| o                                                                                                                                 | Registration Statement Pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934 |           |                                      |
|----------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|----------------|-------------------------------------------|
|  Or                                                                                                                          |                                                                                           |           |
| x                                                                                                                                 | Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934           |           |                                      |
|                                                                                                                                   | For the Fiscal Year Ended                                                                      | APRIL 30, 2012 |                                      |   |
|  Or                                                                                                                          |                                                                                           |           |
| o                                                                                                                                 | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934      |           |                                      |
|  Or                                                                                                                          |                                                                                           |           |
| o                                                                                                                                      | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934    |           |                                      |
|                                                                                                                                   |                                                                                           |           |                                      |
| Date of event requiring this shell company report                                                                                      |                                                                                           |           |
|                                                                                                                                   |                                                                                           |           |                                      |
|                                                                                                                                   | for the transition period from ______________ to _________________                        |           |                                      |
|  Commission File Number:                                                                                                          |  0-28792                                                                                  |           |                                      |
|                                                                                                                                   |                                                                                           |           |                                      |
| CanAlaska Uranium Ltd.                                                                                                                 |                                                                                           |           |
| (Exact Name of Registrant As Specified In Its Charter)                                                                                 |                                                                                           |           |
|  Not Applicable                                                                                                                   |                                                                                           |           |
| (Translation of Registrant’s Name Into English)                                                                                  |                                                                                           |           |
|  British Columbia, Canada                                                                                                         |                                                                                           |           |
| (Jurisdiction of Incorporation or Organization)                                                                                        |                                                                                           |           |
|  1020- 625 Howe Street, Vancouver, B.C. V6C 2T6                                                                                   |                                                                                           |           |
| (Address of Principal Executive Offices)                                                                                               |
| Mr. Peter DaslerTelephone 604.688.3211 - E-mail -  pdasler@canalaska.com 1020 - 625 Howe Street, Vancouver, BC, V6C 2T6 |
| (Name, telephone number, e-mail  and address of company contact person)                                                      |                                                                                           |           |
|                                                                                                                                   |                                                                                           |           |                                      |   |
|                                                                                                                                   | Title of Each Class                                                                            |           | Name on Each Exchange On Which Registered |   |
|                                                                                                                                   |  Not Applicable                                                                           |           |  Not Applicable                      |   |
| Securities Registered or to be Registered Pursuant to Section 12(g) of the Act.                                                        |                                                                                           |           |
| Common Shares without par value                                                                                                        |                                                                                           |           |
| (Title of Class)                                                                                                                       |                                                                                           |           |
|                                                                                                                                   |                                                                                           |           |
|                                                                                                                                   | securities For Which There is a Reporting Obligation Pursuantto Section 15(d) of the Act.      |
|                                                                                                                                   | None                                                                                           |
|                                                                                                                                   | (Title of Class)                                                                               |

----

|   | Indicate the number of outstanding shares of each of the Issuer’s classes of capital or common shares as of the close of the period covered by the annual report.                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 22,058,136 Common Shares without par value issued and outstanding at April 30, 2012                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |  Indicate by check mark whether the registrant is a well known seasoned issuer, as defined in Rule 405 of the Securities Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | yes |   | no | X |   |   |
|   |  If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | yes |   | no | X |   |   |
|   | Note – Checking the box above will not relieve any registrant required to filed reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |  Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                                                                                                                                                                                                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | yes | X | no |   |   |   |
|   | Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every  Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the                                                                                                                                                                                                                                                                                                                                                  |
|   | preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes No                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.  (Check one)                                                                                                                                                                                                                                                                                                                                                       |
|   | Large accelerated filer                                                       Accelerated filer                                 Non-accelerated filer  X  |
|   | Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | U.S. GAAP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | International Financial ReportingStandards as issued by the International Accounting Standards Board | X | OTHER |   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |  Indicate by check mark which financial statement item the registrant has elected to follow.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Item 17 |   | Item 18 |   |   |   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of this Exchange Act).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | yes |   | no | X |   |   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | Indicate by check mark whether the registrant has filed all documents and reports to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.                                                                                                                                                                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | yes |   | no |   |   |   |

----

|   TABLE OF CONTENTS |
|--------------------------|
|                     |   |   | Page |
|                     |   |   |   |
|                     | GLOSSARY OF MINING TERMS | 6 |
|                     |   |   |   |
|                     | CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | 9 |
|                     |   |   |   |
|   PART I            |
|                     |   |   |   |
| ITEM 1.                  | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS | 10 |
|                     |   |   |   |
| ITEM 2.                  | OFFER STATISTICS AND EXPECTED TIMETABLE | 10 |
|                     |   |   |   |
| ITEM 3.                  | KEY INFORMATION | 10 |
|                     | A. | Selected Financial Data | 10 |
|                     | B. | Capitalization and Indebtedness | 14 |
|                     | C. | Reasons for the Offer and Use of Proceeds | 14 |
|                     | D. | Risk Factors | 14 |
|                     |   |   |   |
| ITEM 4.                  | INFORMATION ON THE COMPANY | 18 |
|                     | A. | History and Development of the Company | 18 |
|                     | B. | Business Overview | 18 |
|                     | C. | Organizational Structure | 19 |
|                     | D. | Property Plant and Equipment | 19 |
|                     |   |   |   |
|                     |   | 1. CREE EAST PROJECT, SASKATCHEWAN | 20 |
|                     |   | 2. WEST MCARTHUR PROJECT, SASKATCHEWAN | 22 |
|                     |   | 3. FOND DU LAC PROJECT, SASKATCHEWAN | 23 |
|                     |   | 4. GREASE RIVER PROJECT, SASKATCHEWAN | 23 |
|                     |   | 5. CREE WEST PROJECT, SASKATCHEWAN | 24 |
|                     |   | 6. KEY LAKE PROJECT, SASKATCHEWAN | 24 |
|                     |   | 7. CARSWELL PROJECT, SAKATCHEWAN | 25 |
|                     |   | 8. NW MANITOBA, MANITOBA | 25 |
|                     |   | 9. OTHER PROJECTS | 25 |
|                     |   |   |   |
| ITEM 4A.                 | UNRESOLVED STAFF COMMENTS | 28 |
|                     |   |   |   |
| ITEM 5.                  | OPERATING AND FINANCIAL REVIEW AND PROSPECTS | 28 |
|                     | A. | Operating Results | 28 |
|                     |   | Significant Accounting Policies | 28 |
|                     |   | New Accounting Pronouncement | 31 |
|                     |   | Results of Operations - Consolidated Statement of Loss, Comprehensive Loss and Deficit |   |
|                     |   | for the twelve months ending April 30, 2012 and 2011 | 32 |
|                     | B. | Liquidity and Capital Resources | 33 |
|                     | C. | Research and Development, Patents and Licenses, etc. | 35 |
|                     | D. | Trend Information | 35 |
|                     | E. | Off-Balance Sheet Arrangements | 35 |
|                     | F. | Tabular Disclosure of Contractual Obligations | 36 |
|                     |   |   |   |
| ITEM 6.                  | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES | 36 |
|                     | A. | Directors and Senior Management | 36 |
|                     | B. | Compensation | 41 |
|                     | C. | Board Practices – Mandate of the Board of Directors | 49 |
|                     | D. | Employees | 49 |
|                     | E. | Share Ownership | 49 |
|                     |   |   |   |

| ITEM 7. | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS | 51                               |
|---------|---------------------------------------------------|----------------------------------|
|    | A.                                                | Major Shareholders               | 51 |
|    | B.                                                | Related Party Transactions       | 51 |
|    | C.                                                | Interests of Experts and Counsel | 51 |

