 2008 — CanAlaska Uranium Ltd. (CVV — TSX.V) Uranium Prospects Plc and Yellowcake Plc are pleased to be able to report assay results for the summer field season of 2007 from the Grease River Project, located just off the northern rim of the Athabasca Basin, Saskatchewan, Canada. Results from the first pass reconnaissance and prospecting program have now been received. Within the Project area a variety of geological environments have been identified, each conducive to uranium mineralisation. Assay results are encouraging and a majority of the target areas warrant further investigations.
The Grease River Project covers approximately 81,821 hectares of land (202, 180 acres) in three separate claim blocks that extend from Bulyea River, north of Fond du Lac, to Marytnuik Lake, north of Stony Rapids, and covers four geological domains.
The Western Claim Block is centered over the contact boundary between the Beaverlodge (Nevins Lake Block) Domain and the Train Lake Domain. The Beaverlodge Domain in the claim area consists of granitoids, migmatitic granitic gneiss and retrogressed garnet-biotite pelitic gneiss. The Train Lake Domain is composed of amphibolitic granitoids crosscut by leucogranitic pegmatites that extend across the inferred boundary between the Beaverlodge and Train Lake Domains.
2007 Sample Results and Description
Highlights of results obtained from the Western Claim Block are presented in the following tables. All samples were collected during scintillometer and prospecting traverses. Locations recorded by GPS. Detailed notes of rock lithologies and area cover from each sample location were recorded where applicable. All gamma ray scintillometer readings were taken using a Ludlum Model 19-10 MicroR Reader.
The North Stolar Lake Target samples (Table 2) were collected from outcrop of white to pink pegmatite dykes and/or sheets, and medium-grained biotite-rich granodiorite. U-mineralization occurs as fracture-filled veinlets within lenses of biotite schist, or schlieren, and as 0.5 to 1 cm diameter blebs of uraninite within the pegmatite. Radiometric readings ranged between 1,300 to +9,000 counts per second, with a general background of 200 to 350 cps.
Analyzed samples were found to contain anomalous light rare earths, with up to 0.59% Ce, 0.0.23% La and 0.26% Nd. Sample CC293 was recovered from an anomalously radioactive white pegmatite dyke crosscutting retrogressed garnet (biotite) feldspar gneiss, and assayed at 2.15% U3O8.
The Dunae Lake target area (Table 3) is situated directly north of the Stolar Lake target area. Assays from this target also show that the rocks are enriched in anomalous light rare earth elements, with up to 1.16% Ce, 0.59% La, and 0.41% Nd. The highest U anomaly discovered to date in the target area was from sample WM334 at 0.24% U3O8
Also discovered in the Dunae Lake area were uraninite pebbles located within a biotite-rich soil (Table 4). The one sample sent for analysis, assayed at 55.06% U3O8, contained anomalous heavy rare earth elements including 0.34% Dy and 1.8% Y.
The Central Claim Block is centered along the Grease River and includes rocks of the Train Lake Domain in the north, mylonitized rocks of the Grease River Shear Zone in the central section, and Tantato Domain rocks in the southern segment. The Grease River Shear Zone separates the Train Lake Domain from the intensely foliated granitic to pelitic diatexite of the Tantato Domain. Intruding the rocks of both the Train and Tantato Domains across the shear zone are leucogranites bodies and leucopegmatitic sheets. Targets within the Central Claim Block consist of the Kosowan Lake (Table 5), Eagle Rock Lake (Table 6) and Grease River (Table 7). Uranium mineralized samples within these target areas ranged from 0.1% to 0.4% U3O8.
Rocks of the Kosowan Lake area (Table 5) consist of biotitic-quartzo-feldspathic orthogneiss and pelitic paragneiss intruded by granodioritic intrusions that are anomalous in U.
