CanAlaska Uranium Ltd. - Uranium mineralization in granite at Grease River Project, northern Athabasca Basin

    VANCOUVER, Feb. 17 /CNW/ - CanAlaska Uranium Ltd. (TSX.V - CVV)
("CanAlaska" or the "Company") is pleased to announce results from summer
prospecting on its Grease River project. Multiple zones of uranium
mineralization have previously been reported from basement rocks, just north
of the northern limit of the Athabasca sandstone (see Press Release - March 3,
2008). Prospecting and mapping during summer 2008 concentrated on several
structures with higher grade uranium, found during 2007 work, and areas of
extensively mineralized granite. The current results detail the sampling of
non-magnetic granitic rocks at the margin of a granite plug along a strike
length of 1.5 kilometres.

    Grease River Project Location

    The Grease River Project covers approximately 81,821 hectares of land
(202,184 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.

    Shearika Ridge Uranium Mineralization

    An extensive zone of uranium mineralization in sheeted and
stockwork-style brittle fractures in close sourced boulders and in white
granite is located on the edge of a larger pink granite stock. The thin
fractures have pervasive uranium mineralization, with high to very high
radioactivity. Surface sampling of fractured and non fractured rock, as well
as surface traverses using hand-held scintillometers, show the extensive
nature of the uranium mineralization. The following table of samples, details
numerous sites of higher radioactivity over an area of 1.5 km X 0.5 km. This
area also shows extensive radioactivity from the airborne survey completed by
CanAlaska in the previous season. The sample location and table of results in
the attached figure show the distribution of the sampling with the trend of
the strong U/Th radiometric anomaly.

    Example of fractured white granite at Shearika Ridge

    Field Crew prospecting boulder field Grease River Property
    Sampling high grade uranium mineralization in fractured white granite,
    Grease River Property