----

|      |                                                                         |                                                    |   |
|-----------|------------------------------------------------------------------------------|---------------------------------------------------------|--------|
| ITEM 8.   | FINANCIAL INFORMATION                                                        | 51                                                      |
|      | A.                                                                           | Consolidated Statements and Other Financial Information | 51     |
|      | B.                                                                           | Significant Changes                                     | 51     |
|      |                                                                         |                                                    |   |
| ITEM 9.   | THE OFFER AND LISTING                                                        | 52                                                      |
|      | A.                                                                           | Offer and Listing Details                               | 52     |
|      | B.                                                                           | Plan of Distribution                                    | 53     |
|      | C.                                                                           | Markets                                                 | 53     |
|      | D.                                                                           | Selling Shareholders                                    | 53     |
|      | E.                                                                           | Dilution                                                | 53     |
|      | F.                                                                           | Expenses of the Issue                                   | 54     |
|      |                                                                         |                                                    |   |
| ITEM 10.  | ADDITIONAL INFORMATION                                                       | 54                                                      |
|      | A.                                                                           | Share Capital                                           | 54     |
|      | B.                                                                           | Memorandum and Articles of Association                  | 54     |
|      | C.                                                                           | Material Contracts                                      | 55     |
|      | D.                                                                           | Exchange Controls                                       | 55     |
|      | E.                                                                           | Taxation                                                | 55     |
|      | F.                                                                           | Dividends and Paying Agents                             | 62     |
|      | G.                                                                           | Statements by Experts                                   | 62     |
|      | H.                                                                           | Documents on Display                                    | 62     |
|      | I.                                                                           | Subsidiary Information                                  | 62     |
|      |                                                                         |                                                    |   |
| ITEM 11.  | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                   | 62                                                      |
|      |                                                                         |                                                    |   |
| ITEM 12.  | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES                       | 62                                                      |
|      |                                                                         |                                                    |   |
| PART II   |
|      |                                                                         |                                                    |   |
| ITEM 13.  | DEFAULTS, DIVIDEND ARREARS AND DELINQUENCIES                                 | 62                                                      |
|      |                                                                         |                                                    |   |
| ITEM 14.  | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | 63                                                      |
|      |                                                                         |                                                    |
|      |                                                                         |                                                    |   |
| ITEM 15.  | CONTROLS AND PROCEDURES                                                      | 63                                                      |
|      |                                                                         |                                                    |   |
| ITEM 16.  | [ RESERVED ]                                                                 | 63                                                      |
|      |                                                                         |                                                    |   |
| ITEM 16A. | AUDIT COMMITTEE FINANCIAL EXPERT                                             | 63                                                      |
|      |                                                                         |                                                    |   |
| ITEM 16B. | CODE OF ETHICS                                                               | 64                                                      |
|      |                                                                         |                                                    |   |
| ITEM 16C. | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                       | 64                                                      |
|      |                                                                         |                                                    |   |
| ITEM 16D. | EXEMPTIONS FROM THE LISTING STANDARES FOR AUDIT COMMITTEES                   | 65                                                      |
|      |                                                                         |                                                    |   |
| ITEM 16E. | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS       | 65                                                      |
|      |                                                                         |                                                    |
|      |                                                                         |                                                    |   |
| ITEM 16F. | CHANGE IN REGISTRANTS CERTIFYING ACCOUNTANT                                  | 65                                                      |
|      |                                                                         |                                                    |   |

| ITEM 16G. | CORPORATE GOVERNANCE   |   | 65     |
|-----------|------------------------|--------|--------|
|      |                   |   |   |
| ITEM 16H. | MINE SAFETY DISCLOSURE |   | 65     |

----

|   PART III |                             |
|-----------------|----------------------------------|
|            |                             |   |   |
| ITEM 17.        | CONSOLIDATEDFINANCIAL STATEMENTS | 65 |
|            |                             |   |   |
| ITEM 18.        | FINANCIAL STATEMENTS             |   | 65 |
|            |                             |   |   |
| ITEM 19.        | EXHIBITS                         |   | 65 |
|            |                             |   |   |
|            | SIGNATURES                       |   | 67 |
|            |                             |   |   |

Consolidated Financial Statements of the  Company

| ·   | Report of Independent Registered Chartered Accountants on Consolidated Financial Statements. |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | Consolidated Statements of Financial Position as at April 30, 2012 and 2011 and May 1, 2010. |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | Consolidated Statements of Net Loss and Comprehensive Loss for the year ended April 30, 2012 and 2011. |
|--------------------|--------------------------------------------------------------------------------------------------------|

| ·   | Consolidated Statements of Changes in Equity for the year ended April 30, 2012 and 2011. |
|--------------------|------------------------------------------------------------------------------------------|

| ·   | Consolidated Statements of Cash Flows for the year ended April 30, 2012 and 2011. |
|--------------------|-----------------------------------------------------------------------------------|

| ·   | Notes to the Consolidated Financial Statements. |
|--------------------|-------------------------------------------------|

| The following exhibits are attached to and form part of this Annual Report: Exhibit |
|------------------------------------------------------------------------------------------|
| 1.1                                                                                      | Articles of Incorporation* |
| 11.1                                                                                     | Code of Ethics |
| 12.1                                                                                     | Section 302 Certification of the Company's Chief Executive Officer |
| 12.2                                                                                     | Section 302 Certification of the Company's Chief Financial Officer |
| 13.1                                                                                     | Section 906 Certification of the Company's Chief Executive Officer |
| 13.2                                                                                     | Section 906 Certification of the Company's Chief Financial Officer |
| 14.1                                                                                     | Management Discussion and Analysis dated July 30, 2012 |
| 14.2                                                                                     | Audit Committee Charter |
| 14.3                                                                                     | Corporate Governance Policy |
|                                                                                          |  |

----

| Aeromagnetic survey          | A geophysical survey using a magnetometer aboard or towed behind an aircraft.                                                                                                                                                                                                                                                                                |
|------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Au                           | The chemical symbol for gold.                                                                                                                                                                                                                                                                                                                                |
| Anomaly                      | Any departure from the norm which may indicate the presence of mineralization in the underlying bedrock.                                                                                                                                                                                                                                                     |
| Anorthosite                  | Light grey to almost black variety of gabbro, made up of plagioclase with a mafic content of less than 10%.                                                                                                                                                                                                                                                  |
| Aphebian                     | Period of time in the Earth’s history between 2.5 and 1.8 billion years ago.                                                                                                                                                                                                                                                                           |
| Archean                      | Period of time in the Earth’s history between 3.8 and 2.5 billion years ago.                                                                                                                                                                                                                                                                           |
| Assay                        | A chemical test performed on a sample of ores or core to determine the amount of valuable metals contained.                                                                                                                                                                                                                                                  |
| Assessment Work              | The amount of work, specified by mining law, that must be performed each year in order to retain legal control of mining claims.                                                                                                                                                                                                                             |
| Athabasca Basin              | The region located in northern Saskatchewan province, Canada, hosting the world’s richest uranium deposits and all of Canada’s producing uranium mines.  The basin is approximately 400 km across east/west and 150 km north/south.  Its geology is characterized by metasedimentary bedrock overlain by younger sandstones. |
| Audio-Magnetotellurics (AMT) | A geophysical method that measures the Earth’s varying electric and magnetic fields.                                                                                                                                                                                                                                                                   |
| Basin                        | In geology a round or oval depression in the Earth's surface, containing younger rock in its central part.                                                                                                                                                                                                                                                   |
| Batholith                    | A large mass of igneous rock extending to great depth with its upper portion dome-like in shape. Similar smaller masses of igneous rocks are known as bosses or plugs.                                                                                                                                                                                       |
| Breccia                      | A rock in which angular fragments are surrounded by a mass of fine-grained minerals.                                                                                                                                                                                                                                                                         |
| CVV                          | Stock symbol for CanAlaska Uranium Ltd. on the TSX Exchange                                                                                                                                                                                                                                                                                                  |
| Chalcopyrite                 | A sulphide mineral of copper and iron; the most important ore mineral of copper.                                                                                                                                                                                                                                                                             |
| Channel Sample               | A sample composed of pieces of vein or mineral deposit that have been cut out of a small trench or channel, usually about 10 cm wide and 2 cm deep.                                                                                                                                                                                                          |
| Chip Sample                  | A method of sampling a rock exposure whereby a regular series of small chips of rock is broken off along a line across the face.                                                                                                                                                                                                                             |
| Claim                        | An area marked on a map or the ground, where the Government has given current mineral title to the registered owner. Holder usually has the right to carry out mineral exploration and apply to mine on the located area.                                                                                                                                    |
| Cretaceous                   | The third and latest of the periods in the Mesozoic Era.                                                                                                                                                                                                                                                                                                     |
| Diamond Drill                | A rotary type of rock drill that cuts a core of rock that is recovered in long cylindrical sections, 2 cm or more in diameter.                                                                                                                                                                                                                               |
| Dickite                      | A polymorphic alumino-silicate clay that is formed from hydrothermal environments.                                                                                                                                                                                                                                                                           |
| Diorite                      | An intrusive igneous rock composed chiefly of plagioclase, hornblende, biotite or pyroxene.                                                                                                                                                                                                                                                                  |
| Dravite                      | A complex sodium/magnesium/aluminum/boron silicate formed from hydrothermal environments.                                                                                                                                                                                                                                                                    |
| EM Survey                    | A geophysical survey method which measures the electromagnetic properties of rocks.                                                                                                                                                                                                                                                                          |
| Exploration             | Prospecting, sampling, mapping, diamond drilling and other work involved in searching for ore.                                                                                                                                                                                                                                                               |
| Exploration Permit           | See licence for New Zealand operations                                                                                                                                                                                                                                                                                                                       |
| Fault                        | Fracture in the Earth’s crust, along which there has been displacement of the sides relative to one another parallel to the fracture.                                                                                                                                                                                                                  |

