CanAlaska Uranium Ltd. - Grease River Project displays extensive high-grade uranium mineralization at surface in basement rocks



    VANCOUVER, March 3 /CNW/ - CanAlaska Uranium Ltd. (CVV - TSX.V) Uranium
Prospects Plc and Yellowcake Plc are pleased to be able to report assay
results for the summer field season of 2007 from the Grease River Project,
located just off the northern rim of the Athabasca Basin, Saskatchewan,
Canada. Results from the first pass reconnaissance and prospecting program
have now been received. Within the Project area a variety of geological
environments have been identified, each conducive to uranium mineralisation.
Assay results are encouraging and a majority of the target areas warrant
further investigations.

    Location

    The Grease River Project covers approximately 81,821 hectares of land
(202, 180 acres) in three separate claim blocks that extend from Bulyea River,
north of Fond du Lac, to Marytnuik Lake, north of Stony Rapids, and covers
four geological domains.

    Regional Geology

    The Western Claim Block is centered over the contact boundary between the
Beaverlodge (Nevins Lake Block) Domain and the Train Lake Domain. The
Beaverlodge Domain in the claim area consists of granitoids, migmatitic
granitic gneiss and retrogressed garnet-biotite pelitic gneiss. The Train Lake
Domain is composed of amphibolitic granitoids crosscut by leucogranitic
pegmatites that extend across the inferred boundary between the Beaverlodge
and Train Lake Domains.

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    http://www.canalaska.com/s/NewsReleases.asp?ReportID=289404

    2007 Sample Results and Description

    Highlights of results obtained from the Western Claim Block are presented
in the following tables. All samples were collected during scintillometer and
prospecting traverses. Locations recorded by GPS. Detailed notes of rock
lithologies and area cover from each sample location were recorded where
applicable. All gamma ray scintillometer readings were taken using a Ludlum
Model 19-10 MicroR Reader.

    To view map image click on the link:
    http://www.canalaska.com/s/NewsReleases.asp?ReportID=289404

    
    Table 1: Bulyea River Target Area

    --------------------
                   U3O8
    Sample  U ppm  %(*)
    --------------------
    CC288   10198  1.20
    --------------------
    

    Sample CC288 from Table 1 is a soil sample recovered from along a creek
embankment above the high water mark.

    
    Table 2: North Stolar Lake Target Area

    -----------------------------------------
              Th    Pb                 U3O8
    Sample   ppm   ppm  Zr ppm  U ppm  %(*)
    -----------------------------------------
    CC293    1060  4840  15000  18200   2.15
    -----------------------------------------

    -------------------------------------------------------
                   Anomalous LREE
    -------------------------------------------------------
              Ce    Eu                 P2O5          TiO2
    Sample   ppm   ppm  La ppm Nd ppm   wt%  Zr ppm   wt%
    -------------------------------------------------------
    CC294    5900  8.10   2270   2650   1.82   2640
    -------------------------------------------------------
    CC295    4140  5.30   2050   1510   1.42  17700
    -------------------------------------------------------
    TR016    3100  4.40   1600   1150   1.40   2850
    -------------------------------------------------------
    TR017    3680  4.90   1820   1390   1.62   1430
    -------------------------------------------------------
    TR019    3510  4.80   1780   1280   1.36  10600
    -------------------------------------------------------
    TR022    3420  4.70   1360   1220   5.78  13400 15.50
    -------------------------------------------------------
    WM332    1655  1.35    356    432   1.46   1865
    -------------------------------------------------------
    

    The North Stolar Lake Target samples (Table 2) were collected from
outcrop of white to pink pegmatite dykes and/or sheets, and medium-grained
biotite-rich granodiorite. U-mineralization occurs as fracture-filled veinlets
within lenses of biotite schist, or schlieren, and as 0.5 to 1 cm diameter
blebs of uraninite within the pegmatite. Radiometric readings ranged between
1,300 to +9,000 counts per second, with a general background of 200 to
350 cps.
    Analyzed samples were found to contain anomalous light rare earths, with
up to 0.59% Ce, 0.0.23% La and 0.26% Nd. Sample CC293 was recovered from an
anomalously radioactive white pegmatite dyke crosscutting retrogressed garnet
(biotite) feldspar gneiss, and assayed at 2.15% U(3)O(8).
    The Dunae Lake target area (Table 3) is situated directly north of the
Stolar Lake target area. Assays from this target also show that the rocks are
enriched in anomalous light rare earth elements, with up to 1.16% Ce, 0.59%
La, and 0.41% Nd. The highest U anomaly discovered to date in the target area
was from sample WM334 at 0.24% U(3)O(8).