    Table 1 Shearika Ridge and Local Area Uranium Samples

    Sample   Target Area   Type      Rock Type         U3O8%    Mo%     U/Th

    OM471    Shearika      Outcrop   Pegmatite-Pink    1.36     0.13    6.70
    AM122    Shearika      Boulder   Granite-White     0.99     0.05    8.98
    JR396    Shearika      Boulder   Pegmatite-White   0.91     0.06    3.41
    RD305    Shearika      Outcrop   Pegmatite-White   0.75     0.17    2.23
    MG060    Shearika      Boulder   Pegmatite-White   0.65             6.37
    OM432    Shearika      Boulder   Pegmatite-Pink    0.63     0.07    6.98
    GK020    Shearika      Outcrop   Pegmatite-White   0.60             3.67
    OM430    Shearika      Boulder   Granite-White     0.54     0.05    4.37
    GK017    Shearika      Outcrop   Pegmatite-White   0.51     0.10    1.22
    CH130    Shearika      Outcrop   Pegmatite-White   0.47             3.74
    MG058    Shearika      Boulder   Granite-White     0.46             8.10
    AM117    Shearika      Boulder   Pegmatite-White   0.37             2.26
    JF027    Shearika      Outcrop   Pegmatite-White   0.36             2.92
    CH124    Shearika      Outcrop   Pegmatite-White   0.34     0.09    3.39
    AM116    Shearika      Boulder   Pegmatite-White   0.33             6.20
    CH118    Shearika      Outcrop   Pegmatite-White   0.33             2.44
    CH132    Shearika      Outcrop   Pegmatite-White   0.32             4.33
    MG062    Shearika      Boulder   Pegmatite-White   0.32             3.43
    OM427    Shearika      Boulder   Gneiss /Granitic  0.32             2.61
    AK040    Shearika      Boulder   Granite-White     0.30     0.05    3.80
    AK042    Shearika      Boulder   Granite-White     0.30             2.76
    JR406    Shearika      Boulder   Granite-Pink      0.28             7.34
    JR405    Shearika      Boulder   Pegmatite-White   0.28             3.36
    AK039    Shearika      Boulder   Granite-White     0.27             4.09
    RD296    Shearika      Outcrop   Pegmatite-White   0.26             4.89
    CH188    Shearika      Boulder   Granite-White     0.26     0.08    1.95
    OM465    Shearika      Boulder   Pegmatite-White   0.25             3.60
    JF029    Shearika      Boulder   Pegmatite-White   0.25     0.06    2.23
    OM421    Shearika      Boulder   Pegmatite-Pink    0.24             2.98
    JR402    Shearika      Boulder   Pegmatite-White   0.24             1.88
    GK005    Shearika      Outcrop   Pegmatite-White   0.24             1.35
    GK023    Shearika      Outcrop   Pegmatite-White   0.23     0.06    4.53
    CH121    Shearika      Boulder   Pegmatite-White   0.23             2.65
    RD299    Shearika      Outcrop   Pegmatite-White   0.23             1.67
    JF028    Shearika      Outcrop   Quartz Vein       0.22     0.10    2.95
    DT078    Shearika      Outcrop   Granite-White     0.22             2.48
    CH129    Shearika      Outcrop   Pegmatite-White   0.21     0.05    3.59
    RD277    Shearika      Outcrop   Pegmatite-White   0.21             2.32
    CH107    Shearika      Boulder   Pegmatite-White   0.21     0.10    0.83
    OM431    Shearika      Boulder   Granite-White     0.19             6.26
    RD302    Shearika      Outcrop   Pegmatite-White   0.19             3.32
    RD284    Shearika      Outcrop   Quartz Vein       0.19             2.95
    GK028    Shearika      Outcrop   Pegmatite-Pink    0.19             2.46
    GK009    Shearika      Outcrop   Pegmatite-White   0.19             2.30
    RD297    Shearika      Outcrop   Pegmatite-White   0.18             5.20
    GK024    Shearika      Outcrop   Pegmatite-White   0.18             5.14
    CH189    Shearika      Boulder   Granite-White     0.18             5.06
    CH135    Shearika      Outcrop   Pegmatite-White   0.18             4.27
    CH108    Shearika      Boulder   Pegmatite-White   0.18     0.05    2.17
    CH113    Shearika      Outcrop   Quartz Vein       0.18             1.32
    RD294    Shearika      Outcrop   Pegmatite-White   0.18     0.06    1.16
    CH109    Shearika      Boulder   Pegmatite-White   0.18     0.05    0.99
    RD293    Shearika      Outcrop   Pegmatite-White   0.18             0.41
    MG059    Shearika      Boulder   Pegmatite-White   0.17             4.23
    TP123    Shearika      Boulder   Granite-White     0.17             2.12
    GK022    Shearika      Outcrop   Pegmatite-White   0.17             1.98
    ES072    Shearika      Boulder   Quartz Vein       0.17             1.25
    CH120    Shearika      Outcrop   Pegmatite-White   0.17             0.89
    RD276    Shearika      Outcrop   Pegmatite-Pink    0.16             4.17
    CH123    Shearika      Outcrop   Pegmatite-White   0.16     0.06    1.91
    RD281    Shearika      Outcrop   Pegmatite-White   0.15             2.81
    RD288    Shearika      Outcrop   Pegmatite-White   0.15             2.48
    OM428    Shearika      Boulder   Gneiss-/Granitic  0.15             2.19
