CanAlaska Uranium Ltd.: Grease River Project: Rock Sample and Lake Sediment Results Confirm High Uranium Mineralization



    VANCOUVER, Nov. 26 /CNW/ - CanAlaska Uranium Ltd. (TSX-V: CVV) - The
Company is pleased to report on the first assay results from exploration
samples on the Grease River Project. There are extensive areas of high to very
high uranium in lake sediments, as well as rock samples to 1.79% uranium in
surface boulders.
    The current work, financed under the Uranium Prospects plc/Yellowcake plc
agreement, and operated by CanAlaska under the direction of Dr Karl Schimann,
combines airborne surveys with ground prospecting and mapping. The project
area covers an extensive belt of uranium showings adjacent to the northern
edge of the Athabasca Basin. Regionally, this area had been defined by the
Geological Survey of Canada as having a belt of high Uranium-Thorium and
uranium anomalies in lake sediments. The 2007 summer program re-sampled and
in-filled missing lake sediment sample locations. The very high uranium values
(up to 1,870 ppm U) reported in historical lake sediment samples have been
confirmed. The first batch of 63 rock samples and 13 soil samples (duplicates
of historical mineralization) submitted to the laboratories confirmed the
presence of uranium mineralization hosted in basement rocks and basement
derived boulders in two distinct areas, west and north of Tait Lake.
    Rocks in the north and west Tait Lake area consist of
biotite-quartz-feldspar and amphibolitic paragneiss that have been intruded by
white to pink medium-grained granitic rocks. Both of these rock units are
crosscut by coarse-grained feldspar-quartz pegmatites. The paragneiss and
granitic rocks contain crosscutting clear to smokey gray quartz veins and
veinlets; with occasional weak to moderate hematite alteration occurring
within healed fractures and along grain boundaries. The granitic rocks exhibit
a weak to moderate foliation. The feldspar-quartz pegmatites are massive,
white to pale pink in colour and are in sharp contact with the paragneiss and
granite. Boulders and boulder fields within this area are derived from both
the paragneiss and granitic rocks.
    CanAlaska considers the project area to have potential for both
basement-hosted unconformity deposits as well as bulk tonnage "Rossing" style
deposits. The extensive nature of the uranium mineralization in lake sediments
and the early success of the regional reconnaissance style exploration,
provide strong indications for the future definition of drill targets from the
summer campaign. The basement rocks in this area are interpreted to have been
stripped of any overlying Athabasca sandstone, exposing structurally
controlled uranium replacement zones, as well as possible larger tonnage
intrusive related targets. The Grease River project area is easily accessible
by air from the road-head and airport at Stony Rapids, Saskatchewan, located
to the southeast of the project area.

    http://canalaska.com/i/maps/map112607.jpg

    Lake Sediment Sampling

    The Grease River claims were staked over combined lake sediment and
airborne survey radiometric anomalies straddling major geological domain
boundaries, including the Grease River Shear Zone (see insert location map).
The area is known for very high uranium in lake sediments (over 1,500 ppm U)
as well as several in-situ uranium showings with values up to 1.6 % U(3)O(8).
    CanAlaska's staff previously sourced and reviewed extensive historical
exploration data for the region. In 2007, significant lake sediment sampling
was performed over most of the Project to cover areas not previously surveyed
in addition to several hundred validation samples in areas of historical
anomalies.

    Tait Lake Area

    The area contains numerous zones that yield radiometric readings of 300
to 2,500 cps from uranium mineralization hosted within medium-grained granite
and coarse-grained quartz-feldspar pegmatitic dykes that crosscut
biotite-quartzo-feldspathic to biotite-quartz-feldspar amphibolitic gneiss.
These uranium bearing dykes, and the local structures they are associated with
provide the focus in our exploration for bulk-mineable targets. The highly
elevated uranium content in the lakes along a north trending belt (see hatched
area on map), reflects these zones, as well as probable further uranium
mineralized zones. Sampling was carried out in a number of these areas to
establish absolute uranium values, as well as identifying associated trace
element geochemistry. Two of these zones are accounted for with the current
samples: a) in the north Tait Lake area with boulder samples DBM054 (0.31% 
U(3)O(8)), DBM055 (1.79% U(3)O(8)), OM347 (0.33% U(3)O(8)); and b) in the west
Tait Lake area by samples DBM060 (0.11% U(3)O(8)), DBM061 (0.12% U(3)O(8)),
JR303 (0.10% U(3)O(8)), OM354 (0.11% U(3)O(8)), and outcrop samples
OM353(0.08% U(3)O(8)) and OM352 (0.18% U(3)O(8)), as shown in the following
table.