----

| Gabbro                    | A dark, coarse-grained intrusive igneous rock.                                                                                                                                                                                                                                                                                                                                                                                      |
|---------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Geophysical Surveys       | The use of one or more geophysical techniques in geophysical exploration.                                                                                                                                                                                                                                                                                                                                                           |
| Grab Samples              | A sample of rock or sediment taken more or less indiscriminately at any place.                                                                                                                                                                                                                                                                                                                                                      |
| Gravity Gradient Survey   | A geophysical method used to map and mathematically model underground fault structures based on measurements of the gravity of rocks.                                                                                                                                                                                                                                                                                               |
| Gneiss                    | Layered granite-like rock.                                                                                                                                                                                                                                                                                                                                                                                                          |
| Gossan                    | An iron-oxide rich weathered product overlying a sulphide deposit.                                                                                                                                                                                                                                                                                                                                                                  |
| Granite                   | A coarse-grained intrusive igneous rock consisting of quartz, feldspar and mica.                                                                                                                                                                                                                                                                                                                                                    |
| Gpt, or g/t               | Grams per tonne.                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Hydrothermal Alteration   | The change in the mineralogy of the rock.  The old minerals are replaced by new ones because there has been a change in the conditions.  These changes could be changes in temperature, pressure, chemical conditions or any combination of these.  Hydrothermal alteration is a change in the mineralogy as a result of interaction of the rock with hot water fluids, called “hydrothermal fluids”.    |
| Hydrothermal Fluids       | It causes hydrothermal alteration of rocks by passing (hot) water fluids through the rocks and changing their composition by adding, removing or redistributing components.  Temperatures can range from weakly elevated to boiling.  Fluid composition is extremely variable.  They may contain various types of gases, salts (briney fluids), water and metals.                                                    |
| Illite                    | A layered alumino-silicate clay that is formed from hydrothermal environments.                                                                                                                                                                                                                                                                                                                                                      |
| Induced Polarization (IP) | A geophysical survey method which measures the electrochemical properties of rocks.  Time domain IP methods measure the voltage decay or chargeability over a specified time interval after the induced voltage is removed.  Frequency domain IP methods use alternating currents (AC) to induce electric charges in the subsurface and the apparent resistivity is measured at different AC frequencies.  |
| g/t Au                    | Grams per tonne gold.                                                                                                                                                                                                                                                                                                                                                                                                               |
| Kimberlite                | A blue/grey igneous rock which contains olivine, serpentine, calcite and silica.                                                                                                                                                                                                                                                                                                                                                    |
| Km                        | A measure of distance known as a kilometre.                                                                                                                                                                                                                                                                                                                                                                                         |
| Leach                     | To dissolve from a rock. For example, when acidic water passes through fractured rocks, soluble minerals leach or dissolve from the rocks.                                                                                                                                                                                                                                                                                          |
| Licence                   | See claim, but not necessarily physically marked on the ground.                                                                                                                                                                                                                                                                                                                                                                     |
| Lode                      | Zone of metal veins.                                                                                                                                                                                                                                                                                                                                                                                                                |
| Mb                        | The chemical symbol for molybdenum.                                                                                                                                                                                                                                                                                                                                                                                                 |
| Mg                        | The chemical symbol for magnesium.                                                                                                                                                                                                                                                                                                                                                                                                  |
| Mafic                     | Igneous rocks with dark minerals.                                                                                                                                                                                                                                                                                                                                                                                                   |
| Max-Min EM                | A specific type of electromagnetic geophysical survey.                                                                                                                                                                                                                                                                                                                                                                              |
| MEL                       | See licence, specifically for Manitoba, Canada                                                                                                                                                                                                                                                                                                                                                                                      |
| Mesozoic Era              | One of the grand divisions of geologic time, follows the Paleaozoic and succeeded by the Cenozoic.                                                                                                                                                                                                                                                                                                                                  |
| Metallurgy                | The study of extracting metals from their ores.                                                                                                                                                                                                                                                                                                                                                                                     |
| Mineralization            | The concentration of metals and their chemical compounds within a body of rock.                                                                                                                                                                                                                                                                                                                                                     |
| Ni                        | The chemical symbol for nickel.                                                                                                                                                                                                                                                                                                                                                                                                     |
| NSR                       | Net Smelter Returns.  A royalty paid from the sale of mined minerals.                                                                                                                                                                                                                                                                                                                                                     |
| Opt                       | Ounce per ton.                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Ore                       | A natural aggregate of one or more minerals, which at a specified time and place, may be mined and sold at a profit, or which from some part may be profitably separated.                                                                                                                                                                                                                                                           |

----

| Oz                         | A measure of weight known as an ounce.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Permit                     | Paperwork to allow certain types of activities in exploration                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Placer                     | A deposit of sand and gravel containing valuable metals such as gold, tin or diamonds.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Proterozoic                | Period of time in Earth’s history between 2.5 billion years ago and 544 million years ago.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Ppm                        | Parts per million.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Pyrite                     | A yellow iron sulphide mineral, normally of little value. It is sometimes referred to as "fool's gold".                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Rare Earth Elements (REE)  | The rare earth elements (“Rare Earths” or “REE”) include the 15 elements in the Periodic Table of Elements, plus yttrium and scandium which have multiple uses in technology.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| Radiometric dating         | The calculation of an age in years of geologic materials by any one of several age determination methods based on nuclear decay of natural radioactive elements contained in the material.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| Sample                     | A small portion of rock or a mineral deposit taken so that the metal content can be determined by assaying.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Sampling                   | Selecting a fractional but representative part of a mineral deposit for analysis.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Shear or shearing          | The deformation of rocks by lateral movement along innumerable parallel planes, generally resulting from pressure and producing such metamorphic structures as cleavage and schistosity.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Strike                     | The coarse or bearing of a bed or layer of rock.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| Tailings                   | Material rejected from a mill after most of the recoverable valuable minerals have been extracted.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Th                         | The chemical symbol for thorium.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| U                          | The chemical symbol for uranium.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| U3O8                       | Uranium oxide. The mixture of uranium oxides produced after milling uranium ore from a mine.  Sometimes loosely called “yellowcake”.  It is yellow in colour and is usually represented by the empirical formula U3O8. Uranium is sold in this form.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| Unconformity               | A boundary separating two or more rocks of markedly different ages, marking a gap in the geologic record.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| Unconformity Deposit Model | The theoretical model for the characterization of major uranium deposits located in the Athabasca Basin.  Deposition/concentration of high-grade “unconformity” uranium deposits are thought to result from the chemical interaction of dissolved uranium present in water-saturated sediments above the unconformity with reducing gases and fluids generated from significant hydrothermal activity emanating from below the unconformity.  High-grade uranium deposits have been observed to occur at, above and/or below the unconformity. Many unconformity-type deposits are marked by the surrounding presence of sandstone and basement rocks that have also been chemically-altered due to hydrothermal activity.  These larger rock “alteration” zones represent the primary targets for uranium explorers as the altered physical properties of the rocks can be detected via various airborne and land-based geophysical survey methods.  In addition, the presence of geological fault structures is highly-correlated with high-grade uranium deposition, with the fault structures likely acting as the conduits for the upwelling of hydrothermal fluids. |
| Uraninite                  | A mineral consisting of uranium oxide and trace amounts of radium and thorium and polonium and lead and helium; uraninite in massive form is called pitchblende which is the chief uranium ore.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| Vein                       | A fissure, fault or crack in a rock filled by minerals that have traveled upwards from some deep source.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Volcanic rocks             | Igneous rocks formed from magma that has flowed out or has been violently ejected from a volcano.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

