More Encouraging Results from NW Manitoba Uranium Project

Vancouver, Canada — May 8, 2014 — Canalaska Uranium Ltd. (TSXV: CVV) is pleased to report that MPVC Inc. (TSXV: “UNO”, “MPVC”, the “Company”) has reported the receipt of highly anomalous results from a recently completed, radon in water survey over Maguire Lake. This is located within CanAlaska Uranium’s Northwest Manitoba Uranium project which was optioned to MPVC (See news release dated September 26, 2013).

“Radon In Water Survey Highlights

MPVC’s radon in lake water survey is now complete at Maguire Lake, located within the 143,603 hectare Northwest Manitoba project. The radon survey was conducted by RadonEx Exploration Management of St. Lazare, Quebec and comprised of 1,399 samples collected over the 10km length of Maguire Lake. Sample stations were located at 25m intervals along lines spaced at 200m.

To date only preliminary results have been received from RadonEx, and RadonEx has advised the Company that these results may be subject to minor adjustments when the data is normalized. It is expected that the results could increase or decrease by up to 10%.
The radon in water results are exceptionally high. To the author’s knowledge the only survey to have higher radon in water results is the Patterson Lake South survey which outlined Fission Uranium’s recent exceptional uranium discovery. At Maguire Lake the radon in water results ranged from -124 to 573 picocuries per litre (pCi/L). Of the 1,399 samples, 41 samples had results greater than 100 pCi/L, 14 samples had results greater than 200 pCi/L, 8 samples had results greater than 300pCi/L and 4 samples had results greater than 400pCi/L.

Of significant note, these results extend linear trends defined by the AlphaTrack Services’ radon in soil survey previously completed over the land portions of the 10km x 3km Maguire Lake survey area. Similar to the AlphaTrack survey the Radonex results show that the survey area in general has an elevated radon gas content, potentially reflecting buried uranium occurrences at depth.

Radon Anomalies and Geophysical Survey Results

The Maguire Lake area has had an airborne magnetic / VLF / radiometric survey flown in 2006, an airborne VTEM survey by Geotech in 2007 and a limited ground gravity survey in 2012. MPVC contracted Initial Exploration Services to complete a ground gravity survey to fill in the missing areas of the previous gravity survey to provide complete gravity coverage over Maguire Lake. The field collection of the gravity data is now complete and the company is awaiting the results.

The 2006 airborne magnetic survey outlined broken and repeated magnetic units thought to represent folded and faulted units. Faulting can provide the structural pathway for mineralizing fluids to travel. The VTEM survey in 2007 identified a 35km long linear conductive unit, which parallels the northern shore of Maguire Lake and lies within the radon survey area. This conductor is thought to reflect a graphitic unit, which could act as a reductant, causing uranium to precipitate out of the mineralizing fluids. Within the existing ground gravity coverage there are several gravity lows. These gravity lows could represent the alteration haloes in rocks near where mineralizing fluids are present. This alteration typically decreases the density of the rocks, thereby producing a gravity low.

The combination of both the radon and geophysical results have identified numerous potential drill targets that could contain significant uranium mineralization within the Maguire Lake focus area. The highly prospective nature of the Maguire Lake area is borne out by the previous prospecting results that have identified in situ mineralization of up to 9.5% U3O8 and boulders containing in excess of 65% U¬3O8.

Future Work

A rotary air blast drill is set to be mobilized to the project. It is expected to be on site in the near future. In addition, a state of the art high resolution gamma spectrometer system is being mobilized to site to analyze drill cuttings for uranium and its daughter products. The system is intended to be utilized to detect young uranium which is not radioactive and therefore not detectible with other field instruments. The spectrometer is also capable of detecting radon which has a half life of 3.8 days and lead 210 which has a half life of 22 years. With this instrument the Company will be able to provide near real time results to guide its ongoing exploration.
If the shallow but quick rotary air blast drill does not intersect uranium mineralization in the bedrock underlying glacial tills, the detection of anomalous young uranium, radon or lead 210 ascending along fractures would signal the presence of an uranium deposit at depth. A core drill unit capable of penetrating to depths of 1,000 meters is presently being mobilized to the site so that potentially deeper deposits detected with the new instrumentation can be tested.
The technical information and results reported here have been reviewed by Chad Ulansky, PGeol, a qualified person under National Instrument 43-101, who is responsible for the technical content of this release.”

A location map of the NW Manitoba Property can be found on CanAlaska’s website at:
https://canalaska.com/s/News.asp?ReportID=524098

About CanAlaska Uranium

CANALASKA URANIUM LTD. (CVV—TSX-V, CVVUF–OTCBB, DH7F–Frankfurt) has undertaken uranium exploration on multiple uranium projects in Canada’s Athabasca Basin — the “Saudi Arabia of Uranium” since 2005. The Company has major international partners for its West McArthur and Cree East properties, and is concentrating its activities on these advanced projects.

For more information visit www.canalaska.com

On behalf of the Board of Directors

“Peter Dasler”

Peter Dasler, P. Geo., President & CEO

Contact:
Peter Dasler, President and CEO.
Tel: +1.604.688.3211 x318
Email: info@canalaska.com

The TSX 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.