Vancouver, Canada, March 11th, 2008 — CanAlaska Uranium Ltd. (CVV — TSX.V) is pleased to report rare earth element assay results up to 10.4% REE from samples collected during reconnaissance sampling, from a new area east of the North East Wollaston Project in Manitoba, and provide an update of current drilling.
Table 1. First Samples from UTH-1 Rare Earth Mineralization on New Licence Area
The Company has applied for a new mineral exploration licence, (covering 53,000 hectares) as shown on the attached map. This licence adjoins the NE Wollaston project, and encompasses a large magnetic feature which the Company believes is related to this very high grade rare earth mineralization. In this area, there is no significant uranium mineralization associated with the samples. The samples were collected from the first prospecting traverses in this area. The majority of them are from outcrop over an area of 1 sq kilometre.
Elsewhere on the large NE Wollaston project, the Company has successfully delineated a number of other areas of Rare Earth mineralization, which at times is also associated with higher grade uranium (see NR February 27th 2008).
The rare earth elements (or “rare earths”) are also known as the lanthanide series of elements and include the 15 elements in the lanthanide series of the Periodic Table of the Elements, plus yttrium and scandium. Rare earth elements are used in a wide range of applications, from everyday household items, such as television screens, rechargeable cell phone batteries, to catalysts, supermagnets, and superalloys used in the aerospace industry.
All of these samples were collected during prospecting traverses with locations recorded by GPS. Detailed notes of rock lithologies and area cover from each sample location were recorded where applicable. All of the samples were submitted to qualified Canadian Laboratories for analysis. These samples were submitted to the Saskatchewan Research laboratories and analysed for multi-element geochemistry and including uranium by tri-acid digestion and ICP. 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.
2008 Drilling Update:
The Company is currently still drilling the first 2008 exploration target at each of the “Cree East” and at the “Lake Athabasca” Projects. The Cree East target has encountered difficult drilling conditions in altered rocks. Larger diameter drill core is now being used. The Lake Athabasca project has encountered significant epithermal style alteration in intrusive rocks. There is no assay data or radiometric date to report for either project. The Company will continue drilling at each of these projects until the end of winter conditions. Each project has at least six significant exploration targets requiring drill testing within the current operating areas.
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.
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: [email protected]
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.