CanAlaska Adopts Shareholder Rights Plan

Vancouver, Canada, April 11, 2012 — CanAlaska Uranium Ltd. (“CanAlaska” or the “Company”) announces that its board of directors has approved the adoption of a shareholder rights plan (the “Rights Plan”) entered into with CIBC Mellon Trust Company as rights agent, effective April 9, 2012.

The Rights Plan has been adopted to ensure the fair treatment of all shareholders with respect to any takeover bid for the common shares of the Company. It is designed to provide shareholders with sufficient time to properly consider a take-over bid without undue time constraints. It will also provide the board of directors of the Company with additional time for review and consideration of an unsolicited take-over bid and, if necessary, for the consideration of alternatives.

Under the provisions of the Rights Plan, one right (a “Right”) was issued for each common share outstanding as of April 9, 2012. The Rights will initially be represented by the certificates representing the common shares of the Company.

Subject to the terms of the Rights Plan and to certain exceptions provided therein, the Rights will become exercisable in the event any person, together with joint actors, acquires or announces its intention to acquire 20% or more of CanAlaska’s outstanding shares without complying with the “Permitted Bid” provisions of the Rights Plan or where the application of the Rights Plan is waived in accordance with its terms. If a take-over is completed without complying with the requirements of the Rights Plan or where the application of the Rights Plan is not waived in accordance with it terms, the Rights holders (other than the acquiring person and its joint actors) will be entitled to purchase additional common shares of the Company at one-half the prevailing market price at that time.

CanAlaska’s board of directors is not aware of any third party currently considering or preparing any proposal to acquire control of the Company.

The Rights Plan is subject to acceptance by the Toronto Stock Exchange and the shareholders of the Company. CanAlaska expects to seek such shareholder approval at its upcoming annual general meeting in 2012. If ratified by the shareholders, the Rights Plan will have a term of three years. If the Rights Plan is not approved by shareholders it will expire within six months of its adoption by the Company’s board of directors.

CANALASKA URANIUM LTD. (CVV — TSX, CVVUF — 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 www.canalaska.com

On behalf of the Board of Directors

“Peter Dasler”

Peter Dasler, P. Geo., President & CEO

Contact:
Emil Fung, Director & V.P. – Corp. Dev.
Tel: +1.604.688.3211
Email: [email protected]

The TSX 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.