----

| ·   | risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------|

| ·   | results of initial feasibility, pre-feasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | mining exploration risks, including risks related to accidents, equipment breakdowns or other unanticipated difficulties with or interruptions in production; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the potential for delays in exploration activities or the completion of feasibility studies; |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------|

| ·   | risks related to commodity price fluctuations; |
|--------------------|------------------------------------------------|

| ·   | the uncertainty of profitability based upon the Company's history of losses; |
|--------------------|------------------------------------------------------------------------------|

| ·   | risks related to failure of the Company and/or its joint venture partner to obtain adequate financing on a timely basis and on acceptable terms; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | risks related to environmental regulation, permitting and liability; |
|--------------------|----------------------------------------------------------------------|

| ·   | political and regulatory risks associated with mining and exploration; |
|--------------------|------------------------------------------------------------------------|

| ·   | other risks and uncertainties related to the Company's prospects, properties and business strategy. |
|--------------------|-----------------------------------------------------------------------------------------------------|

----

| A.   | Selected Financial Data |
|----------------|-------------------------|

| 1. | The selected financial data and the information in the following tables of the Company for the years ended April 30, 2012 and April 30, 2011 were derived from the  consolidated financial statements of the Company.  These consolidated financial statements have been prepared in accordance with and in full compliance with International Financial Reporting Standard (“IFRS”) as issued by the International Accounting Standards Boards (“IASB”), which differ in certain respects from the principles the Company would have followed had its consolidated financial statements been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”).  These IFRS consolidated financial statements are the Company’s first annual consolidated financial statements prepared in accordance with IFRS for the year ending April 30, 2012. Previously, the Company prepared its consolidated financial statements in accordance with Canadian generally accepted accounting principles (“Canadian GAAP”). Subject to certain transition elections disclosed in the consolidated financial statements  filed herewith, the Company has consistently applied the same accounting policies in the opening IFRS statement of financial position as at May 1, 2010 and throughout all periods presented, as if these policies had always been in effect. Note 17 in the  consolidated financial statements, filed herewith, discloses the impact of the transition to IFRS on the Company’s reported consolidated statements of financial position, statement of net loss and comprehensive loss and statement of cash flows, including the nature and effect of significant changes in accounting policies from those used in the  consolidated financial statements for the year ended April 30, 2011. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2. | The table below summaries certain consolidated financial information  in accordance with  IFRS for the years ending April 30, 2012 and April 30, 2011.  The information has been derived from the consolidated financial statements filed herewith.  The consolidated financial statements were initially prepared in accordance with Canadian GAAP, consistent with the prior years and periods ended April 30, 2010, 2009 and 2008.  The consolidated financial statements at the year ended April 30, 2011 have been adjusted in accordance with IFRS 1, and therefore the financial information set forth in this annual report for the year ended April 30, 2011 may differ from information previously published.  The Company adopted IFRS transition date of May 1, 2010.  For details regarding the adjustments made with respect to the comparative data refer to Note 17 in the  consolidated financial statements filed herewith. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| $000’s                                            |   |   |   | 2012    |   |   | 2011   |    |
|---------------------------------------------------------|--------|--------|--------|---------|--------|--------|--------|---------|
| Assets                                                  |   |   |   |    |   |   |   |    |
| Cash and cash equivalents                               |   |   |   | 4,394   |   |   |   | 9,642   |   |
| Other current assets                                    |   |   |   | 466     |   |   |   | 981     |   |
| Mineral properties                                      |   |   |   | 1,356   |   |   |   | 1,797   |   |
| Other non-current assets                                |   |   |   | 849     |   |   |   | 959     |   |
| Total assets                                            |   |   |   | 7,065   |   |   |   | 13,379  |   |
| Liabilities                                             |   |   |   |    |   |   |   |    |   |
| Current liabilities                                     |   |   |   | 1,792   |   |   |   | 2,461   |   |
| Shareholders’ Equity                              |   |   |   |    |   |   |   |    |   |
| Common shares                                           |   |   |   | 73,210  |   |   |   | 72,108  |   |
| Equity reserve                                          |   |   |   | 10,506  |   |   |   | 10,170  |   |
| Investment revaluation reserve                          |   |   |   | 53      |   |   |   | 267     |   |
| Deficit                                                 |   |   |   | (78,496 | )      |   |   | (71,627 | ) |
|                                                    |   |   |   |    |   |   |   |    |   |   |
| Revenues                                                |   |   |   | -       |   |   |   | -       |   |
| Exploration costs                                       |   |   |   | 5,119   |   |   |   | 7,717   |   |
| Other expenses                                          |   |   |   | 1,750   |   |   |   | 2,079   |   |
| Net loss for the year                                   |   |   |   | (6,869  | )      |   |   | (9,796  | ) |
| Unrealized loss (gain) on available-for-sale securities |   |   |   | 214     |   |   |   | (257    | ) |
| Total comprehensive loss for the year                   |   |   |   | (7,083  | )      |   |   | (9,539  | ) |
| Weighted Avg.# of shares outstanding (000’s)      |   |   |   | 20,425  |   |   |   | 18,114  |   |
| Net loss per share – basic and diluted            |   |   |   | (0.34   | )      |   |   | (0.54   | ) |

----

|   | 2. (a) | The table below summaries certain consolidated financial information for the years ending April 30, 2010, 2009 and 2008 in accordance with U.S. GAAP in Canadian dollars, which have been derived from previously published consolidated financial statements for the year ended dates. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| $000’s                                            |   |   |   | 2010    |   |   |   | 2009    |   |   |   | 2008    |   |
|---------------------------------------------------------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
| Assets                                                  |   |   |   |    |   |   |   |    |   |   |   |    |   |
| Cash                                                    |   |   |   | 7,889   |   |   |   | 6,339   |   |   |   | 7,376   |   |
| Restricted cash                                         |   |   |   | 833     |   |   |   | -       |   |   |   | -       |   |
| Other current assets                                    |   |   |   | 1,409   |   |   |   | 1,272   |   |   |   | 3,003   |   |
| Mineral properties                                      |   |   |   | 1,043   |   |   |   | 583     |   |   |   | 529     |   |
| Other non-current assets                                |   |   |   | 1,134   |   |   |   | 1,144   |   |   |   | 1,598   |   |
| Total assets                                            |   |   |   | 12,308  |   |   |   | 9,338   |   |   |   | 12,506  |   |
| Liabilities                                             |   |   |   |    |   |   |   |    |   |   |   |    |   |
| Current liabilities                                     |   |   |   | 1,626   |   |   |   | 1,194   |   |   |   | 2,619   |   |
| Future income tax liability                             |   |   |   | -       |   |   |   | -       |   |   |   | -       |   |
| Shareholders’ Equity                              |   |   |   |    |   |   |   |    |   |   |   |    |   |
| Common shares                                           |   |   |   | 67,655  |   |   |   | 62,219  |   |   |   | 59,247  |   |
| Contributed surplus                                     |   |   |   | 10,108  |   |   |   | 8,383   |   |   |   | 5,835   |   |
| Accumulated other comprehensive income                  |   |   |   | 10      |   |   |   | 9       |   |   |   | 166     |   |
| Deficit                                                 |   |   |   | (76,645 | )      |   |   | (68,439 | )      |   |   | (58,429 | )      |
| Non-controlling interest                                |   |   |   | 9,554   |   |   |   | 5,972   |   |   |   | 3,068   |   |
|                                                    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |
| Revenues                                                |   |   |   | -       |   |   |   | -       |   |   |   | -       |   |
| Exploration costs                                       |   |   |   | 6,652   |   |   |   | 8,426   |   |   |   | 14,146  |   |
| Other expenses                                          |   |   |   | 2,973   |   |   |   | 2,680   |   |   |   | 2,289   |   |
| Loss before income taxes                                |   |   |   | (9,625  | )      |   |   | (11,106 | )      |   |   | (16,435 | )      |
| Future income tax (expense) recovery                    |   |   |   | -       |   |   |   | -       |   |   |   | -       |   |
| Net loss for the year                                   |   |   |   | (9,625  | )      |   |   | (11,106 | )      |   |   | (16,435 | )      |
| Loss attributable to non-controlling interests          |   |   |   | 1,418   |   |   |   | 1,097   |   |   |   | 532     |   |
| Loss attributable to common shareholders                |   |   |   | (8,207  | )      |   |   | (10,009 | )      |   |   | (15,903 | )      |
| Unrealized (gain) loss on available-for-sale securities |   |   |   | (1      | )      |   |   | 157     |   |   |   | 360     |   |
| Comprehensive loss for the year                         |   |   |   | (9,624  | )      |   |   | (11,263 | )      |   |   | (16,795 | )      |
| Weighted Avg.# of Shares Outstanding                    |   |   |   | 15,376  |   |   |   | 13,716  |   |   |   | 11,704  |   |
| Net Loss Per Share – basic and diluted            |   |   |   | (0.53   | )      |   |   | (0.72   | )      |   |   | (1.36   | )      |

