The Grease River Uranium Project

Final assay results from the Summer 2007 exploration programme

4 March 2008

GREASE RIVER PROJECT DISPLAYS EXTENSIVE HIGH-GRADE URANIUM MINERALIZATION AT SURFACE IN BASEMENT ROCKS

Vancouver, Canada, March 3rd, 2008 – CanAlaska Uranium Ltd. (CVV – TSX.V) Uranium Prospects Plc and Yellowcake Plc are pleased to be able to report assay results for the summer field season of 2007 from the Grease River Project, located just off the northern rim of the Athabasca Basin, Saskatchewan, Canada. Results from the first pass reconnaissance and prospecting program have now been received. Within the Project area a variety of geological environments have been identified, each conducive to uranium mineralisation. Assay results are encouraging and a majority of the target areas warrant further investigations.

Location
The Grease River Project covers approximately 81,821 hectares of land (202, 180 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.

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Regional Geology
The Western Claim Block is centered over the contact boundary between the Beaverlodge (Nevins Lake Block) Domain and the Train Lake Domain. The Beaverlodge Domain in the claim area consists of granitoids, migmatitic granitic gneiss and retrogressed garnet-biotite pelitic gneiss. The Train Lake Domain is composed of amphibolitic granitoids crosscut by leucogranitic pegmatites that extend across the inferred boundary between the Beaverlodge and Train Lake Domains.

2007 Sample Results and Description
Highlights of results obtained from the Western Claim Block are presented in the following tables. All samples were collected during scintillometer and prospecting traverses. Locations recorded by GPS. Detailed notes of rock lithologies and area cover from each sample location were recorded where applicable. All gamma ray scintillometer readings were taken using a Ludlum Model 19-10 MicroR Reader.

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Table 1: Bulyea River Target Area

--------------------
               U3O8
Sample  U ppm  %*
--------------------
CC288   10198  1.20
--------------------

Sample CC288 from Table 1 is a soil sample recovered from along a creek embankment above the high water mark.

Table 2: North Stolar Lake Target Area

-----------------------------------------
          Th    Pb                  U3O8
Sample   ppm   ppm  Zr ppm  U ppm   %*
-----------------------------------------
CC293    1060  4840  15000  18200   2.15
-----------------------------------------

-------------------------------------------------------
        |      Anomalous LREE    |
-------------------------------------------------------
          Ce    Eu                 P2O5          TiO2
Sample   ppm   ppm  La ppm Nd ppm   wt%  Zr ppm   wt%
-------------------------------------------------------
CC294    5900  8.10   2270   2650   1.82   2640
-------------------------------------------------------
CC295    4140  5.30   2050   1510   1.42  17700
-------------------------------------------------------
TR016    3100  4.40   1600   1150   1.40   2850
-------------------------------------------------------
TR017    3680  4.90   1820   1390   1.62   1430
-------------------------------------------------------
TR019    3510  4.80   1780   1280   1.36  10600
-------------------------------------------------------
TR022    3420  4.70   1360   1220   5.78  13400 15.50
-------------------------------------------------------
WM332    1655  1.35    356    432   1.46   1865
-------------------------------------------------------

The North Stolar Lake Target samples (Table 2) were collected from outcrop of white to pink pegmatite dykes and/or sheets, and medium-grained biotite-rich granodiorite. U-mineralization occurs as fracture-filled veinlets within lenses of biotite schist, or schlieren, and as 0.5 to 1 cm diameter blebs of uraninite within the pegmatite. Radiometric readings ranged between 1,300 to +9,000 counts per second, with a general background of 200 to 350 cps.

Analyzed samples were found to contain anomalous light rare earths, with up to 0.59% Ce, 0.0.23% La and 0.26% Nd. Sample CC293 was recovered from an anomalously radioactive white pegmatite dyke crosscutting retrogressed garnet (biotite) feldspar gneiss, and assayed at 2.15% U3O8.

The Dunae Lake target area (Table 3) is situated directly north of the Stolar Lake target area. Assays from this target also show that the rocks are enriched in anomalous light rare earth elements, with up to 1.16% Ce, 0.59% La, and 0.41% Nd. The highest U anomaly discovered to date in the target area was from sample WM334 at 0.24% U3O8.