    CH140    Shearika      Outcrop   Granite-Pink      0.15             1.82
    RD304    Shearika      Outcrop   Pegmatite-White   0.14     0.05    3.11
    RD308    Shearika      Outcrop   Pegmatite-White   0.14             2.22
    OM424    Shearika      Boulder   Pegmatite-White   0.14             1.82
    CH187    Shearika      Boulder   Pegmatite-Pink    0.14     0.04    1.62
    RD289    Shearika      Outcrop   Pegmatite-White   0.13             2.99
    RD279    Shearika      Outcrop   Pegmatite-White   0.13             1.98
    MG050    Shearika      Boulder   Granite-White     0.13             1.41
    OM422    Shearika      Boulder   Pegmatite-Pink    0.13             1.08
    CH134    Shearika      Outcrop   Pegmatite-White   0.13             0.40
    CH131    Shearika      Outcrop   Pegmatite-White   0.12     0.05    3.99
    CH112    Shearika      Outcrop   Pegmatite-White   0.12             2.94
    RD290    Shearika      Outcrop   Pegmatite-White   0.12             2.61
    RD280    Shearika      Outcrop   Pegmatite-White   0.12             1.76
    GK025    Shearika      Outcrop   Pegmatite-White   0.12             0.30
    AK041    Shearika      Boulder   Granite-White     0.11             4.77
    CH133    Shearika      Outcrop   Pegmatite-White   0.11     0.10    4.21
    TP125    Shearika      Outcrop   Granite-Pink      0.11             1.90
    TP110    Shearika      Outcrop   Granite-White     0.11             1.11
    RD300    Shearika      Outcrop   Pegmatite-White   0.10             2.47
    JR400    Shearika      Boulder   Granite-White     0.10             2.18
    GK012    Shearika      Outcrop   Pegmatite-White   0.10             2.10
    RD301    Shearika      Outcrop   Pegmatite-White   0.10             0.58
    JR403    Shearika      Boulder   Granite-White     0.09             5.78
    CH127    Shearika      Outcrop   Pegmatite-White   0.09             2.55
    RD291    Shearika      Outcrop   Pegmatite-White   0.09             2.34
    GK011    Shearika      Outcrop   Pegmatite-Pink    0.09             1.57
    CH115    Shearika      Outcrop   Quartz Vein       0.09             1.33
    RD292    Shearika      Outcrop   Pegmatite-White   0.09             0.40
    MG047    Shearika      Outcrop   Granite-White     0.09             0.33
    RD307    Shearika      Outcrop   Pegmatite-White   0.08             3.26
    RD286    Shearika      Outcrop   Pegmatite-White   0.08             3.20
    RD287    Shearika      Boulder   Pegmatite-White   0.08             2.52
    CH114    Shearika      Outcrop   Pegmatite-White   0.08             1.78
    GK015    Shearika      Outcrop   Pegmatite-Pink    0.08             1.69
    JF011    Shearika      Outcrop   Pegmatite-Pink    0.08             1.10
    RD285    Shearika      Outcrop   Pegmatite-White   0.08     0.12    1.01
    DT076    Shearika      Outcrop   Granite-White     0.07             2.48
    ES071    Shearika      Boulder   Granite-White     0.07             2.18
    CH125    Shearika      Outcrop   Pegmatite-White   0.07             1.87
    TH015    Shearika      Boulder   Granite-Pink      0.07             1.84
    CH117    Shearika      Outcrop   Pegmatite-White   0.07             1.47
    RD298    Shearika      Outcrop   Pegmatite-White   0.07             1.44
    MG052    Shearika      Boulder   Granite-White     0.07             1.42
    JF015    Shearika      Boulder   Pegmatite-Pink    0.06             4.00
    AM112    Shearika      Boulder   Pegmatite-White   0.06             2.35
    WB010    Shearika      Outcrop   Gneiss-/Granitic  0.06             2.06
    CH104    Shearika      Outcrop   Pegmatite-White   0.06             1.67
    GK027    Shearika      Outcrop   Pegmatite-White   0.06             1.62
    GK016    Shearika      Outcrop   Pegmatite-White   0.06             1.59
    OM426    Shearika      Boulder   Pegmatite-White   0.06             1.46
    CH122    Shearika      Outrcop   Pegmatite-White   0.06             1.38
    JR401    Shearika      Boulder   Granite-White     0.06             0.89
    CH126    Shearika      Outcrop   Pegmatite-White   0.06             0.69
    RD303    Shearika      Outcrop   Pegmatite-White   0.05             5.49
    AK038    Shearika      Boulder   Granite-White     0.05             2.46
    GK019    Shearika      Outcrop   Pegmatite-White   0.05             2.33
    RD278    Shearika      Outcrop   Pegmatite-White   0.05             2.07
    CH116    Shearika      Outcrop   Pegmatite-White   0.05             1.96
    GK008    Shearika      Outcrop   Pegmatite-White   0.05             1.85
    CH110    Shearika      Outcrop   Pegmatite-White   0.05             1.40
    CH137    Shearika      Boulder   Pegmatite-White   0.05             1.29
    CH136    Shearika      Outcrop   Pegmatite-White   0.05             1.23
    GK037    Shearika      Outcrop   Pegmatite-White   0.05             0.89
    RD306    Shearika      Outcrop   Pegmatite-White (greater