    
    Table 1.North and West Tait Lake: Initial Rock Samples, Uranium Content
    -------------------------------------------------------------------------
    Sample             Location             Type                    U(3)O(8)
    -------------------------------------------------------------------------
    DMB 054            North Tait           Boulder                   0.31%
    -------------------------------------------------------------------------
    DMB 055            North Tait           Boulder                   1.79%
    -------------------------------------------------------------------------
    DMB 060            West Tait            Boulder                   0.11%
    -------------------------------------------------------------------------
    DMB 061            West Tait            Boulder                   0.12%
    -------------------------------------------------------------------------
    JR 303             West Tait            Boulder                   0.10%
    -------------------------------------------------------------------------
    OM 352             West Tait            Outcrop                   0.18%
    -------------------------------------------------------------------------
    OM 353             West Tait            Outcrop                   0.08%
    -------------------------------------------------------------------------
    OM 354             West Tait            Boulder                   0.11%
    -------------------------------------------------------------------------
    

    All of the samples from the current program were submitted to one of two
qualified Canadian Laboratories for analysis. Samples submitted to
Saskatchewan Research Laboratories were analyzed for multi-element
geochemistry and including uranium by tri-acid digestion and ICP. Samples
submitted for assay for trace element geochemistry to Acme Laboratories in
Vancouver BC, were analyzed 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.
    The Company is now progressively receiving assay information for several
hundred more samples submitted for laboratory analysis during the remainder of
the summer campaign. Further results for work carried out from August-October
are expected over the next months. The awaited samples are from other surface
mineralized zones on this and other CanAlaska projects as well as from the
Company's summer drill programs. The laboratory delays have been significant,
but results will be released as they are received and evaluated.

    Summary

    The 2007 exploration programme is now demonstrating, through anomalous
rock assay results, the high potential of the Grease River Project for
uranium. The sample results confirm the strong uranium enrichment in the lake
sediment and soils of the area, indicating a regional uranium enhancement and
high uranium mobility. This constitutes a very favourable environment for
hydrothermal and structure-related enrichment, such as found within the
basement in the Eastern Athabasca Basin (Eagle Point, Millenium). The Tait
Lake mineralization, as characterized by the two sets of samples analysed
to-date, suggests that uranium mineralization present within the rocks of the
Tait Lake area has been mobilized through weathering processes and
concentrated within the lake sediments and soils. This further suggests that
there is a strong possibility of uranium mineralization being concentrated
within fractures forming vein-like deposits.
    The Company expects to receive numerous more assay results from Tait Lake
and nearby areas on the project over the coming months. These results will
form the basis for more detailed exploration in 2008.
    The person responsible for this release is Peter Dasler, M.Sc., P. Geo.
President of CanAlaska Uranium Ltd.

    About CanAlaska Uranium Ltd. -- 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. A
C$19 mil. Agreement for exploration has also been executed with a Korean
Consortium led by Hanwha Corporation to enter into joint exploration of
CanAlaska's Cree East Project.

    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.

    Enquiries:

    Mark Watson-Mitchell, Chairman
    Email: mark@uraniumprospects.com
    Tel: 0044 (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%).

    Enquiries:

    Robert Wallace, CEO
    Email: robert@yellowcakeplc.co.uk
    Tel: 0044 (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: CUSIPNo. 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) 685-1870, Toll Free (N. America): 1-800-667-1870, Email:
info@canalaska.com

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CanAlaska Uranium Ltd.

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