CanAlaska Uranium finds new target - extends drilling at Collins Bay Extension Project and appoints Regional Manager

	    VANCOUVER, March 1 /CNW/ - CanAlaska Uranium Ltd. (TSX.V - CVV)
("CanAlaska" or the "Company") is pleased to report that drilling is now
underway on the Fife Island target on the Collins Bay Extension Project, and
that additional drilling is planned for a second, large and well-defined
conductivity/gravity anomaly target located due east of the Collins Bay-Eagle
Point Mine. Operations staff has also been increased to manage the current
extensive operations.

	    http://www.canalaska.com/s/News.asp?ReportID=387345

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	    Collins Bay Extension - $0.6Mil. program, 5-7 drill holes
	    ---------------------------------------------------------
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	    In July 2009, the Company acquired the Collins Bay Extension property
from Bayswater Uranium Corporation (see News Release - July 15 2009). The
project is immediately adjacent to the current producing underground Eagle
Point mine and the past producing open pit mines of Collins Bay and Rabbit
Lake, mined by Cameco Corporation and its predecessors.
	    In September 2009, CanAlaska's field crews mapped and sampled
mineralization in the Fife Island area north of the Eagle Point mine, and
along the same geological trend in preparation for the winter drill program.
	    CanAlaska is currently drill-testing the structurally-controlled uranium
mineralization intersected in historical Minatco drill holes (1984) MWLD8 to
MWLD13. The best of these historical holes intersected 0.152 per cent U(3)O(8)
over four metres (over three pounds per ton U(3)O(8), along an offset
structure on the northern part of Fife Island, in an area designated as the
Vic zone.
	    The drill target is at shallow depth (110 metres) and will be tested with
at least five holes adjacent and below the intersection. Additional drill
holes are planned for the on-strike extension of the structural splay.

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	    Second Target Area (Blue Island):
	    ---------------------------------
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	    The new target, south-west of Blue Island was identified from the VTEM
airborne geophysical survey completed in 2007. In house inversion of the data
defined two large zones (700m x 500m) of very high conductivity in basement
rocks, located below conductive lake sediments, and straddling an east-west
magnetic structural trend. Detailed gravity surveys across the target in
January 2010 have confirmed a large gravity low associated with each of the
deeper conductive zones.
	    The target area defined by the VTEM and Gravity surveys is shown in
Figure 1, along with images of the gravity and VTEM responses. The Company
intends to carry out a drill program comprising a minimum of three exploratory
holes to depths of 400 to 500 metres to test the target zone during the next
four weeks.

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	    Winter Program Update:
	    ----------------------
	    >>

	    CanAlaska is currently undertaking uranium exploration utilizing five
drill rigs across the Athabasca Basin. Two of these drills are operating at
the West McArthur Project, a 50/50 joint venture between the Company and
Mitsubishi Corporation under a budgeted Cdn$3.5 mil. programme. A further two
drills are operating at the Cree East Project, under a Cdn$3,0 mil. program
fully funded by the Korean Consortium comprising of Hanwha Corporation, SK
Energy Co. Ltd., Korea Resources Corporation and Korea Electric Power
Corporation. The fifth drill rig is situated on the Collins Bay project. With
the extension of drilling at Collins Bay Extension Project, further drills are
being evaluated for potential exploration during the winter season at the
Helmer Project., South-West of Fond du Lac.

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	    New Regional Operations Manager
	    -------------------------------
	    >>

	    The Company is also pleased to report that Mr. Grant Nimeck P,
Geophys,.,P. Geo., has been appointed Regional Operations Manager and will
co-ordinate CanAlaska's Project activities from the Company's Saskatoon Field
Office. Mr. Nimeck has been involved with uranium exploration in Saskatchewan
as a geophysicist since 1984, and has held long-term positions with AMOK
(Cogema) and Cameco Corp., and most recently, with AREVA Resources. President
Peter Dasler commented "Grant has extensive knowledge of the geology and field
operations in the Athabasca Basin, and has excellent skills as a geophysicist
and manager for our operations. Grant will continue his part time involvement
as a principal with Living Sky Geophysics Inc., a company which CanAlaska has
been using to review and evaluate its geophysical targets. The scope and
opportunities for further uranium discoveries are a driving force for the
whole CanAlaska Team."

	    About CanAlaska Uranium Ltd. -- www.canalaska.com

	    CANALASKA URANIUM LTD. (CVV -- TSX.V, CVVUF -- OTCBB, DH7 -- Frankfurt)
is undertaking uranium exploration in twenty 100%-owned and three optioned
uranium projects in Canada's Athabasca Basin -- the "Saudi Arabia of Uranium".
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$60 million
exploring its properties and has delineated multiple uranium targets.
	    CanAlaska's geological expertise and high exploration profile has
attracted the attention of major international strategic partners. Among
others, Japanese conglomerate Mitsubishi Corporation has provided the Company
C$11 mil. in exploration funding to earn a 50% ownership interest in the 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., in which the Korean
Consortium presently holds a 40.6% ownership interest. Other Company projects
in the Athabasca Basin scheduled for drill testing during this Winter 2010
season include McTavish, Collins Bay Extension and Fond Du Lac.

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	    On behalf of the Board of Directors

	    (signed)
	    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.
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	    /For further information: Emil Fung,  Director & V.P. - Corp. Dev., Tel:
(604) 688-3211, Email: [email protected]/