Mr. Cory Belyk reports

CANALASKA ANNOUNCES UP TO $7.5 MILLION PRIVATE PLACEMENT FINANCING

Canalaska Uranium Ltd. proposes to undertake a non-brokered private placement of securities to raise total gross proceeds of up to $7.5-million. The offering will comprise a combination of: (i) non-flow-through units to be sold at a price of 36 cents per NFT unit; (ii) flow-through units of the company to be sold at a price of 42.5 cents per FT unit; and (iii) flow-through units to be sold to charitable purchasers to be sold at a price of 55.75 cents per charity FT unit.

Each NFT unit will consist of one non-flow-through common share of the company and one common share purchase warrant. Each FT unit will consist of one common share of the company to be issued as a flow-through share within the meaning of the Income Tax Act (Canada), and one-half of one common share purchase warrant. Each charity FT unit will consist of one common share of the company to be issued as a flow-through share within the meaning of the Income Tax Act (Canada), and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the company at a price of 56 cents at any time on or before that date which is 24 months after the closing date of the offering. The exact number of NFT units, FT units and charity FT units sold will be determined at closing.

The gross proceeds received from the sale of the FT units and the charity FT units will be used for work programs on the company's exploration properties. The net proceeds received from the sale of the NFT units will be used for general working capital.

The company will pay finders' fees comprising cash and non-transferable warrants in connection with the offering, subject to compliance with the policies of the TSX Venture Exchange. Red Cloud Securities Inc. is acting as a finder with respect to the offering.

All securities issued and sold under the offering will be subject to a hold period expiring four months and one day from their date of issuance. Completion of the offering and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.

About Canalaska Uranium Ltd.

Canalaska Uranium holds interests in approximately 350,000 hectares (865,000 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.

The qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc, PGeo, vice-president, exploration, for Canalaska Uranium, who has reviewed and approved its contents.

We seek Safe Harbor.