    
    Table 3: Dunae Lake Target Area

    -------------------------------------------------------------------------
                   Anomalous LREE
    -------------------------------------------------------------------------
              Ce    Eu                               P2O5    Zr    U    U3O8
    Sample   ppm   ppm  La ppm Nd ppm Pr ppm Th ppm   wt%   ppm   ppm   %(*)
    -------------------------------------------------------------------------
    JR378    4650  6.90   2050   1670    467    449  2.20  20600    61   0.01
    -------------------------------------------------------------------------
    TR028   11600 12.80   5980   4100   1200   2600  1.74   7020    10   0.00
    -------------------------------------------------------------------------
    TR029    1020  1.70    414    419    112    312  0.19   1490    40   0.00
    -------------------------------------------------------------------------
    WM331    1610  0.80     55    205     39     32  1.33   6010    43   0.01
    -------------------------------------------------------------------------
    WM334     203  0.70     75     82     21    175  0.33   1000  2020   0.24
    -------------------------------------------------------------------------
    

    Also discovered in the Dunae Lake area were uraninite pebbles located
within a biotite-rich soil (Table 4). The one sample sent for analysis,
assayed at 55.06% U(3)O(8), contained anomalous heavy rare earth elements
including 0.34% Dy and 1.8% Y.

    
    Table 4: Pebble found in soil - Dunae Lake Area

    -------------------------------------------------------------------------
            Anomalous
              LREE                      Anomalous HREE
    -------------------------------------------------------------------------
             Ce    Eu            Er    Gd    Ho    Th   Y    Yb     U    U3O8
    Sample  ppm   ppm  Dy ppm   ppm   ppm   ppm   ppm  ppm   ppm   ppm   %(*)
    -------------------------------------------------------------------------
    CC291  1735  9.05  3475.0  2940  1050  813.0 6260 18050 2960 467000 55.06
    -------------------------------------------------------------------------
    

    The Central Claim Block is centered along the Grease River and includes
rocks of the Train Lake Domain in the north, mylonitized rocks of the Grease
River Shear Zone in the central section, and Tantato Domain rocks in the
southern segment. The Grease River Shear Zone separates the Train Lake Domain
from the intensely foliated granitic to pelitic diatexite of the Tantato
Domain. Intruding the rocks of both the Train and Tantato Domains across the
shear zone are leucogranites bodies and leucopegmatitic sheets. Targets within
the Central Claim Block consist of the Kosowan Lake (Table 5), Eagle Rock Lake
(Table 6) and Grease River (Table 7). Uranium mineralized samples within these
target areas ranged from 0.1% to 0.4% U(3)O(8).

    
    Table 5: Kosowan Lake Target Area

    ---------------------------------------------------------------
              Th    Zr           U3O8
    Sample   ppm   ppm   U ppm   %(*)
    ---------------------------------------------------------------
    AM076     235   569   1790   0.21   outcrop - white pegmatite
    ---------------------------------------------------------------
    TP099     322    23   1100   0.13      granitic boulder
    ---------------------------------------------------------------

    Rocks of the Kosowan Lake area (Table 5) consist of
biotitic-quartzo-feldspathic orthogneiss and pelitic paragneiss intruded by
granodioritic intrusions that are anomalous in U.

    Table 6: Eagle Rock Lake Target Area

    ----------------------------------------------------------
              Th    Zr          U3O8
    Sample   ppm   ppm   U ppm   %(*)
    ----------------------------------------------------------
    AM074     535   861    939  0.11       granitic outcrop
    ----------------------------------------------------------
    AM081     410  3060   1670  0.20       granitic outcrop
    ----------------------------------------------------------
    DT037     220    46    880  0.10      pegmatitic boulder
    ----------------------------------------------------------
    JO055     319   399   1070  0.13       granitic outcrop
    ----------------------------------------------------------
    OM401     700  3590   1500  0.18       granitic outcrop
    ----------------------------------------------------------
    RM035     858   503   2420  0.29       granitic outcrop
    ----------------------------------------------------------
    TR011    2180   701   3460  0.41       granitic outcrop
    ----------------------------------------------------------
    