Rocks of the Eagle Rock Lake area (Table 6) consist of alternating biotitic-quartzo-feldspathic orthogneiss and pelitic paragneiss intruded by a quartz-monzonite pluton that displays anomalous radioactivity and exhibits numerous patches of yellow U-staining along a silica-rich Na-metasomatized contact. Samples collected from outcrop along the contact between the host paragneiss and quartz-monzonite intrusion indicate that the contact zone is anomalous in U-mineralization as shown in Table 6. Radiometric readings were from 1,000 to +9,000 cps, with background activity residing between 250 to 300 cps.
The Eastern Claim Block is the largest of the three claim blocks and consists of the Bradley and Perron Lake target areas, which occur within the southern section of the block, the Eastern Tait Lake and Western Tait Lake areas found in the central portion of the claim block, and the Davenport, Addie and Cochrane Lakes target areas in the northern section of the claim block.
Rocks of the Eastern claim block straddle the inferred contact boundary between the Train Lake Domain in the west and the Dodge Domain in the east. The Train Lake Domain within the claim block consists of migmatitic orthogneiss and biotitic paragneiss intruded by large bodies of leucocratic granodiorite. The Dodge Domain consists of granulite facies mafic to felsic rocks retrograded to amphibolite facies metamorphism. The boundary zone is often difficult to discern. Late crosscutting pink to leucocratic granite dykes and leucopegmatitic dykes and/or sheets extend into both domains. The following tables present the results obtained by analyses.
Sample CC299 (Table 7) was obtained from a light pink medium-grained granite outcrop, which contained anomalous radiometric readings of between 1500 cp and 2500 cps.
Table 8 presents the results of samples collected from outcrop of perpendicular to strike fracture-filled pitchblende mineralization hosted within a patchy yellow U-stained leucogranitic pegmatite. The pegmatite crosscuts parallel to the foliation of the intensely foliated and sheared biotite-rich pelitic paragneiss. The perpendicular-to-strike fractures generated between 1,500 to +15,000 cps within 0.2 to 0.8 cm wide fractures that extend into the pegmatite and were traced up to several meters. Occasional blebs of uraninite mineralization were found within biotite clusters occurring within the pegmatite.
Results of the traverses from the central section of the claim block around the East and West Tait Lakes target areas are presented in Tables 9 and 10.
The region contained numerous boulder fields and swamp filled valleys and lowlands. Outcrop consisted of orthogneiss to pelitic paragneiss crosscut by numerous north-south trending medium-grained granite and leucopegmatitic dykes. The dykes displayed anomalous radiometric readings from 350 cps to 2500 cps, background readings were generally between 150 and 250 cps.
Tables 11, 12 and 13 present the results of the assays from the northern section of the Eastern claim block in the Davenport, Addie and Cochrane Lake target areas. Samples were collected from outcrops of pink medium-grained granite and leucogranite dykes and from biotite-rich paragneiss that gave higher than normal background radioactivity. General background in the area was between 100 and 250 cps.
The Companies are enthusiastic about the upcoming field season. The 2008 summer field season program is designed to further geologically investigate each target anomaly in order to evaluate its potential as a drill target. The significance of the anomalous values of some Rare Earth Elements reported within the Project area will also form part of the upcoming exploration programme.
All of the samples from the 2007 season were submitted to qualified Canadian Laboratories for analysis. Samples submitted to Saskatchewan Research laboratories were analysed for multi-element geochemistry and including uranium by tri-acid digestion and ICP. Samples submitted to Acme Laboratories in Vancouver BC for assay for trace element geochemistry were analysed by aqua regia digestion and ICP analysis. The samples were collected by CanAlaska field geologists under the supervision of Dr. Karl Schimann, and were shipped in secure containment to the laboratories noted above. Peter Dasler, M.Sc. P Geo. is the qualified technical person responsible for this news release.
