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Vancouver, Canada, December 22nd, 2008 - CanAlaska Uranium acquired a mineral lease ("Property") from Santoy Resources Ltd. located in Northwest Manitoba.
The acquired Property will form part of CanAlaska's existing Kasmere Project and will provide the Company with contiguous property holdings along the entire length of the prospective Wollaston Belt in Manitoba. Terms of the acquisition include the payment 40,000 Company shares, warrants to purchase 500,000 common shares exercisable at $0.50 per share over a one year period, and a net smelter return of 2%. The net smelter return is subject to a buyback by the Company of $500,000 for each half-percent interest up to the first 1%, and $3,000,000 on the remaining 1%.
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