Table 3: Dunae Lake Target Area

--------------------------------------------------------------------
       |       Anomalous LREE        |
--------------------------------------------------------------------
          Ce    Eu     La    Nd    Pr    Th  P2O5    Zr    U    U3O8
Sample   ppm   ppm    ppm   ppm   ppm   ppm   wt%   ppm   ppm   %*
--------------------------------------------------------------------
JR378    4650  6.90  2050  1670   467   449  2.20  20600    61  0.01
--------------------------------------------------------------------
TR028   11600 12.80  5980  4100  1200  2600  1.74   7020    10  0.00
--------------------------------------------------------------------
TR029    1020  1.70   414   419   112   312  0.19   1490    40  0.00
--------------------------------------------------------------------
WM331    1610  0.80    55   205    39    32  1.33   6010    43  0.01
--------------------------------------------------------------------
WM334     203  0.70    75    82    21   175  0.33   1000  2020  0.24
--------------------------------------------------------------------

Also discovered in the Dunae Lake area were uraninite pebbles located within a biotite-rich soil (Table 4). The one sample sent for analysis, assayed at 55.06% U3O8, contained anomalous heavy rare earth elements including 0.34% Dy and 1.8% Y.

Table 4: Pebble found in soil - Dunae Lake Area

--------------------------------------------------------------------
        Anomalous
      |   LREE    |             Anomalous HREE         |
--------------------------------------------------------------------
         Ce   Eu    Dy    Er   Gd    Ho   Th   Y     Yb    U    U3O8
Sample  ppm  ppm   ppm   ppm  ppm   ppm  ppm  ppm   ppm   ppm   %*
--------------------------------------------------------------------
CC291  1735 9.05 3475.0 2940 1050 813.0 6260 18050 2960 467000 55.06
--------------------------------------------------------------------

The Central Claim Block is centered along the Grease River and includes rocks of the Train Lake Domain in the north, mylonitized rocks of the Grease River Shear Zone in the central section, and Tantato Domain rocks in the southern segment. The Grease River Shear Zone separates the Train Lake Domain from the intensely foliated granitic to pelitic diatexite of the Tantato Domain. Intruding the rocks of both the Train and Tantato Domains across the shear zone are leucogranites bodies and leucopegmatitic sheets. Targets within the Central Claim Block consist of the Kosowan Lake (Table 5), Eagle Rock Lake (Table 6) and Grease River (Table 7). Uranium mineralized samples within these target areas ranged from 0.1% to 0.4% U3O8.

Table 5: Kosowan Lake Target Area

---------------------------------------------------------------
          Th    Zr           U3O8
Sample   ppm   ppm   U ppm   %*
---------------------------------------------------------------
AM076     235   569   1790   0.21   outcrop - white pegmatite
---------------------------------------------------------------
TP099     322    23   1100   0.13      granitic boulder
---------------------------------------------------------------

Rocks of the Kosowan Lake area (Table 5) consist of biotitic-quartzo-feldspathic orthogneiss and pelitic paragneiss intruded by granodioritic intrusions that are anomalous in U.

Table 6: Eagle Rock Lake Target Area

----------------------------------------------------------
          Th    Zr          U3O8
Sample   ppm   ppm   U ppm   %*
----------------------------------------------------------
AM074     535   861    939  0.11       granitic outcrop
----------------------------------------------------------
AM081     410  3060   1670  0.20       granitic outcrop
----------------------------------------------------------
DT037     220    46    880  0.10      pegmatitic boulder
----------------------------------------------------------
JO055     319   399   1070  0.13       granitic outcrop
----------------------------------------------------------
OM401     700  3590   1500  0.18       granitic outcrop
----------------------------------------------------------
RM035     858   503   2420  0.29       granitic outcrop
----------------------------------------------------------
TR011    2180   701   3460  0.41       granitic outcrop
----------------------------------------------------------

Rocks of the Eagle Rock Lake area (Table 6) consist of alternating biotitic-quartzo-feldspathic orthogneiss and pelitic paragneiss intruded by a quartz-monzonite pluton that displays anomalous radioactivity and exhibits numerous patches of yellow U-staining along a silica-rich Na-metasomatized contact. Samples collected from outcrop along the contact between the host paragneiss and quartz-monzonite intrusion indicate that the contact zone is anomalous in U-mineralization as shown in Table 6. Radiometric readings were from 1,000 to +9,000 cps, with background activity residing between 250 to 300 cps.

