Vancouver, Canada, June 7th, 2012 – CanAlaska Uranium Ltd. (TSX — CVV) (“CanAlaska” or the “Company”) is pleased to announce the acquisition by staking of two blocks of claims, totalling 11,563 ha adjacent to and northeast of the past-producing Ruttan copper mine, located near Leaf Rapids in Northern Manitoba.
The 82.8 million tonne Ruttan copper-zinc VMS deposit was discovered in 1969. It is classified as one of the larger VMS deposits in the world. It was mined to supply concentrate to the Flin Flon smelter, with 55.7 million tonnes extracted between 1975 and 2002. CanAlaska staff have compiled regional geophysical data, and identified prospective exploration targets within the immediate vicinity of this very large VMS deposit. These geophysical targets are supported by the information from the previous (limited) exploration programs carried out in the surrounding district. Historical drill information and detail in historical assessment reports is available to confirm the very favourable location of the targets staked by the company. Additional confirmation of the target areas has been obtained through detailed review of the geology and geochemical signatures reported in the historical records and assessment reports by consulting geologist Dr George Gale.
The new claims staked by the company are located adjacent to main roads and access. The western block adjoins the mine claims, 3km to the north of the open pit workings (see Figure 1). In this area, previous drilling had intersected gold as well as base metal mineralization, with three en-echelon disseminated sulphide zones in an intrusion breccia, associated with the Vol fault. It appears that previous drill spacing may have been too wide to allow correlation of the mineralized intersections between drill holes.
The eastern claim block is centred on a large magnetic and associated electro-magnetic anomaly (3 km long), which was tested in its western portion by six exploration drill holes. These historical drill holes show what appears to be a rhyolite complex within a bimodal volcanic succession. Chalcopyrite was observed in the sulphide rich intercepts. The geophysical compilation and modeling by the Company of the later deep penetrating airborne survey data indicates that the previous drill positions are outside the newly identified target area.
CanAlaska is planning to carry out the first reconnaissance of the new claims areas in August 2012, as part of a diversification of exploration interests. This work will be in addition to the Company’s continued long term development of its uranium exploration portfolio. Further projects have been evaluated over the past months, and additional focus areas are expected to be generated by the company’s staff.
Dr. Karl Schimann, CanAlaska’s VP – Exploration commented: “The Leaf Rapids volcano-sedimentary belt is underexplored, and has significant potential for new discoveries, especially given the size of the previous operating mine. Early geophysical work in the area was often limited by technology, however the later exploration work in the closing years of the mine is of high quality, but had limited follow-up. CanAlaska’s reprocessing of the geophysical data using our in-house staff has given us flexibility to model multiple scenarios, and come up with some outstanding targets in this prolifically mineralized area.”
Peter Dasler, M.Sc., P Geo. is the qualified technical person responsible for this news release.
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV — TSX, CVVUF — OTCBB, DH7F — Frankfurt) is undertaking uranium exploration in twenty one uranium projects in Canada’s Athabasca Basin — the “Saudi Arabia of Uranium”. 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$75 million exploring its properties and has delineated multiple uranium targets.
For more information visit www.canalaska.com
On behalf of the Board of Directors
Peter Dasler, P. Geo., President & CEO
Emil Fung, Director & V.P. – Corp. Dev.
Email: [email protected]
The TSX 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.