CanAlaska and Yellowcake accelerate uranium exploration at Grease River

    VANCOUVER, June 22 /CNW/ - CanAlaska Uranium Ltd. (TSX-V: CVV) - The
Company is pleased to report the commencement of detailed airborne surveys on
the Grease River uranium exploration project, located adjacent to the northern
edge of the Athabasca Basin as well as an accelerated commitment of $1.3 M
towards the conduct of summer geological surveys from Yellowcake plc.
    The current work, financed by Yellowcake plc under a 4-year Cdn.$5 mil.
60% earn-in option, 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, located within a
regional scattering of Uranium-Thorium anomalies in lake sediments. Very high
uranium values (over 1,000 ppm) in historical lake sediments indicate the
presence of further uranium mineralization hosted in basement rocks.
    Mr. Robert Wallace, Chief Executive of London-quoted Yellowcake plc, said
"We are very pleased that our partner CanAlaska has been able to advance the
exploration program at Grease River. Investors are realising that
near-surface, basement-hosted projects on the Athabasca rim have advantages in
lowered exploration and prospective production costs. Grease River has
exciting historical grades; we are happy to accelerate our spending for this
Summer and look forward to the results enabling us to progress to the drilling
and development stage in 2008."

    Summer Exploration Activity

    CanAlaska has contracted Terraquest Ltd to perform the airborne survey
work. The 6,900 line-km airborne survey on the Grease River property has
commenced. The survey includes high resolution aero-magnetics, horizontal
gradiometer, gamma spectrometry, and XDS/VLF - EM.
    This survey will delineate priority areas within the regional targets for
the fifteen field technicians and geologists who will commence ground work in
early July. The accelerated program of ground surveys will continue for the
following two months. This follow-up work will include a lake sediment
confirmation survey, prospecting, and detailed geological mapping in
preparation for drill programs.

    Project Geology

    The Grease River claims have been staked on combined lake sediment and
radiometric anomalies straddling major geological domain boundaries, including
the Grease River Shear Zone. The area is known for very high uranium in lake
sediments (over 1,000 ppm U) as well as several in-situ uranium showings with
values up to 1.6 % U(3)O(8).
    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 from cursory past exploration, give strong
indication for definition of drill targets from the summer work. The area is
easily accessible from the road-head and airport at Stony Rapids, located to
the south of the Grease River project area. The basement rocks in this area
are thought 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 Qualified Person responsible for this news release is Peter Dasler,

    About CanAlaska Uranium Ltd. --

    CanAlaska Uranium (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). In
2005/2006, CanAlaska expended over Cdn$15 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 continues in the Summer, 2007 exploration season at West McArthur
and at 4 other significant projects. The Company's high profile in the
prominent Athabasca Basin has attracted the attention of major international
strategic partners. 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. An MOU
has also been executed with Hanwha Corporation, a S. Korean conglomerate, to
enter into joint exploration of CanAlaska's Cree East Project.

    About Yellowcake plc --

    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 Markets 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. Since it began investing, its portfolio value
has risen over fourfold with a gain of 312% at 12 April 2007. Its strategy
includes investing directly in uranium projects and Grease River represents
the first such investment.

    On behalf of the Board of Directors

    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:

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