----

|   | 2. (b) | The table below summaries certain consolidated financial information for the years ending April 30, 2010, 2009 and 2008 in accordance with Canadian GAAP in Canadian dollars, which have been derived from previously published consolidated financial statements for the year ended dates. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| $000’s                                            |   |   |   | 2010    |   |   |   | 2009    |   |   |   | 2008    |   |
|---------------------------------------------------------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|
| Assets                                                  |   |   |   |    |   |   |   |    |   |   |   |    |   |
| Cash                                                    |   |   |   | 8,722   |   |   |   | 6,339   |   |   |   | 7,376   |   |
| Other current assets                                    |   |   |   | 1,409   |   |   |   | 1,272   |   |   |   | 3,003   |   |
| Mineral properties                                      |   |   |   | 46,245  |   |   |   | 39,133  |   |   |   | 31,661  |   |
| Other non-current assets                                |   |   |   | 1,134   |   |   |   | 1,144   |   |   |   | 1,598   |   |
| Total assets                                            |   |   |   | 57,510  |   |   |   | 47,888  |   |   |   | 43,638  |   |
| Liabilities                                             |   |   |   |    |   |   |   |    |   |   |   |    |   |
| Current liabilities                                     |   |   |   | 1,626   |   |   |   | 1,194   |   |   |   | 2,619   |   |
| Future income tax liability                             |   |   |   | 3,399   |   |   |   | 2,654   |   |   |   | 1,919   |   |
| Shareholders’ Equity                              |   |   |   |    |   |   |   |    |   |   |   |    |   |
| Common shares                                           |   |   |   | 60,878  |   |   |   | 56,183  |   |   |   | 54,079  |   |
| Contributed surplus                                     |   |   |   | 9,665   |   |   |   | 7,940   |   |   |   | 5,392   |   |
| Accumulated other comprehensive income                  |   |   |   | 10      |   |   |   | 9       |   |   |   | 166     |   |
| Deficit                                                 |   |   |   | (30,668 | )      |   |   | (27,692 | )      |   |   | (24,137 | )      |
| Non-controlling interest                                |   |   |   | 12,600  |   |   |   | 7,600   |   |   |   | 3,600   |   |
|                                                    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |
| Revenues                                                |   |   |   | -       |   |   |   | -       |   |   |   | -       |   |
| Exploration costs                                       |   |   |   | 477     |   |   |   | 1,008   |   |   |   | 899     |   |
| Other expenses                                          |   |   |   | 2,960   |   |   |   | 2,815   |   |   |   | 2,447   |   |
| Loss before income taxes                                |   |   |   | (3,437  | )      |   |   | (3,823  | )      |   |   | (3,346  | )      |
| Future income tax (expense) recovery                    |   |   |   | 461     |   |   |   | 268     |   |   |   | 298     |   |
| Net loss for the year                                   |   |   |   | (2,976  | )      |   |   | (3,555  | )      |   |   | (3,048  | )      |
| Unrealized (gain) loss on available-for-sale securities |   |   |   | (1      | )      |   |   | 157     |   |   |   | 360     |   |
| Comprehensive loss for the year                         |   |   |   | (2,975  | )      |   |   | (3,712  | )      |   |   | (3,408  | )      |
| Weighted Avg.# of Shares Outstanding                    |   |   |   | 15,576  |   |   |   | 13,716  |   |   |   | 11,704  |   |
| Net Loss Per Share – basic and diluted            |   |   |   | (0.19   | )      |   |   | (0.26   | )      |   |   | (0.26   | )      |

----

|   | 3. (a) | On July 26, 2012 the exchange rate of the Canadian dollar into United States Dollars based on the nominal rate for U.S. Dollars reported by the Bank of Canada was $1.00 equals C$0.99. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2012 | February | March  | April  | May    | June   |
|------|----------|--------|--------|--------|--------|
| High | 1.0158   | 1.0161 | 1.0204 | 1.0173 | 0.9837 |
| Low  | 0.9960   | 0.9965 | 0.9950 | 0.9647 | 0.9576 |

| Fiscal Year Ended | Average | High   | Low    | Close  |
|-------------------|---------|--------|--------|--------|
| April 30, 2012    | 0.9959  | 1.0630 | 0.9383 | 0.9879 |
| April 30, 2011    | 0.9873  | 1.0582 | 0.9218 | 0.9464 |
| April 30, 2010    | 1.0109  | 1.1079 | 1.0038 | 1.0158 |
| April 30, 2009    | 1.1926  | 1.1977 | 1.1875 | 1.1930 |
| April 30, 2008    | 1.0079  | 1.0121 | 1.0037 | 1.0072 |

----

----

----

----

| A.   | History and Development of the Company |
|----------------|----------------------------------------|

| B.   | Business Overview |
|----------------|-------------------|

----

| C.   | Organizational Structure |
|----------------|--------------------------|

| D.   | Property, Plants and Equipment |
|----------------|--------------------------------|

----

| Total Exploration ($000's) | Quarterly | Year Ended |
|----------------------------|-----------|------------|
| Q111                       | Q211      | Q311       | Q411 | Q112 | Q212 | Q312 | Q412 | Apr-11 | Apr-12 |
| Camp Cost & Operations | 260       | 262        | 214 | 556 | 8 | 15 | 303 | 512 | 1,292 | 838 |
| Drilling                   | 508       | 893        | 59 | 1,382 |  (2) | - | 256 | 2,348 | 2,842 | 2,602 |
| General & Admin        | 52        | 39         | 54 | 100 | 130 | 13 | 39 | 47 | 245 | 229 |
| Geochemistry               | 77        | 71         | 10 | 52 | 38 | 10 | 5 | 60 | 210 | 113 |
| Geology                    | 245       | 378        | 124 | 294 | 125 | 64 | 61 | 393 | 1,041 | 643 |
| Geophysics                 | 302       | 463        | 99 | 1,639 | 1,116 | 218 | 244 | 789 | 2,503 | 2,367 |
| Other                      | 462       | 419        | 264 | 506 | 143 | 56 | 218 | 361 | 1,651 | 778 |
| Gross Expenditures         | 1,906     | 2,525      | 824 | 4,529 | 1,558 | 376 | 1,126 | 4,510 | 9,784 | 7,570 |
| Reimbursement/Write-offs   | (184)     | (189)      | (165) | (1,420) |  (453) |  (144) |  (193) | (1,188) | (1,958) | (1,978) |
| Net Expenditures           | 1,722     | 2,336      | 659 | 3,109 | 1,105 | 232 | 933 | 3,322 | 7,826 | 5,592 |

| Cree East Project          | Quarterly | Year Ended |   |
|----------------------------|-----------|------------|--------|
| ($000's)                   | Q111      | Q211       | Q311   | Q411 | Q112 | Q212 | Q312 | Q412 | Apr-11 | Apr-12 | LTD |
| Camp Cost & Operations | 227       | 222        | 203    | 161 | - | -  | 163 | 279 | 813 | 442 | 3,340 |
| Drilling                   | 522       | 891        | 26     | 367 |  (6) | -  | 186 | 1,163 | 1,806 | 1,343 | 6,713 |
| General & Admin        | 15        | 8          | 10     | 32 | 62 | (19) | 6 | 15 | 65 | 64 | 440 |
| Geochemistry               | 23        | 45         | 9      | 9 | 3 | 1 | 2 | 32 | 86 | 38 | 530 |
| Geology                    | 151       | 178        | 38     | 76 | 30 | 14 | 44 | 211 | 443 | 299 | 1,509 |
| Geophysics                 | 51        | 83         | 60     | 356 | 4 | 10 | 171 | 38 | 550 | 223 | 3,257 |
| Management Fees            | 111       | 152        | 38     | 110 | 8 | (31) | 60 | 182 | 411 | 219 | 1,532 |
| Other                      | 131       | 104        | 76     | 96 | 10 | 2 | 27 | 66 | 407 | 105 | 1,422 |
| Net Expenditures           | 1,231     | 1,683      | 460    | 1,207 | 111 | (23) | 659 | 1,986 |   4,581 | 2,733 | 18,743 |

