CanAlaska’s New High Grade Uranium-Rare Earth Target in Manitoba

Vancouver, Canada, August 23rd, 2007 — CanAlaska Uranium Ltd. (CVV — TSX.V) (the “Company”) is pleased to report the results from early season field work on its NE Wollaston Uranium project, where a new style of high grade uranium-rare earth mineralization has been discovered. The mineralization is from a near surface target within the prolifically mineralized Wollaston Group mineral belt.

The Company’s Maguire field crew is credited with the identification of the preliminary exploration target, by discovery of erratic boulders at the close of the 2006 field season. This was then further defined by CanAlaska’s in-house geophysical crew via specific analysis of last seasons airborne radiometric survey on the NE Wollaston Uranium project.

Early season prospecting, directed from the co-ordinates provided by the geophysics crew found an extensive angular boulder train of hydrothermally altered, red-orange phosphate-rich, high radiometric count uranium boulders extending over 1200 metres along the ice direction. This boulder train is almost uniformly mineralized with uranium-rare earth mineralization, and originates from a significant airborne geophysical target on shallow overburden-covered ground.

The mineralization discovered to-date is high grade U3O8 mineralization with up to over 1% U3O8, is associated with what appears to be a phosphate altered intrusive. Mineral composition appears to be almost entirely apatite-feldspar, with higher grade Heavy and Light Rare Earth elements, as well as high phosphate content.

This style of mineralization is different to the marjority of the large number of boulder-train and outcrop zones of U3O8 mineralization identified to date on this large property. However there are other less defined zones with similar mineralization.

The geophysical target associated with the highly mineralized boulder train shows magnetic trends intersecting the stratigraphy, proximal to the Maguire Fault Zone. This area has been prepared and is permitted for drilling, but is awaiting local approvals and the arrival of drilling equipment. The mineralized prospect zone, named “Crazy” is shown in the attached figure, and sample results are tabulated below.
Crazy Prospect Uranium-Rare Earth Boulder Train samples


Crazy Prospect Rare Earth Element Assays

Click on map to view in high resolution

All of the samples from the prospecting program were submitted to Saskatchewan Research laboratories, a qualified Canadian Laboratory, for analysis. Samples submitted to were analyzed 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 laboratory.
Peter Dasler, M.Sc. P Geo. is the qualified technical person responsible for this news release.

About CanAlaska Uranium Ltd. — www.canalaska.com

CanAlaska Uranium (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$22 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 continues in the Summer, 2007 exploration season 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. 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. An MOU has also been executed with Hanwha Corporation, a S. Korean conglomerate, to enter into joint exploration of CanAlaska’s Cree East Project.

On behalf of the Board of Directors

“Peter Dasler”

Peter Dasler, P. Geo., President & CEO
Investor Contact: Emil Fung, Vice President, Corporate Development
Tel: 604.685.1870 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.