    The Grease River claims (81,821ha) were staked to cover areas with
extremely high uranium in lake sediments coinciding with high uranium-thorium
ratios and high total radioactivity as defined by earlier surveys carried out
by the Geological Survey of Canada. The areas also correspond to the
intersection of two geological boundaries, one of which is the Grease River
Fault, a major shear zone over 5 kilometres wide. Several showings were known
to occur within the southern claims of the new project, with historical
surface samples of up to 1.6% U(3)O8 in sheared metasediments, before the
commencement of the current exploration programs. In 2007 and 2008, CanAlaska
survey crews completed sampling of over 20 separate zones of uranium
mineralization on the Grease River project, and identified multiple zones of
uranium mineralization associated with pegmatites, granites and cross cutting
structures. The 2008 work concentrated on the profile of the larger targets.
The Shearika ridge target is the largest zone of continuous mineralization on
the property. This zone requires drill testing to establish average uranium
grades and depth extent to the known mineralization.

    Table 2: Other Zones of Uranium Mineralization - Grease River Project

    Sample   Target Area   Type      Rock Type         U3O8%    Mo%     U/Th

    TH008    Fontaine
              Lake         Outcrop   Granite-Pink      0.22             0.59

    ES078    Davenport
              Lake         Outcrop   Quartz Vein       0.11             2.35
    RD275    Davenport
              Lake         Boulder   Granite-White     0.06             1.51

    RD270    Addie         Outcrop   Granite-Pink      1.28              688
    RD271    Addie         Outcrop   Granite-Pink      1.08             1599
    RD272    Addie         Outcrop   Pegmatite-Pink    0.16     0.04     3.0

    RD267    Bradley       Outcrop   Amphibolite       0.82             8642
    RD268    Bradley       Outcrop   Pelite            0.13              141

    FT001    Melanchuk
              Lake         Boulder   Granite-White     0.14             2.61
    CH185    Melanchuk
              Lake         Boulder   Granite-White     0.14             1.64
    AS001    Melanchuk
              Lake         Boulder   Pegmatite-Pink    0.11             1.58
    CH183    Melanchuk
              Lake         Boulder   Granite-White     0.10             2.50
    TP151    Melanchuk
              Lake         Outcrop   Granite-White     0.10             1.14
    TP150    Melanchuk
              Lake         Outcrop   Granite-White     0.07             0.51
    CH184    Melanchuk
              Lake         Boulder   Granite-White     0.06             2.35
    CH182    Melanchuk
              Lake         Boulder   Granite-White     0.05             2.49
    CH180    Melanchuk
              Lake         Boulder   Granite-White     0.05             1.70
    CH181    Melanchuk
              Lake         Boulder   Granite-White     0.05             1.05

    The 2008 prospecting work on the Grease River property complemented the
2007 prospecting. The observed mineralization is of two styles; high U/Th
((greater than)20) and low U/Th. Both occur predominantly in pegmatitic to
granitic rocks. The high U/Th samples are interpreted to be derived from
secondary (hydrothermal) enrichment, whereas the low U/Th are
metamorphic/intrusive enrichments.
    Most of the work concentrated on the Sherika Ridge area, the best exposed
1.5 km of a 7 km long contact zone between a granite and paragneisses. White
to pink pegmatites intrude a 500 metre wide paragneiss selvage and are
uranium-enriched. Uranium occurs associated with biotite clusters and in
fractures, sometimes along the contact with the paragneiss.
    Similar mineralization was observed at Melanchuk Lake, south-west of the
Sherika Ridge and as well at the Davenport showings. Additional prospecting in
the Addie lake area produced good results (up to 1.28% U3O8) with a very high
U/Th ratio indicative of low temperature, hydrothermal, mineralization.
Similar mineralization was observed in a 50 cm wide shear that was followed
for 30 metres before disappearing in overburden at the Bradley showing.
Locations of Davenport Lake, Addie Lake and the Bradley occurrences are shown
on figure 2 of CanAlaska's March 3rd, 2008 news release.
    All of the samples from the Grease River project were submitted to Acme
Laboratories Vancouver, an ISO 9001:2000 accredited and qualified Canadian
laboratory, for the Group 4B analysis. These samples were analyzed for uranium
and multi-element geochemistry by tri-acid digestion and ICP-MS. High grade
uranium samples were assayed by Saskatchewan Research Laboratories and
analyzed for multi-element geochemistry, including uranium and other elements
by tri-acid digestion and ICP. The samples were collected by CanAlaska field
geologists under the supervision of Dr. Karl Schimann, and were shipped in
secure containment to the qualified Canadian laboratories noted above.

    The Grease River Project is presently under option to Uranium Prospects
plc and Yellowcake plc. Uranium Prospects and Yellowcake may earn 51% and 9%
respective ownership interests in the project by contributing a total of Cdn$5
million in exploration expenditures and sundry consideration in cash and
common shares.
    Peter Dasler, M.Sc, P. Geo. is the Qualified Person for this news

    About CanAlaska Uranium Ltd. --

is undertaking uranium exploration in twenty 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$50 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. A Memorandum of Understanding has also recently
been executed with mining partner East Resources Inc. to commence exploration
on the NE Wollaston Project comprising a potential 100,000 metres of drill

    About Uranium Prospects Plc -

    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 with CanAlaska Uranium Ltd.
(40%) for the Grease River Project. It acquired the interest from Yellowcake
Plc (PLUS: YEL) (9%) has assumed financial commitment for the project under
the Grease River Option Agreement going forward.

    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 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%).

    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) 688-3211, Email:

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