The Eastern Claim Block is the largest of the three claim blocks and consists of the Bradley and Perron Lake target areas, which occur within the southern section of the block, the Eastern Tait Lake and Western Tait Lake areas found in the central portion of the claim block, and the Davenport, Addie and Cochrane Lakes target areas in the northern section of the claim block.

Rocks of the Eastern claim block straddle the inferred contact boundary between the Train Lake Domain in the west and the Dodge Domain in the east. The Train Lake Domain within the claim block consists of migmatitic orthogneiss and biotitic paragneiss intruded by large bodies of leucocratic granodiorite. The Dodge Domain consists of granulite facies mafic to felsic rocks retrograded to amphibolite facies metamorphism. The boundary zone is often difficult to discern. Late crosscutting pink to leucocratic granite dykes and leucopegmatitic dykes and/or sheets extend into both domains. The following tables present the results obtained by analyses.

Table 7: Perron Lake Target Area

-------------------------------------------------------
          Th    Zr          U3O8
Sample   ppm   ppm   U ppm  %*
-------------------------------------------------------
CC299      14   187   1870   0.22      granite outcrop
-------------------------------------------------------

Sample CC299 (Table 7) was obtained from a light pink medium-grained granite outcrop, which contained anomalous radiometric readings of between 1500 cp and 2500 cps.

Table 8: Bradley Lake Target Area

--------------------------------------------------------------------
          Th    Zr          U3O8
Sample   ppm   ppm   U ppm  %*
--------------------------------------------------------------------
JR326     0.5     6   3300   0.39   leucogranite pegmatite outcrop
--------------------------------------------------------------------
JR327      28     4   6260   0.74   leucogranite pegmatite outcrop
--------------------------------------------------------------------
JR328      14    19   2880   0.34   leucogranite pegmatite outcrop
--------------------------------------------------------------------
AM060      11    37   2840   0.33   leucogranite pegmatite outcrop
--------------------------------------------------------------------
JR325       3    16   2525   0.30    biotitic paragneiss outcrop
--------------------------------------------------------------------
JR333      96    31  11400   1.34   leucogranite pegmatite outcrop
--------------------------------------------------------------------
JR334      88    13  14600   1.72   leucogranite pegmatite outcrop
--------------------------------------------------------------------
OM385     0.5    25   6050   0.71    biotitic paragneiss outcrop
--------------------------------------------------------------------
OM387       1    37   3090   0.36  brecciated bio-paragneiss outcrop
--------------------------------------------------------------------
OM388       7     6   1750   0.21   leucogranite pegmatite outcrop
--------------------------------------------------------------------
OM389     0.5    66  14000   1.65  brecciated bio-paragneiss outcrop
--------------------------------------------------------------------
TR005     117    17  21100   2.49   leucogranite pegmatite outcrop
--------------------------------------------------------------------
TR006     115    20  29900   3.53   leucogranite pegmatite outcrop
--------------------------------------------------------------------
TR007    1680    17  10400   1.23   leucogranite pegmatite outcrop
--------------------------------------------------------------------

Table 8 presents the results of samples collected from outcrop of perpendicular to strike fracture-filled pitchblende mineralization hosted within a patchy yellow U-stained leucogranitic pegmatite. The pegmatite crosscuts parallel to the foliation of the intensely foliated and sheared biotite-rich pelitic paragneiss. The perpendicular-to-strike fractures generated between 1,500 to +15,000 cps within 0.2 to 0.8 cm wide fractures that extend into the pegmatite and were traced up to several meters. Occasional blebs of uraninite mineralization were found within biotite clusters occurring within the pegmatite.

Results of the traverses from the central section of the claim block around the East and West Tait Lakes target areas are presented in Tables 9 and 10.

