Non-Brokered Private Placement – Final Closing

Vancouver, Canada, January 6th, 2011 – CanAlaska Uranium Ltd. (TSX.V — CVV) (“CanAlaska” or the “Company”) wishes to announce that, further to the Company’s News Release dated December 24, 2010, the Company has closed on an additional 50,000 Units at $1.60 per unit. In total, the Company has issued 2,167,875 Units at $1.60 per Unit for gross proceeds of $3,468,600. Of the 2,167,875 Units issued, 446,167 were Flow-Through Units.

Each Unit consists of one common share of the Company and one-half of a share purchase warrant. Each whole warrant is exercisable at $1.90 per common share for a period of two years from closing. All of the securities issued under this placement are subject to the Exchange four month-hold period.

Following the closing of this offering, issued and outstanding common shares of the Company now comprise 19,436,746 with total fully-diluted shares of 25,173,770. The proceeds from the unit offering will be utilized by the Company for qualified uranium exploration expenditures in Canada and for general and corporate purposes.

Finder’s fees have been paid in connection with this placement for a total of $140,068.00 cash, 31,250 in shares and 149,325 as warrants. The finder’s shares and warrants are subject to the same hold periods as the above purchasers. Additional finder’s fees are payable in connection with this placement of $4,266.67 cash and 2,667 warrants, pending exchange acceptance. SBI-E2 Capital Financial Services Limited, Hyphen Consulting Limited and Cheong Lee Securities Limited participated as arrangers in the placement of Units in Hong Kong, SAR.

About CanAlaska Uranium
CANALASKA URANIUM LTD. (CVV — TSX.V, CVVUD — OTCBB, DH7F — 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

On behalf of the Board of Directors

“Peter Dasler”

Peter Dasler, P. Geo., President & CEO

Emil Fung, Director & V.P. – Corp. Dev.
Tel: +1.604.688.3211

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.

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