August 18, 2016 - 8:01 AM EDT
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De Beers to Drill CanAlaska's Kimberlite Targets

Airborne Surveys Provide High Quality Exploration Data

Vancouver, British Columbia--(Newsfile Corp. - August 18, 2016) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N), ("CanAlaska" or the "Company") is pleased to report that De Beers' exploration team is preparing to start drilling kimberlite targets at the Company's West Athabasca diamond project. De Beers' recently completed detailed airborne surveys over the diamond project area in the western Athabasca confirmed the presence of several near surface magnetic anomalies.

Airborne Surveys Identify Targets up to 10 Hectares

De Beers completed a detailed low level airborne survey over the Athabasca diamond project claims using Fond Du Lac as a base of operations. The survey provided significantly better definition of anomaly outlines and identified the presence of various lobes in the case of complex anomalies.

The majority of the magnetic anomalies coincide with lakes, or are in swamps (see photo). The anomalies or clusters of anomalies are up to 10 hectares (25 acres) in size, comparable to many of Canada's diamond deposits. Some of the anomalies in the centre and south areas of the trend appear to be drillable before winter.

A drill program is scheduled to start at the end of this August and continue into mid-October to test a selection of the accessible land targets. Drilling of the remaining targets that are located under lakes are planned for winter 2017. All drillcore will be shipped to De Beers' facilities for detailed logging, sampling, and mineral processing.

CanAlaska President Peter Dasler commented, "We now have indications from the survey of a large kimberlite field in the western Athabasca. We are particularly excited that De Beers' team will be able to produce the first drill core in September. De Beers' rapid deployment of a drill crew provides CanAlaska shareholders with significant upside value in the short term

View of pond with distinct circular structure that corresponds to magnetic anomaly detected by Government airborne survey and confirmed by De Beers' surveys.

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About the West Athabasca Diamond Project

CanAlaska and De Beers are exploring the West Athabasca project for diamonds under a staged $20.4 million Option-Participation Agreement. The project area (see map) covers 75 kimberlite-style targets staked by CanAlaska in the northwestern Athabasca Basin of Saskatchewan. De Beers may earn an interest in the project through a series of escalating exploration programs. For more information about the West Athabasca diamond project visit http://www.canalaska.com/s/AthabascaDiamondProject.asp?ReportID=740492

De Beers Canada Chief Executive Officer Kim Truter commented: "We would like to congratulate our De Beers Exploration team for carrying out the first field program in an efficient and safe manner in this new area over the last two months. We look forward to executing the upcoming drill program with the same responsible approach as our team works through the fall and into the winter season to obtain the next level of information on these very interesting targets."

Athabasca Diamond Projects

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About De Beers

De Beers is a member of the Anglo American Group. Established in 1888, De Beers is the world's leading diamond company with expertise in exploration and development, mining, and marketing of diamonds. Together with its joint venture partners, De Beers employs more than 20,000 people (directly and as contractors) across the diamond pipeline, and is the world's largest diamond producer by value, with mining operations in Botswana, Canada, Namibia and South Africa. As part of the company's operating philosophy, the people of De Beers are committed to Living up to Diamonds by making a lasting contribution to the communities in which they live and work, and transforming natural resources into shared national wealth. For further information about the De Beers Group of Companies visit www.debeersgroup.com.

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (FSE: DH7N) holds interests in approximately 500,000 hectares (1.2 million acres), one of the largest land positions in Canada's Athabasca Basin region - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings has attracted major international mining companies Cameco, Denison, KORES, KEPCO, and the De Beers Group of Companies. CanAlaska is a project generator and is positioned for discovery success in the world's richest uranium district. For further information visit www.canalaska.com.

The qualified technical person for this news release is Dr Karl Schimann, P. Geo, VP Exploration, for CanAlaska.

On behalf of the Board of Directors

"Peter Dasler"

Peter Dasler, M.Sc., P.Geo.
President & CEO                                                                                                             
CanAlaska Uranium Ltd.

Contacts:

Peter Dasler
President
Tel: +1.604.688.3211 x 138
Email: [email protected]

John Gomez
Corporate Development
Tel: +1.604.484.7118
Email: [email protected]

Tom Ormsby,
Head of External & Corporate Affairs
De Beers Canada Inc.
Email: [email protected]
Tel: +1.403.930.0991  x 2703
Cell +1 416 525 5328

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking information

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.


Source: Newsfile Corp. (August 18, 2016 - 8:01 AM EDT)

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