Table 9: East Tait Lake Target Area

------------------------------------------------------------------
          Th    Zr          U3O8
Sample   ppm   ppm   U ppm  %*
------------------------------------------------------------------
DBM054    655   295   2600   0.31        granitic boulder
------------------------------------------------------------------
DBM055   2370  6995  15150   1.79       paragneiss boulder
------------------------------------------------------------------
DBM060    301   533    970   0.11     white pegmatite boulder
------------------------------------------------------------------
ES004    1350   560   1430   0.17   biotite-rich granite boulder
------------------------------------------------------------------
JR303     573   648    821   0.10  amphibole-rich granite outcrop
------------------------------------------------------------------
OM345      12    63   1120   0.13   biotite-rich gneiss boulder
------------------------------------------------------------------
OM347     475   792   2780   0.33   biotite-rich granite boulder
------------------------------------------------------------------
OM352     396   244   1560   0.18        granite outcrop
------------------------------------------------------------------
OM354     316    69    939   0.11     white pegmatite boulder
------------------------------------------------------------------

The region contained numerous boulder fields and swamp filled valleys and lowlands. Outcrop consisted of orthogneiss to pelitic paragneiss crosscut by numerous north-south trending medium-grained granite and leucopegmatitic dykes. The dykes displayed anomalous radiometric readings from 350 cps to 2500 cps, background readings were generally between 150 and 250 cps.

Table 10: West Tait Lake Target Area

---------------------------------------------------------------
          Th    Zr          U3O8
Sample   ppm   ppm   U ppm  %*
---------------------------------------------------------------
DBM061   1020  1020   1040   0.12       pegmatite boulder
---------------------------------------------------------------
JR292     766   166   2590   0.31     white pegmatite boulder
---------------------------------------------------------------
OM364     287   441   1250   0.15     white pegmatite boulder
---------------------------------------------------------------
TP057     354   318   1700   0.20     white pegmatite boulder
---------------------------------------------------------------

Tables 11, 12 and 13 present the results of the assays from the northern section of the Eastern claim block in the Davenport, Addie and Cochrane Lake target areas. Samples were collected from outcrops of pink medium-grained granite and leucogranite dykes and from biotite-rich paragneiss that gave higher than normal background radioactivity. General background in the area was between 100 and 250 cps.

Table 11: Davenport Lake Target Area

---------------------------------------------------------------
          Th    Zr          U3O8
Sample   ppm   ppm   U ppm  %*
---------------------------------------------------------------
WM342    1530   328   6830   0.81       granite outcrop
---------------------------------------------------------------

Table 12: Addie Lake Target Area

---------------------------------------------------------------
          Th    Zr          U3O8
Sample   ppm   ppm   U ppm  %*
---------------------------------------------------------------
OM380  (less    163  12200   1.44     leucogranite outcrop
			 than)1
---------------------------------------------------------------

Table 13: Cochrane Lake Target Area

--------------------------------------------------------------------
          Th    Zr          U3O8
Sample   ppm   ppm   U ppm  %*
--------------------------------------------------------------------
AM073    1270   744   1930   0.23  biotite-rich pegmatite outcrop
--------------------------------------------------------------------
TR009     662  1140   3470   0.41  biotite-rich paragneiss outcrop
--------------------------------------------------------------------
* Values obtained for U(3)O(8) in percent is derived by multiplying
  U ppm by a conversion factor of 0.0001179

The Companies are enthusiastic about the upcoming field season. The 2008 summer field season program is designed to further geologically investigate each target anomaly in order to evaluate its potential as a drill target. The significance of the anomalous values of some Rare Earth Elements reported within the Project area will also form part of the upcoming exploration programme.

All of the samples from the 2007 season were submitted to qualified Canadian Laboratories for analysis. Samples submitted to Saskatchewan Research laboratories were analysed for multi-element geochemistry and including uranium by tri-acid digestion and ICP. Samples submitted to Acme Laboratories in Vancouver BC for assay for trace element geochemistry were analysed 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.  Peter Dasler, M.Sc. P Geo. is the qualified technical person responsible for this news release.