    Rocks of the Eagle Rock Lake area (Table 6) consist of alternating
biotitic-quartzo-feldspathic orthogneiss and pelitic paragneiss intruded by a
quartz-monzonite pluton that displays anomalous radioactivity and exhibits
numerous patches of yellow U-staining along a silica-rich Na-metasomatized
contact. Samples collected from outcrop along the contact between the host
paragneiss and quartz-monzonite intrusion indicate that the contact zone is
anomalous in U-mineralization as shown in Table 6. Radiometric readings were
from 1,000 to +9,000 cps, with background activity residing between 250 to
300 cps.
    The Eastern Claim Block is the largest of the three claim blocks and
consists of the Bradley and Perron Lake target areas, which occur within the
southern section of the block, the Eastern Tait Lake and Western Tait Lake
areas found in the central portion of the claim block, and the Davenport,
Addie and Cochrane Lakes target areas in the northern section of the claim
block.
    Rocks of the Eastern claim block straddle the inferred contact boundary
between the Train Lake Domain in the west and the Dodge Domain in the east.
The Train Lake Domain within the claim block consists of migmatitic
orthogneiss and biotitic paragneiss intruded by large bodies of leucocratic
granodiorite. The Dodge Domain consists of granulite facies mafic to felsic
rocks retrograded to amphibolite facies metamorphism. The boundary zone is
often difficult to discern. Late crosscutting pink to leucocratic granite
dykes and leucopegmatitic dykes and/or sheets extend into both domains. The
following tables present the results obtained by analyses.

    
    Table 7: Perron Lake Target Area

    -------------------------------------------------------
              Th    Zr          U3O8
    Sample   ppm   ppm   U ppm  %(*)
    -------------------------------------------------------
    CC299      14   187   1870   0.22      granite outcrop
    -------------------------------------------------------

    Sample CC299 (Table 7) was obtained from a light pink medium-grained
granite outcrop, which contained anomalous radiometric readings of between
1500 cp and 2500 cps.

    Table 8: Bradley Lake Target Area

    ----------------------------------------------------------------------
              Th    Zr          U3O8
    Sample   ppm   ppm   U ppm  %(*)
    ----------------------------------------------------------------------
    JR326     0.5     6   3300   0.39   leucogranite pegmatite outcrop
    ----------------------------------------------------------------------
    JR327      28     4   6260   0.74   leucogranite pegmatite outcrop
    ----------------------------------------------------------------------
    JR328      14    19   2880   0.34   leucogranite pegmatite outcrop
    ----------------------------------------------------------------------
    AM060      11    37   2840   0.33   leucogranite pegmatite outcrop
    ----------------------------------------------------------------------
    JR325       3    16   2525   0.30    biotitic paragneiss outcrop
    ----------------------------------------------------------------------
    JR333      96    31  11400   1.34   leucogranite pegmatite outcrop
    ----------------------------------------------------------------------
    JR334      88    13  14600   1.72   leucogranite pegmatite outcrop
    ----------------------------------------------------------------------
    OM385     0.5    25   6050   0.71    biotitic paragneiss outcrop
    ----------------------------------------------------------------------
    OM387       1    37   3090   0.36  brecciated bio-paragneiss outcrop
    ----------------------------------------------------------------------
    OM388       7     6   1750   0.21   leucogranite pegmatite outcrop
    ----------------------------------------------------------------------
    OM389     0.5    66  14000   1.65  brecciated bio-paragneiss outcrop
    ----------------------------------------------------------------------
    TR005     117    17  21100   2.49   leucogranite pegmatite outcrop
    ----------------------------------------------------------------------
    TR006     115    20  29900   3.53   leucogranite pegmatite outcrop
    ----------------------------------------------------------------------
    TR007    1680    17  10400   1.23   leucogranite pegmatite outcrop
    ----------------------------------------------------------------------
    

    Table 8 presents the results of samples collected from outcrop of
perpendicular to strike fracture-filled pitchblende mineralization hosted
within a patchy yellow U-stained leucogranitic pegmatite. The pegmatite
crosscuts parallel to the foliation of the intensely foliated and sheared
biotite-rich pelitic paragneiss. The perpendicular-to-strike fractures
generated between 1,500 to +15,000 cps within 0.2 to 0.8 cm wide fractures
that extend into the pegmatite and were traced up to several meters.
Occasional blebs of uraninite mineralization were found within biotite
clusters occurring within the pegmatite.
    Results of the traverses from the central section of the claim block
around the East and West Tait Lakes target areas are presented in Tables 9 and
10.

