CanAlaska Sells Zeballos Gold Project

Vancouver, British Columbia--(Newsfile Corp. - March 1, 2019) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (Frankfurt: DH7N) ("CanAlaska" or the "Company") is pleased to report the agreement for the sale of the Zeballos Gold project to Privateer Gold Ltd., a private BC corporation.

The cash sale agreement is for $50,000 on signing and $200,000 upon transfer of the Crown Grant titles on or before May 31, 2019. CanAlaska will retain a 2% net smelter return royalty over the property, 1/2 of which may be purchased by the buyer prior to production for $500,000.

CanAlaska acquired the Crown Grants comprising the Zeballos project in 1988, and completed one program of drilling, which showed significant new gold intersections. Since 1990 the project has seen limited activity, but has been maintained by CanAlaska. In December 2018, CanAlaska obtained a Court Order to secure 100% title to the property, which was necessary because of the dissolution of its original joint venture partner.

CanAlaska's President, Peter Dasler comments, "We are very pleased to see the amount of work that Privateer Gold Ltd. has completed on its nearby landholdings and believe that the consolidation of properties in this very interesting gold camp, and this sale, will provide CanAlaska with its best long term value. The sale will further allow us to focus our exploration efforts to significantly extend the West McArthur uranium project discoveries in Saskatchewan."

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQB: CVVUF) (Frankfurt: DH7N) holds interests in approximately 152,000 hectares (375,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world's richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.

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

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: info@canalaska.com

Cory Belyk, COO
Tel: +1.604.688.3211 x 138
Email: cbelyk@canalaska.com

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43147