Glossary:
cps
( Scintillometer ) counts per second
ppm
Parts per million
wt
Weight
Pb
Lead
P2O5
Phosphorus pentoxide
Th
Thorium
TiO2
Titanium Dioxide
U
Uranium
U3O8
Uranium Oxide
Zr
Zirconium
LREE
Light rare earth elements, as follows: Ce- Cerium; Dy- Dysprosium; Er- Erbium; Eu- Europium; Gd- Gadolinium; Ho- Holmium La- Lanthanum; Nd- Neodymium; Y-Yttrium; Yb- Ytterbium

About CanAlaska Uranium – 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.  In addition, exploration of CanAlaska’s Cree East Project has commenced under a C$19 mil. agreement executed with a consortium led by Hanwha Corporation, and comprising Korea Electric Power Corp., Korea Resources Corp. and SK Energy Co, Ltd.

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.
Marc Sale Director of Uranium Prospects said: “Uranium Prospects whilst a junior explorer is demonstrating its ability to pursue potentially significant uranium prospects. The Grease River Project contains a rich variety of classic host environments that are demonstrating their potential to contain not only economic uranium prospects but have also reported significant REE values.  We are confident that the planned exploration will produce quality drill targets.

Enquiries:
Mark Watson-Mitchell, Chairman
Email: mark@uraniumprospects.com
Tel: +44 (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%).
Robert Wallace, CEO of Yellowcake, said “We are delighted that the assay results from CanAlaska’s prospecting campaign have confirmed extensive and very high uranium grades from a variety of basement rocks within the Grease River exploration licence area.   The anomalous values of associated rare earth elements add to the prospectivity of the  surface exploration in an area well-situated to existing infrastructure.  Yellowcake Plc is encouraged by this endorsement of its involvement in the project and awaits the subsequent stages of exploration with high expectations of commercial success”.

Enquiries:
Robert Wallace, CEO
Email: robert@yellowcakeplc.co.uk
Tel: +44 (0)7970 648480

First assay results from Summer exploration programme

26 November 2007

GREASE RIVER PROJECT: ROCK SAMPLE AND LAKE SEDIMENT RESULTS CONFIRM HIGH URANIUM MINERALIZATION

Vancouver, British Columbia – November 26th, 2007: 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.

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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 % U3O8.

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% U3O8), DBM055 (1.79% U3O8), OM347 (0.33% U3O8); and b) in the west Tait Lake area by samples DBM060 (0.11% U3O8), DBM061 (0.12% U3O8), JR303 (0.10% U3O8), OM354 (0.11% U3O8), and outcrop samples OM353(0.08% U3O8) and OM352 (0.18% U3O8), as shown in the following table.

Table 1. North and West Tait Lake: Initial Rock Samples, Uranium Content

Sample Location Type U3O8
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

CanAlaska, Uranium Prospects, and Yellowcake:
Grease River Uranium Project Summary of Summer Work and Preliminary Results

19 September 2007

Vancouver, British Columbia – Sept 19, 2007: CanAlaska Uranium Ltd. (TSX-V: CVV) –

The Company is pleased to report on the completion of detailed airborne surveys in the Grease River area, as well as an initial two and half months of ground exploration on the project following an accelerated commitment of $1.3 M to summer surveys from Yellowcake PLC as a result of the recent agreement with Uranium Prospects Plc, which is now responsible for the majority of the funding for exploration at Grease River.

The current work, financed under the Uranium Prospects / Yellowcake PLC agreement, and operated by CanAlaska, under the direction of Dr Karl Schimann, combined the 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 is characterised by Uranium-Thorium anomalies in lake sediments. Very high uranium values (over 1000 ppm) reported in historical lake sediment samples indicate the presence of further uranium mineralization hosted in basement rocks.

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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 past regional reconnaissance style exploration, give strong indications for definition of drill targets from the summer campaign. The Grease River project area is easily accessible by air from the road-head and airport at Stony Rapids, located to the south of the project area. 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.

Grease River Airborne

CanAlaska contracted Terraquest Ltd to perform the airborne survey program. The 6,900 line-km airborne survey on the Grease River property included high resolution aero-magnetics, horizontal gradiometer, gamma spectrometry, and XDS/VLF - EM, and provided a large number of discrete targets as well as larger formational related uranium enrichment events. The airborne survey was completed early in the summer and preliminary interpretation of the radiometric data produced some 250 anomalies for field verification by prospectors, or `ground truthing'. This initial work has identified a number of new showings or radioactive anomalous areas.

