CANALASKA URANIUM LTD - CVVUF STOCK NEWS

CanAlaska Uranium (TSXV: CVV) (OTCQX: CVVUF) has signed an exploration agreement with English River First Nation (ERFN) to strengthen their relationship. This agreement demonstrates CanAlaska's commitment to building a sustainable future for the company and nearby communities in Saskatchewan's Athabasca Basin, where it holds extensive land holdings of approximately 500,000 hectares.

The agreement is founded on ERFN's commitment to protecting their home while ensuring ethical resource harvesting. Chief Alfred Dawatsare of ERFN expressed pleasure in solidifying the relationship with CanAlaska, looking forward to mutual respect and prosperity. Cory Belyk, CEO of CanAlaska, emphasized the value of partnering with ERFN for their exploration activities in Saskatchewan and contributing to their land stewardship.

CanAlaska Uranium (TSXV: CVV) (OTCQX: CVVUF) announces the start of a 2,100 metre drill program at the Waterbury East uranium project in the northeastern Athabasca Basin. The program, fully funded by Bayridge Resources Corp. under an option agreement, will focus on newly developed high-resolution airborne geophysical targets and follow-up on historical drilling results.

Key points:

• 4 to 6 drill holes planned
• Target areas based on historical results and new VTEM survey data
• Project located 25 km northeast of Cigar Lake Mine
• VTEM interpretation suggests historical drilling may have missed conductive targets

CEO Cory Belyk expresses optimism about the project's potential, citing strong market fundamentals for uranium and the project's proximity to existing mining infrastructure.

CanAlaska Uranium (TSXV: CVV) (OTCQX: CVVUF) has reported high-grade uranium mineralization from its summer diamond drill program at the Pike Zone on the West McArthur Joint Venture project. Key highlights include:

- Drillhole WMA094-2: 3.88% eU3O8 over 13.2 metres, including 23.22% eU3O8 over 2.0 metres

- Drillhole WMA094-1: 3.41% eU3O8 over 9.9 metres, including 8.08% eU3O8 over 3.7 metres

These new drillholes expand the high-grade footprint at Pike Zone over 100 metres at the unconformity. The summer program consisted of 15 unconformity tests, with 12 at Pike Zone, 11 of which contained uranium mineralization. Results indicate a strike length of uranium mineralization along the unconformity target area of approximately 200 metres, remaining open in all directions.

CanAlaska holds an 83.35% ownership in the West McArthur project, which is a Joint Venture with Cameco The company is sole-funding the 2024 program, further increasing its majority ownership.

CanAlaska Uranium (TSXV: CVV) (OTCQX: CVVUF) has issued an early warning report regarding its acquisition of shares in Nexus Uranium Corp. (CSE: NEXU). On September 20, 2024, NEXU issued 3,042,123 common shares to CanAlaska as partial consideration for the Cree East property option agreement dated March 18, 2024. Prior to this acquisition, CanAlaska owned 2,091,269 NEXU shares (6.8% of outstanding shares). After the acquisition, CanAlaska now owns 5,133,392 NEXU shares, representing approximately 15.3% of outstanding NEXU shares on a non-diluted basis.

CanAlaska states that the acquired shares are held for investment purposes only. The company may acquire additional NEXU shares or dispose of them through market or private transactions in the future. Interested parties can obtain a copy of the early warning report from SEDAR+ or by contacting CanAlaska directly.

CanAlaska Uranium (OTCQX: CVVUF) has announced significant results from its summer diamond drill program at the Pike Zone within the West McArthur Joint Venture project. Highlighted drillholes include WMA082-12, which intersected 13.61% eU3O8 over 10.9 metres, and WMA082-11, which intersected 4.77% eU3O8 over 25.9 metres. These results indicate high-grade unconformity-associated uranium mineralization, confirming potential extensions of the Pike Zone. CanAlaska, holding 83.35% ownership of the project, continues to sole-fund the 2024 program, which aims to delineate and expand uranium discoveries. The company anticipates completing the summer exploration by September, with further results pending. CEO Cory Belyk highlighted the tier 1 potential of the Pike Zone amid an improving uranium market, underscoring the zone's prolific nature and its alignment with nearby high-grade deposits.

CanAlaska Uranium (TSXV: CVV) (OTCQX: CVVUF) has successfully closed its fully-subscribed non-brokered private placement, raising $4,999,999.55 in gross proceeds. The company issued 7,692,307 common shares as part of the offering, which was initially announced on September 6, 2024. CanAlaska paid $249,999.98 in finder's fees related to the transaction. All shares issued are subject to a hold period ending January 14, 2025, in compliance with applicable securities laws and TSX Venture Exchange policies. This financing strengthens CanAlaska's financial position, potentially supporting future exploration and development activities in the uranium sector.

CanAlaska Uranium (TSXV: CVV) (OTCQX: CVVUF) has announced a non-brokered private placement to raise up to $5,000,000.20. The company plans to issue up to 7,692,308 common shares at a price of $0.65 per share. Proceeds from the offering will be used for work programs on exploration properties and general working capital. The shares will be offered to qualified investors under applicable securities exemptions. CanAlaska will pay finders' fees to eligible finders, subject to compliance with regulations. All issued securities will have a four-month and one-day hold period. The offering's completion and finders' fees payment are subject to regulatory approvals, including TSXV approval.

CanAlaska Uranium (TSXV: CVV) (OTCQX: CVVUF) has announced that the Moon Lake South Joint Venture (MLSJV) has approved a supplemental 2024 exploration budget. This budget will fund a fall drill program targeting newly identified conductivity anomalies along the CR-3 Corridor, which hosts high-grade uranium mineralization discovered in 2023 (2.46% U3O8 over 8.0 metres in drill hole MS-23-10A).

The MLSJV is 75% owned and operated by Denison Mines Corp., with CanAlaska holding a 25% stake. The fall program, set to commence in September, will include three drillholes totaling up to 1,800 metres. This decision follows a winter geophysical survey that revealed strong conductivity anomalies along the western edge of the CR-3 Corridor, which has shown uranium mineralization over a 4-kilometre strike length.

CanAlaska Uranium (TSXV: CVV) (OTCQX: CVVUF) announces significant changes to its Board of Directors. Ambassador Thomas Graham Jr. steps down as Chair but remains on the Board as Chair Emeritus. Karen Lloyd, a former Director in Cameco's Uranium Marketing team, is appointed as the new Chair. Additionally, Shane Shircliff, previously in Cameco's Corporate Development and Power Generation team, joins the Board.

Lloyd brings extensive experience in strategy, marketing, and operations across various industries, including mining and aviation. Shircliff has over 20 years of experience in senior management and corporate director roles, with expertise in mergers, acquisitions, and resource project development. Both appointees have been associated with CanAlaska since 2021, Lloyd as a Board member and Shircliff on the Advisory Board.