Correction of Stock Option Exercise Price

Vancouver, Canada, November 10, 2014 – CanAlaska Uranium Ltd. (TSX-V — CVV) (“CanAlaska” or the “Company”) wishes to clarify its announcement made November 7, 2014 with respect to the pricing of incentive stock options granted to directors, officers and a consultant. The exercise price of all options is $0.115 per share.

About CanAlaska Uranium

CANALASKA URANIUM LTD. (CVV — TSX-V, CVVUF — OTCBB, DH7F — Frankfurt) has undertaken uranium exploration on multiple uranium projects in Canada’s Athabasca Basin — the “Saudi Arabia of Uranium” since 2005. The Company has major international partners for its West McArthur and Cree East properties, and is concentrating its activities on these advanced projects.

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For more information visit www.canalaska.com

On behalf of the Board of Directors

“Peter Dasler”

Peter Dasler, P. Geo., President & CEO

Contact:
Peter Dasler, President and CEO.
Tel: +1.604.688.3211 x318
Email:

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.