Lake Sediment Sampling

The Grease River claims were staked over 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 1000 ppm U) as well as several in-situ uranium showings with values up to 1.6 % U3O8. CanAlaska's staff sourced and reviewed extensive historical exploration data which included abundant lake sediment sampling over most of the property CanAlaska's lake sediment survey in 2007 completed the area not previously surveyed and also included several hundred validation samples in areas of historical anomalies.

Mapping and Prospecting

The 2007 work programme of mapping and prospecting focused on all three claim blocks and identified five interesting showings:

Bradley Lake Occurrence
Strike perpendicular fractures filled with veined pitchblende mineralization hosted within patchy yellow Ustained pink to whitish-pink coarse-grained quartz-feldspar pegmatitic dykes intruding parallel to the foliation of sheared metasediments. Fractures yield readings of between 1,500 to +15,000 cps within 0.2 to 0.8 cm wide pitchblende veinlets and occasional pitchblende blebs up to 1.5 cm in diameter associated with biotite 'books' within the pegmatites.

Cochrane Lake Occurrence
Pink to whitish pink coarse-grained feldspar-quartz * biotite pegmatitic dykes crosscutting biotite-feldsparquartz gneiss near the contact with a quartz-monzonite intrusion. Local zones yield readings of between 2,000 and 9,000 cps often associated with biotite lenses within the pegmatite.

Grease River Occurrence
Zones of increased radioactivity of between 1,000 to +9,000 cps hosted within silicified leucogranite dykes that crosscut biotite-quartzo-feldspathic gneiss parallel to foliation. The silicified leucogranite intrusions are composed primarily of 45% to 55%, 0.4cm to 1cm diameter, randomly oriented, subhedral to euhedral, white plagioclase feldspar crystals supported within a quartz and quartzo-feldspathic groundmass that that also contains randomly oriented biotite clots and numerous patches of U-staining. These leucogranite dykes occur along, and emanate from, the contact zone of a large quartz-monzonite intrusion. Zones of higher radioactivity often occur associated with large biotite clots and within fractures of the leucogranite intrusive dykes.

North Stolar Lake Occurrence
Pitchblende mineralization occurring as fracture-filled veinlets and 0.5 to 1 cm diameter occasional blebs of pitchblende hosted in lenses of biotite schist within sheared and intensely foliated granodiorite. The blebs of pitchblende often yield +9,000 cps. Numerous zones within the granodiorite give readings of between 1,300 to +9,000 cps with no readily apparent pitchblende mineralization.

Tait Lake Area
Numerous zones that yield radiometric readings of 300 to 2,500 cps hosted within medium-grained granite and coarse-grained quartz-feldspar pegmatitic dykes that crosscut biotite-quartzo-feldspathic to biotitequartz-feldspar amphibolitic gneiss. The 2007 exploration programme, albeit limited to two and a half months of field work, has demonstrated the high potential of the Grease River claims for uranium. It confirmed the strong uranium enrichment in the lake sediment and soils of the area, indicating a regional uranium enrichment and that the uranium is very mobile. 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 Grease River occurrence described above suggests that a Rossing-type potential may be present as well, enrichment peripheral to intrusions. Further field investigations will be undertaken with the aim of identifying drill targets.

The person responsible for this news release is Peter Dasler, P.Geo.

About CanAlaska Uranium Ltd. – www.canalaska.com

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 2 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.

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# 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.

Contact:
Emil Fung, Vice President, Corp. Dev.
Tel: +1.604.685.1870
Toll Free (N. America):1-800-667-1870
Email: info@canalaska.com

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 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. 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%).

The Directors of the Issuer accept responsibility for this announcement.

Enquiries:

Yellowcake Plc
Robert Wallace, Chief Executive
Email: robert@yellowcakeplc.co.uk
Tel: 020 7638 8750

St Helen's Capital Plc
Barry Hocken, Director
Email: barry.hocken@sthelenscapital.com
Tel: 020 7628 5582

CanAlaska and Yellowcake accelerate uranium exploration at Grease River

25 June 2007

The following announcement was made to the TSX Venture Market on 22 June 2007:


VANCOUVER, BRITISH COLUMBIA - JUNE 22ND, 2007: 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 % U3O8.

