Vancouver, Canada, May 27th, 2011 – CanAlaska Uranium Ltd. (TSX.V — CVV) (“CanAlaska” or the “Company”) wishes to announce that, further to the Company’s News Release dated May 18th, 2011, the Company has closed its non-brokered private placement of a total of 418,141 Flow-Through Common Shares at a price of $1.13 per common share for gross proceeds of $472,500.
The Flow-Through Common Shares issued under this placement are subject to a four-month hold period expiring September 28th, 2011.
The proceeds from this private placement will be utilized by the Company to conduct ZTEM airborne electromagnetic surveys on its uranium properties located in the Athabasca Basin, Canada.
About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV — TSX.V, CVVUF — OTCBB, DH7 — Frankfurt) is undertaking uranium exploration in twenty one 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$75 million exploring its properties and has delineated multiple uranium targets.
For more information visit www.canalaska.com
On behalf of the Board of Directors
Peter Dasler, P. Geo., President & CEO
Emil Fung, Director & V.P. – Corp. Dev.
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release: CUSIP# 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.