CanAlaska Ventures Ltd. Initial Assay Results from North East Wollaston Project

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Initial Assay Results from North East Wollaston Project Show Broad Surface Uranium Mineralization

CanAlaska Ventures Ltd. CVV-TSX.V. CVVLF-OTCBB, Frankfurt: DH7 (the “Company”) is pleased to report that its exploration crew on the North East Wollaston Project http://www.canalaska.com/i/maps/Map_attachment_Oct220061.jpg has received the first assays from surface sampling carried out at the beginning of this summer’s work program. These samples are from the first few weeks of work in areas targeted for investigation in response to results from the 2005 lake sediment and prospecting programs. These results are being published as a matter of record only.

Interpretation of the data is on-going and awaiting further data. The Company has been able to take advantage of current excellent weather conditions and has increased the field staff working on the project to 20 field crew, detailing areas of significant uranium mineralization. Detailed work is a combination of surface stripping and sampling, along with soil geochemistry and radon surveys. Prospecting and geological mapping will continue, along with soil geochemistry on the best targets to delineate future drill targets.

According to Peter Dasler, P. Geo., President & CEO CanAlaska Ventures Ltd, “The Company is highly encouraged by the nature and extent of the uranium

mineralization now being detailed on the property.” Many of the targets zones bear similar signatures to current basement style mineralization within the Athabasca Uranium camp. The Wollaston Domain rocks in the North East project area are the lateral extent of the host rocks of the high grade uranium mines in the Athabasca, uplift and erosion in the North East project area is thought to have occurred to a greater extent than in the areas further south, hence exposing the current mineralized zones. Of the 228 sample assays received to date, 171 had more than 0.05% U3O8 (1 lb per ton) and 4 samples had over 1%, with a maximum of 5.3% U3O8. These surface boulder samples were, in many areas, suspected to be located very close to outcrop due to their angular nature and distribution.

In recent weeks, radioactive outcrop samples have been collected in many areas proximal to these and other high radioactivity boulders. In this series of samples, there were only three outcrop samples collected due to the early stage nature of the sampling. These had between 0.93% and 0.06% U3O8. At this time, a further 330 samples of local boulders and outcrop are in the assay laboratories. Click here for detail analysis: http://www.canalaska.com/s/NewsReleases.asp?ReportID=152241&_Type=News-Releases&_Title=Initial-Assay-Results-from-North-East-Wollaston-Project-Show-Broad-Surface

Some of the mineralized samples occur in a mixed pegmatoid-metasediment assemblage and suggest a Rössing-style bulk tonnage potential (target areas A and E). Other mineralised samples occur in a variety of rock-types in areas with indications of shearing/fracturing and/or clay-alteration suggestive of basement hosted unconformity uranium deposits (target areas B, C, and D). The presence of outcrop samples reaching 10% U3O8 found last year in this latter context is extremely encouraging.

In late June, 2006, Terraquest Ltd. completed an 8,424 line-km high definition magnetic-radiometric-VLF airborne survey over a major part of the property. This survey has defined highly anomalous radioactive areas. The magnetic component of the survey, together with VLF, has provided key points for understanding the geology of the area.

The rapid development of zones of enriched uranium outcrop in the target areas currently labeled A-F. Click here for detail analysis:

http://www.canalaska.com/s/NewsReleases.asp?ReportID=152241&_Type=News-Releases&_Title=Initial-Assay-Results-from-North-East-Wollaston-Project-Show-Broad-Surface
has prompted the Company to commence a second airborne survey. This VTEM survey, to be flown by Geotech Ltd., will start this week and will focus on several key structural areas to further definedrill targets. The prospecting and mapping crews have had significant successes since late July identifying highly radioactive bedrock sources of uranium mineralization. It is believed that a number of these zones have significant lateral extent. Uranium mineralization is being found in all rock types. Many of the target areas relate to structures, magnetic features and radiometric anomalies identified by this summer’s airborne geophysical survey, the preliminary results of which were only received in mid-July. All of the samples were submitted to qualified Canadian laboratories for analysis. Samples submitted to Saskatchewan Research Laboratories were analysed for multi-element geochemistry, including uranium by tri-acid digestion and ICP. Samples submitted for assay for trace element geochemistry to Acme Laboratories in Vancouver, BC were analysed by aqua regia digestion and ICP analysis. The samples were collected by CanAlaska field geologists under the supervision of Dr. Karl Schimann, and were shipped in secure containment to the laboratories noted above. Peter Dasler, M.Sc. P Geo. is the qualified technical person responsible for this news release.

About CanAlaska Ventures Ltd. – http://www.canalaska.com
CanAlaska Ventures (CVV – TSX.V, CVVLF – OTCBB, DH7 – Frankfurt) holds eighteen, 100%-owned, uranium projects in Canada's Athabasca Basin. Since September, 2004, the Company has aggressively acquired one of the largest land positions in the region, now comprising over 2,313,000 acres (9,360 square km). In 2005, CanAlaska expended over Cdn$5 million exploring its properties in the Athabasca Basin and

delineated multiple uranium targets. Initial drilling from the West McArthur project revealed uranium mineralization and significant zones of hydrothermal alteration, indicative of a favorable environment for uranium deposition. An aggressive minimum $6.5 million exploration program is underway for 2006.

On behalf of the Board of Directors

Peter Dasler, P. Geo., President & CEO

CanAlaska Ventures Ltd.

Contact for CanAlaska Ventures Ltd.:

Emil Fung, Corporate Development

Tel: +1.604.685.1870

Toll Free (N. America): 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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