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, P.Geo.

ABOUT CANALASKA URANIUM LTD. -- WWW.CANALASKA.COM

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 -- WWW.YELLOWCAKEPLC.COM

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.
Tel: ++1.604.685.1870

Web: www.canalsaka.com

Robert Wallace
Chief Executive
Yellowcake plc
Tel: ++44 07970 648480

Web: www.yellowcakeplc.com

The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP# 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.

The Directors of the Issuer accept responsibility for this announcement.


Enquiries:

Yellowcake Plc
Robert Wallace, Chief Executive
Email: robert@yellowcakeplc.co.uk
Tel: 020 7638 8750

St Helen's Capital Plc
Barry Hocken, Director
Email: barry.hocken@sthelenscapital.com
Tel: 020 7628 5582

CanAlaska Undertakes Uranium Exploration with Yellowcake plc

16 April 2007

Yellowcake plc is pleased to announce that it has concluded negotiations and entered into an Option Agreement with the Canadian uranium exploration and development company CanAlaska Uranium Ltd for participation in the Grease River project in the Athabasca district in Saskatchewan, Canada.

For details of the Grease River project with maps of the location and exploration history for the relevant claims please visit our website at www.yellowcakeplc.com. Exploration of the project will be proceeding in early summer 2007. Yellowcake will be issuing regular updates as results become available.

The full text of the announcement that has been made to the TSX Venture market today is as follows:

Vancouver, Canada, and London, UK, April 16, 2007 – CanAlaska Uranium Ltd. (CVV – TSX.V) (“CanAlaska”) and the UK-based uranium investment company Yellowcake plc (PLUS:YEL) (“Yellowcake”) are pleased to report that they have entered into an agreement to undertake uranium exploration on CanAlaska’s 100%-owned Grease River Project. The Grease River Project is situated along the Northern rim of Canada’s Athabasca Basin in the Province of Saskatchewan and comprises twelve claim blocks totaling 68,250 hectares.

CanAlaska and Yellowcake have entered into an Option Agreement whereby Yellowcake may acquire a 60% ownership interest in the Grease River Project by making payments to CanAlaska totaling Cdn$300,000 in cash and 2.5 million Yellowcake shares, and funding exploration expenditures of Cdn$5.0 million over a four year period. Upon Yellowcake fulfilling its exploration commitments under the Option Agreement, the parties will form a joint venture to be owned 60% by Yellowcake and 40% by CanAlaska. CanAlaska will act as Operator for the project and will be responsible for carrying out all exploration activities.

The Athabasca Basin is widely considered as being the richest and one of the largest uranium producing regions in the world. The Grease River Project covers large and strong lake sediment and radiometric anomalies as identified from Geological Survey of Canada surveys performed in the 1970’s.

The lake sediment anomalies reach uranium (U) values of several hundred ppm and the radiometric anomalies show high equivalent uranium combined with elevated eU/eTh (uranium/thorium) ratios.

The area is underlain by Archean and Paleoproterozoic intrusives and metasediments and metavolcanic rocks. Some of the claims cover a north-south trending tectonic flexure and others straddle the Grease River Shear Zone, a regional structure that was active during the formation of the Athabasca Basin. The Fond du Lac unconformity uranium deposit is located along this major lineament.

Work done by several companies in the late 1970’s confirmed these anomalies and located lakes with even higher uranium values (up to 1,870 ppm uranium). In addition to these very high lake sediment anomalies, surface prospecting produced soil anomalies reaching 1.3% uranium, and showings with up to 1.6% U3O8 in grab samples. To date, the source of most of the geochemical anomalies has not been found.

The pending 2007 summer exploration program will include airborne geophysics, lake sediment and soil geochemistry, prospecting, and mapping. The objective is to locate the geochemical anomalies and showings described in the historical work, put them in the framework of present-day knowledge of Athabasca uranium deposits, and define drill targets using prospecting, mapping of bedrock and surficial geology, geochemistry, and geophysics.