----

----

| West McArthur Project      | Quarterly | Year Ended |       |
|----------------------------|-----------|------------|------------|
| ($000's)                   | Q111      | Q211       | Q311       | Q411 | Q112 | Q212 | Q312 | Q412 | Apr-11 | Apr-12 | LTD |
| Camp Cost & Operations | 6         | 6          | 4          | - | - | - | 143 | 230 | 16 | 373 | 2,984 |
| Drilling                   | -         | -          |  34   | - | - | - | 72 | 1,165 | 34 | 1,237 | 6,745 |
| General & Admin        | 33        | 27         | 30         | 26 | 40 | 32 | 27 | 23 | 116 | 122 | 2,020 |
| Geochemistry               | 12        | 8          | -          | - | 8 | 4 | 1 | 27 | 20 | 40 | 323 |
| Geology                    | 66        | 36         | 14         | 15 | 19 | 49 | 10 | 176 | 131 | 254 | 935 |
| Geophysics                 | 165       | 147        | 16         | 977 | 652 | 161 | 63 | 274 | 1,305 | 1,150 | 5,548 |
| Other                      | 45        | 24         | 20         | 59 | 50 | 29 | 53 | 106 | 148 | 238 | 646 |
| Gross Expenditures         | 327       | 248        | 118        | 1,077 | 769 | 275 | 369 | 2,001 | 1,770 | 3,414 | 19,201 |
| Reimbursement              | (169)     | (129)      |  (59) | (563) | (403) |  (144) |  (193) | (1,041) | (920) | (1,781) | (13,995) |
| Net Expenditures           | 158       | 119        | 59         | 514 | 366 | 131 | 176 | 960 | 850 | 1,633 | 5,206 |

----

----

----

| Other projects update | Status                          | Recent work undertaken               |
|-----------------------|---------------------------------|--------------------------------------|
| Alberta               | Seeking Venture Partner         | Viable drill targets identified      |
| Arnold                | Seeking Venture Partner         | Title expired subsequent to year end |
| BC Copper             | Option with private third party | Work Applications being completed    |
| Collins Bay Extension | Option with Bayswater Uranium   | Preparation for drill testing        |
| Helmer                | Seeking Venture Partner         | Reports of work                      |
| Hodgson               | Seeking Venture Partner         | ZTEM survey completed                |
| Kasmere               | Under application               | Exploration permits pending          |
| Lake Athabasca        | Seeking Venture Partner         | 43-101 report completed              |
| McTavish              | Seeking Venture Partner         | Evaluating drill targets             |
| Moon                  | Seeking Venture Partner         | Evaluating drill targets             |
| Poplar                | Seeking Venture Partner         | Evaluating drill targets             |
| Waterbury             | Seeking Venture Partner         | Evaluating drill targets             |
| Rainbow Hill AK       | Seeking Venture partner         | No significant work undertaken       |
| Zeballos              | Seeking Venture Partner         | Consolidating ownership              |
| Glitter Lake          | Disposed, NSR retained          |                                 |
| Reefton Property,NZ   | Seeking Venture Partner         | Sampling and mapping completed       |
| Ruttan                | Seeking Venture Partner         | Five claims staked                   |

