Vancouver, Canada, May 1st, 2009 – CanAlaska Uranium Ltd. (TSX.V — CVV) (“CanAlaska” or the “Company”) has been carrying out winter drill programs on three uranium projects in the Athabasca Basin, Canada since late January, 2009. The first complete set of drill assay results are now available for the Cree East project, where anomalous uranium and nickel metal indicators were receive from samples in 11 of the 15 holes, and anomalous associated geochemistry in 13 of the 15 holes drilled. The most significant radioactivity response was from hole CRE017 in zone D in the centre of the 5km long target area. Extensive zones of hematite and boron alteration were also intercepted in holes drilled in areas A and B. Management and the Korea Consortium, CanAlaska’s strategic partner at the Cree East Project, are pleased with the mineralization and alteration signatures found within the target zones. Further drilling is now being planned.
The series of strong geophysical targets in the centre of the Cree East project show moderate to intense hydrothermal alteration within the overlying sandstone units, and strong alteration with zones of intense hematite alteration in the basement rocks (see News Release, May 9 2008).
Drill sections show significant basement offsets along the 5 km trend of the target areas (a 45 metres step between DDH CRE010 and CRE028 and a similar step of 30 metres between DDH CRE014 and CRE017).
The fault zones causing the offsets are the primary exploration targets for structurally-hosted mineralization in the basement rocks. Uranium alteration halos have been intercepted in the current drill programs. The regular geochemical analysis of composite samples over 18-20 metre sections within the overlying sandstone units provides confirmation of uranium related hydrothermal mineral solutions causing the clays and disaggregated sandstone intercepted in the drill holes.
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The following Table 1 details the composite sample analyses for the drill holes of the 2009 winter season.
Table 1 Geochemical Alteration Halos within sandstone units at Targets A-E Cree East Project
In summary, fifteen drill holes were completed on five target areas in the winter season. Thirteen of these drill holes have anomalous geochemistry in the last 10 to 60 metres of the sandstone unit overlying the basement. Eleven of the holes have uranium and nickel geochemistry exhibiting over five times background values (up to 24.5ppm and 87.3 ppm) respectively.
The Company is very pleased with current operations and is fully-funded for the summer-fall 2009 exploration programs through its joint venture partnerships and from current treasury. The assay results from the winter drill programs at the West McArthur project, partnered with Mitsubishi Development Pty and the Black Lake project are still awaited from the laboratories. Additional drilling will be carried out at Black Lake following the opening of access roads in mid-May.
All of the samples from the Cree East 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.
In other matters, the Board of Directors and members of its Compensation Committee have approved, subject to regulatory acceptance, the issuance of 2,330,000 incentive stock options to directors, officers, employees, advisors and consultants of CanAlaska. The exercise price of the options will be established at a 25% premium to today’s market closing price of the common shares and are exercisable for a period of five years and shall include twelve month vesting provisions.
About CanAlaska Uranium Ltd. — www.canalaska.com
CANALASKA URANIUM LTD. (CVV — TSX.V, CVVUF — OTCBB, DH7 — Frankfurt) is undertaking uranium exploration in twenty 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$50 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. A Memorandum of Understanding has also recently been executed with mining partner East Resources Inc. to commence exploration on the NE Wollaston Project comprising a potential 100,000 metres of drill testing.
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 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.