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CanAlaska Uranium and Mitsubishi Development Finalize Uranium Exploration Project

CanAlaska Uranium Ltd. is pleased to report that the Company has finalized an agreement with Mitsubishi Development Pty Ltd. ("MDP"), an Australian based mining company wholly owned by Mitsubishi Corporation in Japan, to undertake uranium exploration on CanAlaska's 100%-owned West McArthur project as originally reported last year (see CanAlaska press release dated September 6th, 2006). The West McArthur Project is situated in Canada's Athabasca Basin in the Province of Saskatchewan approximately 8km west of the McArthur River uranium mine (389,100,000 lbs. @ 25% U3O8). The Project comprises nine large claim blocks across 359 square kilometres (88,516 acres).

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