----

----

|                   | 2012 Fiscal Expenditures | Life to Date - April 30, 2012                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           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| Project ($000’s) | Acquisition Costs        | Exploration ExpendituresWriteoffs/ReimbursementNet LTDAcquisition CostsExploration ExpendituresWriteoffs/ReimbursementNet LTDAthabasca Basin                  Cree East-2,733-2,733-18,743-18,743  West McArthur-3,414(1,781)1,6336519,136(13,995)5,206  Poplar-11-111663,637(3,210)593  Fond Du Lac-123-1231204,397-4,517  Black Lake-79(147)(68)-1,582-1,582  Grease River-50 (50)-1333,494(2,850)777  Cree West----481,112(1,137)23  Key Lake----241,027(1,047)4  NW Manitoba-564-564167,272-7,288  Helmer-2-21075,032-5,139  Lake Athabasca----1185,966-6,084  Alberta----112,329-2,340  Hodgson-250-2501091,480-1,589  Arnold-1-1351,341-1,376  Collins Bay-21-21-1,309-1,309  McTavish-12-1274683(108)649  Carswell-295-295173730-903  Other-15-15532,868(1,919)1,002New Zealand                  Rise and Shine, NZ--(301)(301)-416(407)9  Reefton and Other NZ Projects-111-11124780(481)323Other                  Other Projects, Various10126(3)13380483(343)220Total107,807 (2,282)5,5351,35683,817(25,497)59,676   27    2011 Fiscal ExpendituresLife to Date - April  30, 2011Project ($000’s)Acquisition CostsDeferred ExplorationWriteoffs/ReimbursementTotalAcquisition CostsDeferred ExplorationWriteoffs/ReimbursementTotalAthabasca Basin                  Cree East-4,581-4,581-16,010-16,010  West McArthur - 1,770(920)8506515,722(12,214)3,573  Poplar - 140-1401663,626(3,210)582  Fond du Lac -1,621-1,6211204,274-4,394  Black Lake -16-161471,503-1,650  Grease River15  801(891)(75) 133 3,444 (2,800)777  Cree West8       3    (27) (16)       481,112  (1,137)23  Key Lake -         3   (12)(9)241,027 (1,047)4  NW Manitoba-97-97166,708-6,724  Helmer -30-301075,030-5,137  Lake Athabasca665-711185,966-6,084  Alberta ----112,329-2,340  Hodgson6510-751091,230-1,339  Arnold -101-101351,340-1,375  Collins Bay -402-402-1,288-1,288  McTavish -17 (108) (91)74671 (108)637  Carswell -19-19173435-608  Other-14-14532,854 (1,919)988New Zealand                  Rise and Shine, NZ--(7)(7)301416 (407)310  Reefton and Other NZ Projects-67-6724669 (481)212Other                  Other Projects, Various-11-1173357 (343)87Total949,768 (1,965)7,8971,79776,011 (23,666)54,142 ITEM 4A - UNRESOLVED STAFF COMMENTS None. ITEM 5.  OPERATING AND FINANCIAL REVIEW AND PROSPECTSA.           Operating ResultsThis discussion should be read in conjunction with the audited consolidated financial statements of the Company for the fiscal year ended April 30, 2012  as filed herewith and the Management Discussion and Analysis dated July 27, 2012  as filed herewith.Significant Accounting PoliciesThe  complete list of the Company’s significant accounting policies are set out in Note 3 of the  consolidated financial statements, filed herewith, for the year ended April 30, 2012.Financial assets and liabilitiesFinancial assets held are cash and cash equivalents, trade and other receivables and available-for-sale securities. Financial liabilities are trade and other payables.  28  These  financial instruments are classified into the following specified categories: available-for-sale (“AFS”) financial assets, loans and receivables and other liabilities. The classification depends on the nature and purpose of the financial assets and  liabilities is determined at the time of initial recognition. AFS securities held by the Company that are traded in an active market are classified as being AFS and are stated at fair value. Gains and losses arising from changes in fair value are recognized directly in other comprehensive income in the investments revaluation reserve with the exception of significant or prolonged losses which are recognized in profit or loss. Where the investment is disposed of or is determined to be impaired, the cumulative gain or loss previously recognized in the investments revaluation reserve is included in the consolidated statement of net loss and comprehensive loss for the period.The fair value of AFS monetary assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the financial position reporting date. The change in fair value attributable to translation differences that result from a change in amortized cost of the asset is recognized in profit or loss. Trade and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as loans and receivables. Loans and receivables are measured at amortized cost using the effective interest method, less any impairment. Interest income is recognized by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. Other financial liabilities are measured at amortized cost.The Company has classified its financial instruments as follows:Cash and cash equivalentsLoans and receivablesAvailable-for-sale securitiesAvailable-for-saleTrade and other receivablesLoans and receivablesTrade and other payablesOther financial liabilitiesFinancial instruments recorded at fair value on the consolidated statement of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:·  Level 1 - valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities;·  Level 2 - valuation techniques based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices);·  Level 3 - valuation techniques using inputs for the asset or liability that are not based on observable market data (unobservable inputs).The Company’s available for sale investments are classified as Level 1 financial instruments. There have been no transfers between fair value levels during the reporting period.Exploration and evaluation expendituresExploration and evaluation expenditure include the costs of acquiring licenses, costs associated with exploration and evaluation activity, and the fair value (at acquisition date) of exploration and evaluation assets acquired in a business combination. Exploration and evaluation expenditures are expensed as incurred as mineral property expenditures. Costs incurred before the Company has obtained the legal rights to explore an area are recognized in the statement of comprehensive loss.Acquisition costs are capitalized to the extent that these costs can be related directly to the acquisition of a specific area of interest where it is considered likely to be recoverable by future exploitation or sale.Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical feasibility and commercial viability, and (ii) facts and circumstances suggest that the carrying amount exceeds the recoverable amount.Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within property and equipment.Recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest.  29  The Company is in the exploration stage with respect to its investment in mineral properties and accordingly follows the practice of expensing all costs relating to exploration for and development of mineral claims and crediting all proceeds received for option or farm-out arrangements or recovery of costs against the mineral expenditures.Decommissioning liabilitiesObligations associated with the decommissioning of tangible non-current assets are recorded as provisions when those obligations are incurred, with the amount of the liability initially measured at management’s best estimates. These obligations are capitalized in the accounts of the related non-current assets and are amortized over the useful lives of the related assets. It is possible that the Company's estimates of its ultimate decommissioning liabilities could change as a result of changes in regulations, the extent of environmental remediation required and the means of reclamation or costs estimates. Changes in estimates are accounted for prospectively from the period these estimates are revised.There are no decommissioning liabilities obligations as at April 30, 2012, April 30, 2011 and May 1, 2010.Income taxesIncome tax expense consists of current and deferred tax expense.  Income tax is recognized in the consolidated statement of net loss and comprehensive loss except to the extent it relates to items recognized directly in equity, in which case the related taxes are recognized in equity.Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at period end, adjusted for amendments to tax payable with regards to previous years.Deferred tax assets and liabilities are recognized for deferred tax consequences attributable to unused tax loss carry forwards, unused tax credits and differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis.  Deferred tax assets and liabilities are measured using the enacted or substantially enacted tax rates expected to apply when the asset is realized or the liability settled.The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income or loss in the period that substantive enactment occurs.A deferred tax asset is recognized to the extent that it is probable that future taxable income will be available against which the asset can be utilized.  To the extent that the Company does not consider it probable that deferred tax asset will be recovered, the deferred tax asset is reduced.The following temporary differences do not result in deferred tax assets or liabilities:·  the initial recognition of assets or liabilities, not arising in a business combination, that does not affect accounting or taxable income;·  initial recognition of goodwill;·  investments in subsidiaries, associates and jointly controlled entities where the timing of reversal of the temporary differences can be controlled and reversal in the foreseeable future is not probable.Deferred tax assets and liabilities are offset when there is a legally enforceable right to the set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.Share-based paymentsThe Company operates an equity-settled, share-based compensation plan, under which the entity receives services from employees and non-employees as consideration for equity instruments (options) of the Company.  The total amount to be expensed is determined by reference to the fair value of the options granted.The fair value of share-based compensation is determined using the Black-Scholes option-pricing model and management’s assumptions as disclosed in Note 10 in the   consolidated financial statements, filed herewith. When a stock option is exercised, the Company recognizes an increase in its share capital equivalent to the consideration paid by the option holder and the amount previously recognized in equity reserve. The fair value of any stock options granted to directors, officers and employees of the Company is recorded as an expense over the vesting period of the options with a corresponding increase in equity reserve.  30   Flow-through sharesUnder Canadian income tax legislation, a company is permitted to issue flow-through shares whereby the Company agrees to incur qualifying expenditures and renounce the related income tax deductions to the investors. The Company has adopted a policy to (i) allocate the proceeds between the offering of the shares and the sale of tax benefits when the shares are offered and (ii) recognize an income tax provision upon filing of appropriate renunciation forms with the Canadian taxation authorities for qualifying expenditures previously incurred.The allocation of the proceeds is made based on the residual difference between the quoted price of the shares and the amount the investor pays for the flow-through shares. A liability is recognized for the premium paid by the investors. The liability is reduced and the reduction of premium liability is recorded in other income when the Company has the intention to renounce the expenditures with the Canadian taxation authorities for qualifying expenditures previously incurred.New Accounting PronouncementIFRS ConvergenceIn February 2008, the CICA announced that GAAP for publicly accountable enterprises is to be replaced by International Financial Reporting Standards (“IFRS”) for fiscal years beginning on or after January 1, 2011. Companies are required to provide IFRS comparative information for the previous fiscal year. Accordingly, the conversion from GAAP to IFRS is to be applicable to the Company’s reporting for the first quarter of its 2012 year end for which the current and comparative information will be prepared under IFRS. The Company is required to apply all of those IFRS standards which are effective for fiscal year ending April 30, 2011 and apply them to its opening May 1, 2010 balance sheet.   