StockGuru Shines its Spotlight on CanAlaska Uranium Ltd. (TSX – CVV) Upon Identification of Multiple Conductors from ZTEM Airborne Geophysics Surveys – July 26, 2011

StockGuru Shines its Spotlight on CanAlaska Uranium Ltd. (TSX – CVV) Upon Identification of Multiple Conductors from ZTEM Airborne Geophysics Surveys – July 26, 2011

Dallas, Texas (July 26, 2011) – StockGuru shines its Spotlight on CanAlaska Uranium Ltd. (TSX – CVV)  (“CanAlaska” or the “Company”) is pleased to announce  the completion of two airborne ZTEM geophysical surveys on its wholly-owned Hodgson and Carswell projects in the Athabasca Basin, Saskatchewan.  The newly-developed ZTEM surveys provide a new dimension for surveying electromagnetic targets, and as expected, provide superior detail of conductive zones at depth.

To view figures click here: http://www.canalaska.com/s/News.asp?ReportID=468369

The first ZTEM survey at the Hodgson project identified five areas with significant basement conductors (see Figure 1).  These conductors identify targets trending northeast, north and northwest in areas where CanAlaska had previously identified AMT geophysical responses, and significant surface geochemical anomalies.  The survey has identified 35km of conductive trends on the project, which is located in the east-central part of the Athabasca Basin, 27 kilometres northwest of the McArthur River mine and 21 kilometres west of the Cigar Lake deposit. Exploration to-date includes lake sediment geochemistry and ground geophysics, and the new ZTEM survey. The reconnaissance ground AMT surveys had confirmed a series of basement conductors and indicated the presence of conductive zones in the sandstones, structures thought to be related to uranium mineralizing events.  The current ZTEM survey mapped these basement conductor patterns in more detail and has given significant information as to the shape and size of these targets.

The second ZTEM survey, which covered CanAlaska’s claims on the western portion of the Carswell structure, has confirmed basement conductors in areas where previous VTEM surveys (see Figure 2) were hampered because of conductive overburden.  CanAlaska has assembled a large land position, north and north-west of the new discoveries by Areva and UEX, and west and south of the historic Cluff Lake uranium mines, located within the basement uplift.

CanAlaska President Peter Dasler comments: “Exploration for mineral deposits in the Athabasca Basin has benefited greatly from recent advances in geophysical techniques.  The two projects surveyed this summer are located near significant uranium deposits in the Athabasca Basin, and the results from the current ZTEM survey have generated very strong targets for further exploration.”

Mr. Peter Dasler, P. Geo., is the qualified technical person responsible for this news release.

In other matters the Company has recently completed the sale of its historic Zeballos project, and is reviewing the exploration results from mapping and sampling work carried out in the first quarter on its wholly owned gold project in the Reefton Goldfield in New Zealand.  Compilation work is continuing on the Fond Du Lac project, following the winter drill program, and surface geophysical surveys are near completion at the West McArthur project in the Athabasca Basin.

About CanAlaska Uranium

CANALASKA URANIUM LTD. (CVV — TSX, 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

(signed)

Peter Dasler, M.Sc., P.Geo.
President & CEO, CanAlaska Uranium Ltd.

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.

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