Vancouver, Canada, February 26th, 2009- CanAlaska Uranium Ltd. (TSX.V — CVV) (“CanAlaska” or the “Company”) has received additional assay results for holes FCL 004-FCL 006 and for infill sampling on holes FCL 001-003. These results for the uranium-mineralized sections of the first six drill holes from CanAlaska’s work are detailed in the following table, and indicate good widths and grades of uranium mineralization.
Table 1: Summary of Initial drill results Fond du Lac Project
The Fond du Lac project is located on the northern portion of the Athabasca Basin, Saskatchewan, where the Athabasca sandstone units have minimal thicknesses of 20-75 metres overlying the unconformity. This area was explored by AMOK in the 1960’s and AMOK and Eldorado Nuclear in the 1970’s and early 1980’s. The property is part of the Fond Du Lac Denesuline First Nation Reserve Lands, and CanAlaska is working with the community under an Option to earn a 49% interest in the project.
A small uranium resource (non 43-101compliant) was previously discovered in the sandstone units, immediately above the unconformity, but no significant effort was made to explore for structurally hosted uranium mineralization in the basement rock at that time. However there is historical evidence for basement hosted mineralization in hematised fault zones.
The 2008 drilling and detailed ground geophysics by CanAlaska in January and February 2009 have highlighted a number of strong structural events in the basement rocks. There are patterns of sulphide mineralization and gravity anomalies. The company is preparing for a summer drill program on the property, following the completion of the Company’s current four-rig winter drill program.
The uranium mineralization at Fond du Lac is principally within the Manitou Falls Formation of the Athabasca Sandstone sequence, and is characterized by strong fracturing, intense silicification, zones of hematisation and minor clay alteration. In the current area of 2008 drilling, zoning is apparent, with a central highly mineralized-core. The mineralization is evident as disseminations and replacement, both in the sandstone and near the surface (see following plan and drill section).
Across the project, there are multiple other zones, currently only loosely-defined by mineralized boulder trains (see attached figure 1 for mineralized boulder trains and geophysical responses).
In the current drilling, a very significant zone of hematite alteration was intersected in basement rocks at the unconformity, under the better-mineralized uranium zone in the drill holes FCL 001-003. This style of iron oxide mineralization is generally caused by oxidization from geothermal activity along fracture zones, and is a common indicator for most basement-hosted uranium deposits. Drill hole FCL 001 intercepted anomalous uranium mineralization in sandstone. Drill hole FCL 004 intercepted two zones of replacement mineralization on the southern edge of the main zone. Holes FCL 005 and FCL 006 intercepted uranium mineralization in the sandstone and strong clay hematite and chlorite alteration, in the basement rocks. Further drilling along strike will be required to define the extent and orientation of the present zone.
The Company received a work permit for the drilling at Fond du Lac from INAC (Indian and Northern Affairs Canada), with consent from the band and council of the Fond du Lac Denesuline First Nation. This permit allowed the Company to commence exploration on the Reserve lands. By agreement dated October 18th, 2006, the Company acquired from the Fond du Lac Denesuline First Nation an option to earn a 49% economic interest in the minerals resident on Fond du Lac reserve lands. CanAlaska may exercise this option following the incurrence of $2 million in exploration expenditures and the payment of $130,000 and 300,000 Company shares.
Elsewhere in the Athabasca Basin, CanAlaska has two drill crews working at the Cree East Project, located in the southwestern part of the Athabasca basin. A third drill crew is operating at the West McArthur project, on a new geophysical target located north west of Denison’s Wheeler River project, and south west of the McArthur River mine.
The Company has just mobilized a fourth crew for a month-long drill program on the Black Lake Project, on the Black Lake Denesuline First Nation Reserve. This drill program will replace the proposed winter program at Fond du Lac, but will test higher priority strong airborne and ground truthed geophysical conductors on the splays of the Black Lake-Platt Lake Faults, on the northern end of the Virgin River mineralized trend. There are multiple targets at shallow depths in this area. These targets have been confirmed by summer boulder sampling and historical mineralized drill core from the vicinity. Drill holes will target both sandstone hosted alteration and basement mineralization in this program.
The Company is very pleased with current operations, and is fully-funded for the summer-fall work programs through its joint venture partnerships and from current treasury.
All of the drill core samples from the Fond du Lac project were submitted to Acme Laboratories Vancouver, an ISO 9001:2000 accredited and qualified Canadian Laboratory, for their Group 4B analysis. These samples were analysed for uranium and multi-element geochemistry by tri-acid digestion and ICP-MS. 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.
About CanAlaska Uranium Ltd. — www.canalaska.com
CANALASKA URANIUM LTD. (CVV — TSX.V, CVVUF — OTCBB, DH7 — Frankfurt) is undertaking uranium exploration in nineteen 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). To-date, CanAlaska has expended over Cdn$45 million exploring its properties and has delineated multiple uranium targets. The Company’s geological expertise and high exploration profile 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 for its West McArthur Project. Exploration of CanAlaska’s Cree East Project is also progressing under a C$19 mil. joint venture with a consortium of Korean companies 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.