CanAlaska Uranium Ltd. - Further drill results from uranium zone at Fond du Lac project

    VANCOUVER, Feb. 26 /CNW/ - CanAlaska Uranium Ltd. (TSX.V - CVV)
("CanAlaska" or the "Company") has received additional assay results for holes
FCL 004-FCL 006 and for infill sampling on holes FCL 001-003. These results
for the uranium-mineralized sections of the first six drill holes from
CanAlaska's work are detailed in the following table, and indicate good widths
and grades of uranium mineralization.

    Table 1: Summary of Initial drill results Fond du Lac Project
    Hole        Rock      From (m)  To (m)  Width (m)    Grade       Lbs/Ton
    Number                                            (% U(3)O(8))  U(3)O(8)
    FCL 002   Sandstone     16.8     42.10    25.30       0.10%        2.0
                incl        17.2     24.85     7.65       0.13%        2.6
    FCL 003   Sandstone    18.10     44.61    26.51       0.15%        3.0
    FCL 004   Sandstone    15.50     17.50     2.00       0.10%        2.0
                 and       36.00     42.80      6.8       0.07%        1.4
    FCL 005   Sandstone    16.00     22.50     6.50       0.07%        1.4
    FCL 006   Sandstone     16.0     30.30    14.30       0.14%        2.8

    The Fond du Lac project is located on the northern portion of the
Athabasca Basin, Saskatchewan, where the Athabasca sandstone units have
minimal thicknesses of 20-75 metres overlying the unconformity. This area was
explored by AMOK in the 1960's and AMOK and Eldorado Nuclear in the 1970's and
early 1980's. The property is part of the Fond Du Lac Denesuline First Nation
Reserve Lands, and CanAlaska is working with the community under an Option to
earn a 49% interest in the project.
    A small uranium resource (non 43-101compliant) was previously discovered
in the sandstone units, immediately above the unconformity, but no significant
effort was made to explore for structurally hosted uranium mineralization in
the basement rock at that time. However there is historical evidence for
basement hosted mineralization in hematised fault zones.
    The 2008 drilling and detailed ground geophysics by CanAlaska in January
and February 2009 have highlighted a number of strong structural events in the
basement rocks. There are patterns of sulphide mineralization and gravity
anomalies. The company is preparing for a summer drill program on the
property, following the completion of the Company's current four-rig winter
drill program.
    The uranium mineralization at Fond du Lac is principally within the
Manitou Falls Formation of the Athabasca Sandstone sequence, and is
characterized by strong fracturing, intense silicification, zones of
hematisation and minor clay alteration. In the current area of 2008 drilling,
zoning is apparent, with a central highly mineralized-core. The mineralization
is evident as disseminations and replacement, both in the sandstone and near
the surface (see following plan and drill section).

    Across the project, there are multiple other zones, currently only
loosely-defined by mineralized boulder trains (see attached figure 1 for
mineralized boulder trains and geophysical responses).
    In the current drilling, a very significant zone of hematite alteration
was intersected in basement rocks at the unconformity, under the
better-mineralized uranium zone in the drill holes FCL 001-003. This style of
iron oxide mineralization is generally caused by oxidization from geothermal
activity along fracture zones, and is a common indicator for most
basement-hosted uranium deposits. Drill hole FCL 001 intercepted anomalous
uranium mineralization in sandstone. Drill hole FCL 004 intercepted two zones
of replacement mineralization on the southern edge of the main zone. Holes FCL
005 and FCL 006 intercepted uranium mineralization in the sandstone and strong
clay hematite and chlorite alteration, in the basement rocks. Further drilling
along strike will be required to define the extent and orientation of the
present zone.

    The Company received a work permit for the drilling at Fond du Lac from
INAC (Indian and Northern Affairs Canada), with consent from the band and
council of the Fond du Lac Denesuline First Nation. This permit allowed the
Company to commence exploration on the Reserve lands. By agreement dated
October 18th, 2006, the Company acquired from the Fond du Lac Denesuline First
Nation an option to earn a 49% economic interest in the minerals resident on
Fond du Lac reserve lands. CanAlaska may exercise this option following the
incurrence of $2 million in exploration expenditures and the payment of
$130,000 and 300,000 Company shares.
    Elsewhere in the Athabasca Basin, CanAlaska has two drill crews working
at the Cree East Project, located in the southwestern part of the Athabasca
basin. A third drill crew is operating at the West McArthur project, on a new
geophysical target located north west of Denison's Wheeler River project, and
south west of the McArthur River mine.
    The Company has just mobilized a fourth crew for a month-long drill
program on the Black Lake Project, on the Black Lake Denesuline First Nation
Reserve. This drill program will replace the proposed winter program at Fond
du Lac, but will test higher priority strong airborne and ground truthed
geophysical conductors on the splays of the Black Lake-Platt Lake Faults, on
the northern end of the Virgin River mineralized trend. There are multiple
targets at shallow depths in this area. These targets have been confirmed by
summer boulder sampling and historical mineralized drill core from the
vicinity. Drill holes will target both sandstone hosted alteration and
basement mineralization in this program.
    The Company is very pleased with current operations, and is fully-funded
for the summer-fall work programs through its joint venture partnerships and
from current treasury.
    All of the drill core samples from the Fond du Lac project were submitted
to Acme Laboratories Vancouver, an ISO 9001:2000 accredited and qualified
Canadian Laboratory, for their Group 4B analysis. These samples were analysed
for uranium and multi-element geochemistry by tri-acid digestion and ICP-MS.
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 Ltd. --

is undertaking uranium exploration in nineteen 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).
To-date, CanAlaska has expended over Cdn$45 million exploring its properties
and has delineated multiple uranium targets. The Company's geological
expertise and high exploration profile 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 for its West McArthur
Project. Exploration of CanAlaska's Cree East Project is also progressing
under a C$19 mil. joint venture with a consortium of Korean companies led by
Hanwha Corporation, and comprising Korea Electric Power Corp., Korea Resources
Corp. and SK Energy Co, Ltd.

    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: 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, Email:

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