Keywords : Canada | Growth | K Street | Uranium |

Major Uranium Discovery at Our Doorstep

To Shareholders and Parties Following CanAlaska Uranium:

On Friday February 5th, Cameco Corp. announced that they had discovered a significant new uranium deposit adjacent to CanAlaska's West McArthur uranium property, just west of the McArthur River uranium mine. The McArthur River mine is the largest high-grade uranium mine in the world, and currently produces approximately 15% of the world's daily uranium requirements.

The Fox Lake discovery, at the Read Lake Project, is described in Cameco's latest quarterly report as having an inferred resource of 53 million pounds of U3O8 (Cameco's' share). Assuming Cameco still owns 78% of the project (as reported in 2010), Fox Lake has a total inferred resource of approximately 68 million pounds U3O8. The reported grade of the deposit is a very high 7.99% U3O8!

Fox Lake will continue to receive the major share of Cameco's exploration funding in 2016, with a budget of $7 million (Cameco's share).

In 2012, CanAlaska's crews drilled a limited number of holes on what is believed to be the same conductive horizon that hosts uranium mineralization at Fox Lake. Drill holes WMA028 and WMA034 discovered large zones of hydrothermal alteration on our West McArthur property - see April 13, 2012 news release.

This initial drilling demonstrated the Grid 5 exploration area has the requisite geological environment for large unconformity uranium deposits.

Since 2012 we have monitored the drill programs carried out by Cameco as their drilling got progressively closer to our property border.

The mineralized system that we have discovered at Grid 5 has tremendous importance given that the major mineralized conductor trending southwest from Fox Lake, appears to extend onto our property along a major east-west structural break, before rotating southwest to the location of the conductor at Grid 5 (see map).

It is very significant for CanAlaska that this resource has now been announced. Fox Lake shows excellent uranium grade, and a substantial quantity of uranium.

Management is very encouraged by interest received from investors and other parties that follow the uranium sector following Cameco's disclosure of Fox Lake's resource. Furthermore, our consolidation of ownership of West McArthur, though our buy-out of MC Resources Canada Ltd.'s (Mitsubishi) share of our Joint Venture, is timely and strategic for the growth of CanAlaska.

Finally, below is my interview filmed in late January during the Cambridge Vancouver Resource Investment conference.

Please contact us if you desire further information about recent developments.

Yours truly,

"Peter Dasler"

Peter Dasler, M.Sc., P.Geo.

President & CEO
CanAlaska Uranium Ltd.

Contacts:

Peter Dasler

Tel: +1.604.688.3211 Extension 138

Email: info@canalaska.com

John Gomez

Tel: +1.604.484.7118

Email: jgomez@canalaska..com

CanAlaska Uranium Ltd., #1020 - 625 Howe Street, Vancouver, BC V6C 2T6 ca

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Canalaska Uranium Ltd

	EXPLORATION STAGE
	CODE : CVV.V
	ISIN : CA13708P2017

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Canalaska Uranium is a uranium exploration company based in Canada.

Canalaska Uranium holds various exploration projects in Australia and in Canada.

Its main exploration properties are GLITTER LAKE, VBE 1 CLAIMS, ALBERTA, HELMER, KEY LAKE, LAKE ATHABASCA, COLLINS BAY EXTENSION, WATERBURY, BLACK LAKE PROJECT, POPLAR PROJECT, GREASE RIVER, VBE 2 CLAIMS, NE WOLLASTON, ARNOLD PROJECT, CAMSELL, CARSWELL PROJECT, CREE WEST, HODGSON, KASMERE, MCTAVISH, MISTY, MOON, CREE EAST PROJECT, WEST MCARTHUR, FOND DU LAC, ATIKOKAN AREA, CENTRAL ZEBALLOS MINE and LAC ROCHER in Canada and RISE AND SHINE in New Zealand.

Canalaska Uranium is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 16.4 millions as of today (US$ 11.9 millions, € 11.2 millions).

Its stock quote reached its highest recent level on January 05, 2007 at CA$ 9.70, and its lowest recent point on October 17, 2014 at CA$ 0.08.

Canalaska Uranium has 27 340 000 shares outstanding.

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