    
    Table 9: East Tait Lake Target Area

    ------------------------------------------------------------------
              Th    Zr          U3O8
    Sample   ppm   ppm   U ppm  %(*)
    ------------------------------------------------------------------
    DBM054    655   295   2600   0.31        granitic boulder
    ------------------------------------------------------------------
    DBM055   2370  6995  15150   1.79       paragneiss boulder
    ------------------------------------------------------------------
    DBM060    301   533    970   0.11     white pegmatite boulder
    ------------------------------------------------------------------
    ES004    1350   560   1430   0.17   biotite-rich granite boulder
    ------------------------------------------------------------------
    JR303     573   648    821   0.10  amphibole-rich granite outcrop
    ------------------------------------------------------------------
    OM345      12    63   1120   0.13   biotite-rich gneiss boulder
    ------------------------------------------------------------------
    OM347     475   792   2780   0.33   biotite-rich granite boulder
    ------------------------------------------------------------------
    OM352     396   244   1560   0.18        granite outcrop
    ------------------------------------------------------------------
    OM354     316    69    939   0.11     white pegmatite boulder
    ------------------------------------------------------------------
    

    The region contained numerous boulder fields and swamp filled valleys and
lowlands. Outcrop consisted of orthogneiss to pelitic paragneiss crosscut by
numerous north-south trending medium-grained granite and leucopegmatitic
dykes. The dykes displayed anomalous radiometric readings from 350 cps to
2500 cps, background readings were generally between 150 and 250 cps.

    
    Table 10: West Tait Lake Target Area

    ---------------------------------------------------------------
              Th    Zr          U3O8
    Sample   ppm   ppm   U ppm  %(*)
    ---------------------------------------------------------------
    DBM061   1020  1020   1040   0.12       pegmatite boulder
    ---------------------------------------------------------------
    JR292     766   166   2590   0.31     white pegmatite boulder
    ---------------------------------------------------------------
    OM364     287   441   1250   0.15     white pegmatite boulder
    ---------------------------------------------------------------
    TP057     354   318   1700   0.20     white pegmatite boulder
    ---------------------------------------------------------------
    

    Tables 11, 12 and 13 present the results of the assays from the northern
section of the Eastern claim block in the Davenport, Addie and Cochrane Lake
target areas. Samples were collected from outcrops of pink medium-grained
granite and leucogranite dykes and from biotite-rich paragneiss that gave
higher than normal background radioactivity. General background in the area
was between 100 and 250 cps.

    
    Table 11: Davenport Lake Target Area

    ---------------------------------------------------------------
              Th    Zr          U3O8
    Sample   ppm   ppm   U ppm  %(*)
    ---------------------------------------------------------------
    WM342    1530   328   6830   0.81       granite outcrop
    ---------------------------------------------------------------

    Table 12: Addie Lake Target Area

    ---------------------------------------------------------------
              Th    Zr          U3O8
    Sample   ppm   ppm   U ppm  %(*)
    ---------------------------------------------------------------
    OM380  (less    163  12200   1.44     leucogranite outcrop
           than)1
    ---------------------------------------------------------------

    Table 13: Cochrane Lake Target Area

    --------------------------------------------------------------------
              Th    Zr          U3O8
    Sample   ppm   ppm   U ppm  %(*)
    --------------------------------------------------------------------
    AM073    1270   744   1930   0.23  biotite-rich pegmatite outcrop
    --------------------------------------------------------------------
    TR009     662  1140   3470   0.41  biotite-rich paragneiss outcrop
    --------------------------------------------------------------------
    (*) Values obtained for U(3)O(8) in percent is derived by multiplying
        U ppm by a conversion factor of 0.0001179
    

