Vancouver, Canada, November 1st, 2007 — CanAlaska Uranium Ltd. (CVV — TSX.V) (the “Company”) is pleased to present further assay results from early summer sampling on its NE Wollaston Uranium project, where multiple uranium zones are defined in outcrop, and from surface boulders and subcrop. In August the Company was able to report on high grade uranium and uranium-rare earth mineralization which had been discovered and sampled very early in the season . The latest zone where we have laboratory assay values with significant mineralization is from the “Pitchblende Ridge” target area. At this occurrence, multiple float boulder samples are in excess of 1% U3O8, and with values up to 16.98% U3O8
The Pitchblende Ridge zone of mineralization is located approximately 15 km north east of the first discovery zone of the season at “Crazy Train”, where high-grade uranium / rare-earth mineralization was previously reported. A series of other uranium REE zones have also been outlined with this summer’s work. These other zones stretch over the entire 80 km length of the NE Wollaston Property. In most cases, there has been insufficient time to carry out detailed work on the showings. However, future drill programs are planned for the zones of better response and geology.
The observed “boulder trains” are the trail of rubble and rocks dragged down-ice from surface mineral zones by the ancient ice sheet which covered most of the Canadian Shield. In some cases the mineralized boulders only extend for a short distance from the source, but there are occasional erratic boulders some distance from the original source. In the case of the boulder trains on the NE Wollaston project, most of them are considered to be close to the source, but this may be partially obscured by the many swamps and small lakes which cover the project area.
The Pitchblende Ridge boulder train trends up and over the topography, and originates and continues within swampy ground. A short airborne EM anomaly, is offset in the vicinity of postulated source of the boulder train, and is thought to be associated with a host for the mineralization. The samples are predominantly calc-silicate boulders, a number of which are have ancillary graphite mineralization with the uranium mineralization (up to 40% graphite). A mineralized zone with this graphite content would produce an airborne EM signature. The higher grade samples are small pitchblende nodules and appear to be associated with clay alteration.
Table 1: Uranium Values in Boulder Samples from Pitchblende Ridge
The Pitchblende Ridge and Crazy Train boulder trains discoveries are the result of the integration of airborne gamma spectrometry with ground prospecting, taking into consideration lake sediment geochemistry and geological mapping. Soil sampling has been carried out on both boulder trains and further up-ice but these analyses are still pending. Both boulder trains are examples of post Hudsonian hydrothermal mineralisation with a possible structural control.
The following table gives a re-tabulation and update of the Crazy Train results with additional samples listed against zones of similar style Uranium-REE values from across the property.
Table 2: Uranium-Rare Earth Boulder Train samples (updated)
|Table 3: Rare Earth Elements from Mineral Zones Across NE Wollaston Project|
All of the samples from the current program were submitted to one of two qualified Canadian Laboratories for analysis. Samples submitted to Saskatchewan Research Laboratories were analyzed for multi-element geochemistry and including uranium by tri-acid digestion and ICP. Samples submitted for assay for trace element geochemistry to Acme Laboratories in Vancouver BC, were analyzed 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.
The Company is now progressively receiving assay information for samples submitted for laboratory analysis during the summer. Further results for work carried out from August-October are expected over the next months. The awaited samples are from other surface mineralized zones on this property and other properties, as well as from the Company’s summer drill programs. The laboratory delays have been significant, but results will be released as they are received and evaluated.
The person responsible for this release is Peter Dasler, M.Sc., P. Geo. President of CanAlaska Uranium Ltd.
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 2,7 mil. acres (11,000+ sq. km or 4,200+ 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. Agreements have also been executed with a Korean Consortium led by Hanwha Corporation to enter into C$19 million investment to earn 50% of the Cree East Project.
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