Presidents Message

Major Uranium Discovery at Our Doorstep

To Shareholders and Parties Following CanAlaska Uranium:

On Friday February 5th, Cameco Corp. announced that they had discovered a significant new uranium deposit adjacent to CanAlaska's West McArthur uranium property, just west of the McArthur River uranium mine. The McArthur River mine is the largest high-grade uranium mine in the world, and currently produces approximately 15% of the world's daily uranium requirements.


The Fox Lake discovery, at the Read Lake Project, is described in Cameco's latest quarterly report as having an inferred resource of 53 million pounds of U3O8 (Cameco's' share).  Assuming Cameco still owns 78% of the project (as reported in 2010), Fox Lake has a total inferred resource of approximately 68 million pounds U3O8. The reported grade of the deposit is a very high 7.99% U3O8!

Fox Lake will continue to receive the major share of Cameco's exploration funding in 2016, with a budget of $7 million (Cameco's share).

In 2012, CanAlaska's crews drilled a limited number of holes on what is believed to be the same conductive horizon that hosts uranium mineralization at Fox Lake.  Drill holes WMA028 and WMA034 discovered large zones of hydrothermal alteration on our West McArthur property - see April 13, 2012 news release.

This initial drilling demonstrated the Grid 5 exploration area has the requisite geological environment for large unconformity uranium deposits.

Since 2012 we have monitored the drill programs carried out by Cameco as their drilling got progressively closer to our property border.

The mineralized system that we have discovered at Grid 5 has tremendous importance given that the major mineralized conductor trending southwest from Fox Lake, appears to extend onto our property along a major east-west structural break, before rotating southwest to the location of the conductor at Grid 5 (see map).

It is very significant for CanAlaska that this resource has now been announced.   Fox Lake shows excellent uranium grade, and a substantial quantity of uranium.

Management is very encouraged by interest received from investors and other parties that follow the uranium sector following Cameco's disclosure of Fox Lake's resource.  Furthermore, our consolidation of ownership of West McArthur, though our buy-out of MC Resources Canada Ltd.'s (Mitsubishi) share of our Joint Venture, is timely and strategic for the growth of CanAlaska.

Finally, below is my interview filmed in late January during the Cambridge Vancouver Resource Investment conference.

Please contact us if you desire further information about recent developments.

Peter Dasler
CanAlaska Uranium Ltd.

Peter Dasler
Tel: +1.604.688.3211  Extension 138
Email: [email protected]

John Gomez
Tel: +1.604.484.7118
Email: [email protected]

Uranium Prices Poised for Multi-Year Gains Fueled by Surge in Nuclear Energy

CanAlaska Leveraged to Market's Growth with Among the Largest Land Positions in World's Richest Uranium Region

Interest in uranium stocks has increased in the past few months as a result mainly of the overall rise in the spot uranium price. Spot uranium is current approximately US$39/lb up 39% from prices in the summer when spot was about US$28/lb. Many analysts forecast uranium prices to rise in the coming years as demand accelerates while uranium supplies decrease. The charts below from Raymond James Ltd.'s December 2, 2014 uranium report illustrates their view on the uranium market.


The growth in uranium demand is being driven by the world's rising energy needs. Global surging energy usage is expected to create unprecedented growth in nuclear energy, especially in China where nuclear power is required to not only meet the country's rapidly rising energy needs, but to reduce pollution which in many urban areas has become a significant health and environmental problem.

Consider the following, according to the World Nuclear Association, there are 435 nuclear reactors in operation worldwide, 72 new reactors are under construction, 174 new reactors planned, and 299 new reactors are proposed. This picture is a good representation of the market.


I discussed the uranium market at a recent presentation I made at the New Orleans Investment conference in October. An updated presentation is available on our website.

Click image below to view.

As one of the largest land holders in the Athabasca Basin -- the world's richest uranium region -- CanAlaska is well positioned to participate in the growth in the uranium market as well as discovery of new deposits.

CanAlaska is leveraged to discoveries through agreements and partnerships it has secured on several key projects whereby other companies fund exploration to earn an interest. Northern Uranium for instance is currently drilling our NW Manitoba project. Sampling at this exciting property has yielded results greater than 60% U3O8, among the highest values found in the Athabasca region! The Northern Miner wrote an article on the property available here


Given our large number of properties in the Athabasca Basin we will continue to look for partners to fund exploration and leverage our assets. This strategy increases the company's exposure to discoveries and minimizes share dilution.

With drilling underway and an improving uranium market, 2015 promises to be an exciting year for CanAlaska.

I encourage you to opt-in to our email list to follow our progress.

Peter Dasler