CanAlaska Ventures Ltd. Uranium Group Update

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"We are well on our way to achieving our objective, which is simply to control one of the largest uranium exploration portfolios in the Athabasca BasinÂ? - Harry Barr, Chairman of CanAlaska

CanAlaska Ventures Ltd "CanAlaska" (TSX Venture: CVV – OTCBB: CVVLF)

Dear Shareholders,

Our President and Chief Executive Officer, Mr. Peter Dasler is in New Zealand consulting with the financial sector and government authorities to determine the best course of action for CanAlaska’s gold properties in that region. These assets were the Company’s principal assets until we began our move to the Athabasca Basin last year. Mr. Dasler’s work is part of our strategic move to concentrate our focus on uranium exploration.

Since September 2004, our Company has assembled a significant land position and a competent and proven technical team. There has been a considerable amount of research done in the past on the prospective ground that our Company has acquired and assessment reports are being compiled and the data will be available over the next few months. Most of this exploration dates back to the 70’s and 80’s and has followed the classical graphite conductor model. We are considering other targets as well, in the Basin and in the basement.

Specifically our strategy will follow a three-pronged approach:

• In the East of the Basin we will explore for deposits at, and below, the unconformity, similar to Cigar Lake and McArthur River, but also like the Millenium deposit, which is deeper in the basement.

• In the West of the Basin we will explore an area that has seen very little or no exploration, but has the right geological environment to produce large unconformity uranium deposits.

• In the East we will explore for shear-hosted deposits similar to Eagle Point and other basement hosted unconformity-style deposits, in an area where many uranium showings were found in the late 70’s, but with little subsequent exploration.

In all three areas airborne and ground geophysics will be combined with summer prospecting and geochemistry to define the best targets for drilling to start in the winter 2005-2006. We have made a significant commitment to “Megatem” surveys that will be conducted by Fugro Airborne Surveys. These aerial surveys will be able to examine to depths of as much as 1,000 metres versus the historic capabilities of about 200 metres in the late 1970s.

Armed with a solid treasury and considerable prospective targets we believe that our research will attract attention from both junior exploration and producers companies. Uranium Facts include:

•Price rising steadily from under $8 per pound in the late 1990's to over $20 a pound.

•Saskatchewan produces approximately one-third of the world's Uranium mine output.

•Athabasca Basin, accounts for approximately 32% of the world’s uranium supply.

The CanAlaska Ventures map can be viewed at: . The CanAlaska Ventures Uranium Group Update depicting our land position in mid January 2005, including claims that have been recorded and land for which approval is pending can be viewed at: Seldom does an opportunity present itself where the market demand and supply parameters coupled with technological improvements allow for research on such a considerable scale in the areas already proven too have some of the world’s most promising uranium deposits. Our geological team is well equipped to take best advantage of these opportunities and we look forward to reporting on our progress over the next few months.

According to Harry Barr, Chairman of CanAlaska Ventures Ltd. "We are well on our way to achieving our objective, which is simply to control one of the largest uranium exploration portfolios in the Athabasca Basin. We are very pleased to have Dr. Karl Schimann, P. Geo., as Manager of our Uranium Exploration Team”.

Dr. Schimann holds a Ph.D. 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. His profile includes more than 10 years of his employment was directly involved in Uranium exploration and mine geology in the Athabasca Basin, in particular Dr. Schimann was the Project Manager at the Cigar Lake Uranium Mine, from discovery and throughout the exploration phase. He was also the Senior Mine Geologist, responsible for the Geological Control Department at the McClean Lake Uranium Mine. Dr. Schimann was COGEMA's District Geologist for the Canadian Cordillera and Head of COGEMA's Saudi Arabia exploration office. Dr. Schimann brings extensive geological and mine evaluation skills to the Company, which will further complement CanAlaska's existing exploration team. CanAlaska's Chairman, Harry Barr notes "Dr. Schimann's wealth of experience inUranium exploration will be invaluable to the Company as it positions itself as one of the larger exploration landholders in the eastern Athabasca basin of Saskatchewan. We also are very pleased to have 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. We are also examining acquisitions in the United States and this effort is being led by Mr. Jack Moore who brings some thirty-five (35) years of experience with Union Carbide”.

Yours truly,

Dr. Karl Schimann, P. Geo.

Manager Uranium Exploration

Investor Contact:

Spiros Cacos

Tel: 604.685.1870

Toll Free 1-800-667-1870


The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP#137089108.

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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Spiros Cacos