About CanAlaska Uranium — www.canalaska.com
CANALASKA URANIUM LTD. (CVV — TSX.V, CVVUF — OTCBB, DH7 — Frankfurt) is undertaking uranium exploration in seventeen 100%-owned and two optioned uranium projects in Canada’s Athabasca Basin. Since September 2004, the Company has aggressively acquired one of the largest land positions in the region, comprising over 2,500,000 acres (10,117 sq. km or 3,906 sq. miles). CanAlaska has expended over Cdn$24 million exploring its properties in the Athabasca Basin and has delineated multiple uranium targets. Initial drilling results from the West McArthur Project revealed uranium mineralization and significant zones of hydrothermal alteration, indicative of a favourable environment for uranium deposition. Active drilling and exploration has continued through the Summer, and Fall 2007 seasons at West McArthur and at 2 other significant projects. The Company’s high profile in the prominent Athabasca Basin has attracted the attention of major international strategic partners. Among others, Mitsubishi Development Pty., a subsidiary of Japanese conglomerate Mitsubishi Corporation, has undertaken to provide CanAlaska C$11 mil. in exploration funding to earn 50% of the West McArthur Project. In addition, exploration of CanAlaska’s Cree East Project has commenced under a C$19 mil. agreement executed with a consortium led by Hanwha Corporation, and comprising Korea Electric Power Corp., Korea Resources Corp. and SK Energy Co, Ltd.
About Uranium Prospects Plc – www.uraniumprospects.com
URANIUM PROSPECTS PLC (PLUS:URPP) was floated on PLUS in London in July 2007. The Company was established to acquire, or purchase options to acquire, exploration rights over land where initial tests have indicated the potential for a high concentration of uranium deposits, either on its own or under a joint venture arrangement.
In early August 2007 the Company acquired the option to purchase a 51% stake in a joint venture company with CanAlaska Uranium Ltd (40%) to own the Grease River Project. It acquired the interest from Yellowcake Plc (PLUS: YEL) (9%) and has assumed a financial commitment for the project.
Marc Sale Director of Uranium Prospects said: “Uranium Prospects whilst a junior explorer is demonstrating its ability to pursue potentially significant uranium prospects. The Grease River Project contains a rich variety of classic host environments that are demonstrating their potential to contain not only economic uranium prospects but have also reported significant REE values. We are confident that the planned exploration will produce quality drill targets.
Mark Watson-Mitchell, Chairman Email: firstname.lastname@example.org Tel: +44 (0)207 638 8750
About Yellowcake Plc – www.yellowcakeplc.co.uk
YELLOWCAKE PLC (PLUS:YEL) is the world’s first portfolio company specialising wholly in investing in uranium explorers, developers and producers. Founded in February 2005, it floated on London’s PLUS Market in July 2005. Yellowcake commenced investing in quoted and unquoted uranium companies in late September 2005 and currently its portfolio includes 32 companies, with operations in Africa, Australia, Canada, Kazakhstan, Mongolia, Paraguay and the United States. Its strategy also includes sourcing uranium projects and it has a 9% carried interest in the Grease River Option Agreement with CanAlaska (40%) and Uranium Prospects (PLUS: URPP) (51%).
Robert Wallace, CEO of Yellowcake, said “We are delighted that the assay results from CanAlaska’s prospecting campaign have confirmed extensive and very high uranium grades from a variety of basement rocks within the Grease River exploration licence area. The anomalous values of associated rare earth elements add to the prospectivity of the surface exploration in an area well-situated to existing infrastructure. Yellowcake Plc is encouraged by this endorsement of its involvement in the project and awaits the subsequent stages of exploration with high expectations of commercial success”.
Enquiries: Robert Wallace, CEO Email: email@example.com Tel: +44 (0)7970 648480
On behalf of the Board of Directors
Peter Dasler, P. Geo., President & CEO
Investor Contact: Emil Fung, Vice President, Corporate Development
Tel: +1.604.688.3211 Toll Free (North America) 1-800-667-1870 Email: firstname.lastname@example.org
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP#13708P 10 2.
This news release contains certain “Forward-Looking Statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are disclosed in the Company’s documents filed from time to time with the British Columbia Securities Commission and the United States Securities & Exchange Commission. Not to be construed as an offer to buy or sell securities of CanAlaska Uranium Ltd.