    The Companies are enthusiastic about the upcoming field season. The 2008
summer field season program is designed to further geologically investigate
each target anomaly in order to evaluate its potential as a drill target. The
significance of the anomalous values of some Rare Earth Elements reported
within the Project area will also form part of the upcoming exploration
programme.
    All of the samples from the 2007 season were submitted to qualified
Canadian Laboratories for analysis. Samples submitted to Saskatchewan Research
laboratories were analysed for multi-element geochemistry and including
uranium by tri-acid digestion and ICP. Samples submitted to Acme Laboratories
in Vancouver BC for assay for trace element geochemistry were analysed by aqua
regia digestion and ICP analysis. 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 - www.canalaska.com CANALASKA URANIUM LTD. (CVV -
TSX.V, CVVUF - OTCBB, DH7 - Frankfurt) is undertaking uranium exploration in
seventeen 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). CanAlaska has expended over Cdn$24 million
exploring its properties in the Athabasca Basin and has delineated multiple
uranium targets. Initial drilling results from the West McArthur Project
revealed uranium mineralization and significant zones of hydrothermal
alteration, indicative of a favourable environment for uranium deposition.
Active drilling and exploration has continued through the Summer, and Fall
2007 seasons at West McArthur and at 2 other significant projects. The
Company's high profile in the prominent Athabasca Basin 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 to earn 50% of the West McArthur Project. In addition, exploration of
CanAlaska's Cree East Project has commenced under a C$19 mil. agreement
executed with a consortium led by Hanwha Corporation, and comprising Korea
Electric Power Corp., Korea Resources Corp. and SK Energy Co, Ltd.

    About Uranium Prospects Plc - www.uraniumprospects.com

    URANIUM PROSPECTS PLC (PLUS:URPP) was floated on PLUS in London in July
2007. The Company was established to acquire, or purchase options to acquire,
exploration rights over land where initial tests have indicated the potential
for a high concentration of uranium deposits, either on its own or under a
joint venture arrangement.
    In early August 2007 the Company acquired the option to purchase a 51%
stake in a joint venture company with CanAlaska Uranium Ltd (40%) to own the
Grease River Project. It acquired the interest from Yellowcake Plc (PLUS: YEL)
(9%) and has assumed a financial commitment for the project.
    Marc Sale Director of Uranium Prospects said: "Uranium Prospects whilst a
junior explorer is demonstrating its ability to pursue potentially significant
uranium prospects. The Grease River Project contains a rich variety of classic
host environments that are demonstrating their potential to contain not only
economic uranium prospects but have also reported significant REE values. We
are confident that the planned exploration will produce quality drill targets.

    Enquiries:
    Mark Watson-Mitchell, Chairman Email: mark@uraniumprospects.com
    Tel: +44 (0)207 638 8750

    About Yellowcake Plc - www.yellowcakeplc.co.uk

    YELLOWCAKE PLC (PLUS:YEL) is the world's first portfolio company
specialising wholly in investing in uranium explorers, developers and
producers. Founded in February 2005, it floated on London's PLUS Market in
July 2005. Yellowcake commenced investing in quoted and unquoted uranium
companies in late September 2005 and currently its portfolio includes 32
companies, with operations in Africa, Australia, Canada, Kazakhstan, Mongolia,
Paraguay and the United States. Its strategy also includes sourcing uranium
projects and it has a 9% carried interest in the Grease River Option Agreement
with CanAlaska (40%) and Uranium Prospects (PLUS: URPP) (51%).
    Robert Wallace, CEO of Yellowcake, said "We are delighted that the assay
results from CanAlaska's prospecting campaign have confirmed extensive and
very high uranium grades from a variety of basement rocks within the Grease
River exploration licence area. The anomalous values of associated rare earth
elements add to the prospectivity of the surface exploration in an area
well-situated to existing infrastructure. Yellowcake Plc is encouraged by this
endorsement of its involvement in the project and awaits the subsequent stages
of exploration with high expectations of commercial success".
    Enquiries: Robert Wallace, CEO Email: robert@yellowcakeplc.co.uk Tel: +44
(0)7970 648480

    On behalf of the Board of Directors

    (signed)

    Peter Dasler, M.Sc., P.Geo.
    President & CEO, CanAlaska Uranium Ltd.

    The TSX Venture has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release: CUSIP No. 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.





For further information:

For further information: Emil Fung, Vice President, Corp. Dev., Tel:
(604) 688-3211, Toll Free (N. America): 1-800-667-1870, Email:
info@canalaska.com

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