Mr. Peter Dasler, President & CEO of CanAlaska Uranium stated, “We are extremely pleased to welcome Yellowcake as our exploration partner on the Grease River project. The Grease River region is geologically prospective for uranium and has received scant exploration attention in the past. Along with Yellowcake, we believe that renewed efforts with modern exploration techniques will serve to provide us with better definition of the historical uranium anomalies”.

Mr. Robert Wallace, Chief Executive of Yellowcake plc stated, “In accordance with its strategy, Yellowcake plc has examined possible investments in uranium projects all over the world. We have selected Grease River because of its location in the Athabasca district in mining-friendly Saskatchewan, its history of significant uranium showings at surface and its potential as a shallow, low-cost exploration and production project. We are delighted to have secured this agreement with CanAlaska which will be providing a top-class exploration team under the direction of its Chief Geologist Dr. Karl Schimann, one of the discoverers of the Cigar Lake uranium deposit”.

The Qualified Person for this news release is Peter Dasler, P.Geo.

About CanAlaska Uranium Ltd. – www.canalaska.com
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 (now under an earn-in option to Mitsubishi Development Pty. Ltd.) revealed uranium mineralization and significant zones of hydrothermal alteration, indicative of a favorable environment for uranium deposition. Active drilling and exploration will continue in the winter of 2007 at West McArthur and at 4 other significant projects.

About Yellowcake plc – www.yellowcakeplc.com
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. 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.
Tel: ++1.604.685.1870
Web: www.canalsaka.com

Robert Wallace
Chief Executive
Yellowcake plc
Tel: ++44 07970 648480
Web: www.yellowcakeplc.com

The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP# 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.

The Directors of the Issuer accept responsibility for this announcement.

Enquiries:

Yellowcake Plc
Robert Wallace, Chief Executive
Email: robert@yellowcakeplc.co.uk
Tel: 020 7638 8750

St Helen's Capital Plc
Barry Hocken, Director
Email: barry.hocken@sthelenscapital.com
Tel: 020 7628 5582

Information from CanAlaska Uranium

Location and Access

The Grease River project is located to the north of the central Athabasca Basin, and consists of 12 claims in series of 3 claim blocks 50 kilometres north west of the community of Black Lake. Access is by air, year round, and by winter roads

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Geology

The project area covers the heavily metamorphosed Archean gneisses, of the Train and Tanato domains in northern Saskatchewan. These are composed of orthogneisses, and paragneisses with minor intrusions and minor pelites and psammites. Along the eastern edge of the project area, is the Grease River fault zone, a major crustal break, and there are numerous minor structures.

Past Exploration and Development

During the late 1960's and late 1970's extensive regional prospecting and airborne geophysical work was carried out by the Canadian government on the project area. A very strong halo of uranium mineralization is evident from lake sediment surveys, and very high uranium -- thorium background is recognized along the contacts of major structural zones.

CanAlaska's Exploration

In 2007, CanAlaska will be flying detailed airborne surveys and exploring on the ground looking for near surface, basement hosted uranium mineralization.

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CanAlaska Uranium's Exploration Management Team

Dr. Karl Schimann, Uranium Exploration Manager and Peter Dasler, President and CEO of CanAlaska Uranium Ltd.

Dr. Karl Schimann, P. Geo, Exploration Manager - Uranium
Dr Schimann holds a PhD from the University of Alberta and has worked extensively in the Uranium industry. Dr Schimann worked for 20 years with COGEMA, commencing in 1977, both in Uranium and gold exploration.

Mr. Jim Kermeen, P.Eng., Manager of Joint Venture Development
Mr. Kermeen brings some 45 years experience in mineral exploration, and 17 years of direct uranium exploration in the Athabasca basin and surrounding areas. Mr. Kermeen's experience of the mineral industry coupled with his past direct exploration knowledge of the Athabasca area is expected to be of great assistance to the Company.

John Royall, P.Eng.
40 years P. Eng. with expertise in Uranium Exploration and Development

Ralph Newson, P. Geo
40 years with expertise in Uranium Exploration and Development

Jack C. Moore, P.E. (Professional Engineer)
45 years with expertise in Uranium Exploration and Development

Bill T. Cohan, P.E. (Professional Engineer)
48 years with expertise in Uranium Exploration and Development