31  Results of Operations –Consolidated Statements of Loss and Comprehensive Loss    For the years ending April 3020122011  ($000’s)($000’s)      EXPENSED EXPLORATION COSTS    Mineral property expenditures4,8258,026Mineral property write-offs451-Equipment rental income(157) (303)Net option payments-(6)  5,1197,717OTHER EXPENSES    Consulting, labour and professional fees1,2551,299Depreciation and amortization136178Gain on disposal of property and equipment(7)(11)Foreign exchange (gain) loss(4)4Insurance, licenses and filing fees115130Interest income(119)(90)Other corporate costs164159Investor relations and presentations132163Rent134118Share-based payments319623Travel and accommodation6894Management fees(363)(560)Impairment and loss (gain) on disposal of available-for-sale securities122(28)Premium on flow-through shares(202)-  1,7502,079      Net loss for the year(6,869)(9,796)      Other comprehensive loss    Unrealized loss  (gain) on available-for-sale securities214(257)Total comprehensive loss for the year(7,083)(9,539)            Basic and diluted loss per share ($ per share)(0.34)(0.54)      Weighted average common shares outstanding (000's)20,42518,114  32  Operating Results - Narrative DiscussionIn the fiscal year ended April 30, 2012, the Company spent $5.6 million ($7.6 million net of $2.0 million from reimbursements from partners and impairments) in the Athabasca Basin.In Q412, the Company recorded mineral property impairments on three of it projects (Black Lake, Voisey’s Bay and Rise and Shine) for a total write-down of $0.5 million as the Company did not renew its permits for the Black Lake and Voisey’s Bay project and the lease expired and the ground forfeited on the Rise and Shine project.Camp and other miscellaneous exploration equipment owned by the Company is maintained at our La Ronge warehouse. Equipment rental income is comprised of income (cost recapture) from charging exploration projects for the rental of this equipment. In Q412, the equipment rental income is related to the winter drill programs for the Cree East and West McArthur projects. Equipment rental income in fiscal 2012 is lower compared to fiscal 2011 as the Company did not conduct summer exploration program in fiscal 2012.Consulting, labour, and professional fees are lower than prior periods. The decrease is primarily attributed to a decrease in salaries expense. In fiscal 2012, salaries expense decreased by approximately $167,000 with a corresponding increase in consulting fees of approximately $112,000.Insurance, licenses and filing fees are consistent with prior periods. During the fiscal year ended April 30, 2012, the Company graduated from the TSX Venture Exchange to the Toronto Stock Exchange.Interest income was higher in 2012 compared to 2011. The increase was attributed to both the increased in the cash balances held during the year and better investment rates of return.Investor relations expenses were lower in 2012 compared to 2011. The decrease is primarily attributed to a decrease in various sponsorship opportunities relative to 2011. Investor related expenses of the Company include the retention of the services of an established Canadian investor relations firm which has been terminated subsequent to year end.The share-based payments amount for the year is lower than the amount for previous years. The decrease was primarily due to the share-based payment expense on the incremental fair value of the stock options which were modified in Q211.Write-down on available-for-sale securities increased in Q412. The increase is attributed to a significant or prolonged impairment on a number of investments. The Company wrote the balances down to their market values due to the significant decline in market value that was viewed as  significant or prolonged impairment of the investments.Management fees were lower in fiscal 2012 compared to fiscal 2011. This was primarily due to the decrease in our exploration activities relative to last year.  During the same period last year, the Company spent $9.8 million on exploration, of which $7.0 million were related to our joint venture projects where management fees were generated. During fiscal 2012, the Company spent $6.2 million on exploration, of which the majority of the expenditures was related to our joint venture projects.B.           Liquidity and Capital ResourcesAs of April 30, 2012 the Company had cash and cash equivalents of $4.4 million (April 30, 2011: $9.6 million). The Company’s working capital position as at April 30, 2012 was $3.1 million (April 30, 2011: 8.2 million).The Company has entered into joint venture agreements with the Korean Consortium and Mitsubishi and they are currently fully or partially funding exploration on two of its properties located in Athabasca. As of April 30, 2012, the Korean Consortium has completed $19.0 million of funding. In February 2010, Mitsubishi completed $11.0 million of funding, and CanAlaska and Mitsubishi entered into a 50/50 joint venture. Subsequent to the formation of the joint venture, Mitsubishi has provided funding of $4.3 million for the West McArthur project.CanAlaska views itself as fortunate to have strong strategic relationships with its partners. The strategic support from Mitsubishi and our Korean Consortium partners allowed the Company to continue to advance two significant projects in these challenging economic times. CanAlaska has also been conscious to maintain a reasonable treasury and is continually evaluating all of its projects.  33  In May 2011 and March 2012, the Company closed non-brokered common share and flow-through private placements for aggregate gross proceeds of $1.4 million. The Company believes that with the completion of these private placements, its current treasury, and the support of its strategic partners that it can continue to maintain operations over the next twelve months given the continuing funding from our joint venture partners. Due to increasingly difficult market conditions facing junior uranium exploration companies, management is currently in the process of evaluating its priorities and taking steps to streamline non discretionary expenditures.The Company however remains in nature an exploration enterprise and will, at some point, need to seek additional financings either through equity offerings or the formation of additional strategic partnerships. Cash and Working CapitalCash and Working Capital ($000’s)    Apr-12Apr-11Cash and cash equivalents      4,3949,642Trade and other receivables      243422Available-for-sale securities      223559Trade and other payables      (1,792)(2,461)Working capital      3,0688,162Included within cash and cash equivalents are $0.4 million in funds from the CKU Partnership which are dedicated to the Cree East project. Reference should be made to Note 5 of the  consolidated financial statements, filed herewith, for further details.As at April 30, 2012, included within trade and other receivables is approximately $163,000 in HST refunds. The decrease for April 30, 2011 is due primarily to decrease in the HST receivable account.The decrease in available-for-sale securities is a result of marking the securities to market as well as recording an impairment of approximately $122,000 on a number of investments.The decrease in trade and other payables is consistent with the decrease in exploration activities compared with the fourth quarter 2011. The winter drill season in 2012 ended earlier than 2011 as we had warmer weather in late March and early April. This resulted in an early break up for our winter 2012 drill season.Other Assets and Liabilities ($000’s)    Apr-12Apr-11Reclamation bonds      345343Property and equipment      504616Mineral property interests      1,3561,797During the fiscal year ended April 30, 2012, exploration and evaluation expenditures were made primarily on the West McArthur, Cree East, Carswell, Hodgson, Fond Du Lac and NW Manitoba projects.  During fiscal 2012, the Company wrote down its Voisey’s Bay, Black Lake and Rise and Shine projects for an aggregate amount of $451,000.Shareholders’ Equity ($000’s)    Apr-12Apr-11Common shares      73,21072,108Contributed surplus      10,50610,170Accumulated other comprehensive income      53267Deficit      (78,496)(71,627)Total shareholders’ equity      5,27310,918   34   Equity Instruments (000’s)      Apr-12Apr-11Common shares outstanding        22,05819,830Options outstanding            Number        2,9061,790Weighted average price        $0.81$1.03Warrants outstanding            Number        1,3113,439Weighted average price        $1.83$2.44Equity instrumentsThe Company has an unlimited amount of authorized common shares without par value.  As of April 30, 2012 the Company had 22,058,136 common shares outstanding.Proceeds from Financings    DateType / Gross ProceedsIntended UseActual UseMarch 2012$0.1 million – 283,000 common sharesUranium exploration in SaskatchewanAs IntendedMarch 2012$0.8 million – 1,522,000 flow-through common sharesUranium exploration in SaskatchewanAs IntendedMay 2011$0.5 million – 418,141 flow through common sharesUranium exploration in SaskatchewanAs IntendedIn March 2012, the Company issued 283,000 common shares for gross proceeds of $121,690. A finder’s fee of $4,867 in cash and 11,320 warrants were issued in connection with the financing. Each finder’s warrant entitles the holder to purchase on additional common share for a period of eighteen months from the closing date, at a price of $0.55 per warrant share.  The share purchase warrants issued as part of this placement have been recorded at a fair value of $1,825 which was determined using the Black Scholes model.In March 2012, the Company issued 1,522,000 flow-through common shares for gross proceeds of $776,220.  A finder’s fee of $31,049 in cash and 60,880 warrants were issued in connection with the financing. $68,490 was allocated to premium as the market value on the date of close was less than the offering price associated with this offering. Each finder’s warrant entitles the holder to purchase one additional common share for a period of eighteen months from the closing date at a price of $0.55 per warrant share. The share purchase warrants issued as part of this placement have been recorded at a fair value of $9,816 using the Black Scholes model.In July 2011, the Company issued 5,000 common shares under the option agreement for the Black Lake project.In May 2011, the Company issued 418,141 flow-through common shares for gross proceeds of $472,500. $133,805 was allocated to the flow-through share premium as the market value on the date of close was less than the offering price associated with this offering.C.           Research and Development, Patents and Licenses, etc.As the Company is a mineral exploration company with no research and development, the information required by this section is  not applicable.D.           Trend InformationAs the Company is a mineral exploration company with no producing properties, the information required by this section is  not applicable.E.           Off-Balance Sheet ArrangementsThe Company does not have any off-balance sheet arrangements.  35   F.     Tabular Disclosure of Contractual ObligationsThe Company has the following commitments in respect of operating leases for office space, land, or computer equipment:$000’sPayments due by periodContractual Obligations:TotalLess than 1year1 – 3 years3 – 5 yearsMore than 5 yearsOperating Lease Obligations638198300140-TOTAL638198300140-The Company has outstanding future commitments under mineral property agreements to issue common shares of the Company.  Reference should be made to Note 8 of the  consolidated financial statements filed herewith.ITEM 6.  DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEESA.           Directors and Senior ManagementThe following table the name, province or state and country of residence for each director and executive officer of the Company, their principle occupation over the past five years, years of service and the number of securities held.  Each director will hold office until the next annual general meeting of the shareholders and until such director’s successor is elected and qualifies, or until the director’s earlier death, resignation or removal.  The executive officers and committee members of the Company are elected annually at the first director’s meeting immediately following the annual general meeting of shareholders.   36   Name, Residence and Current Position(s)with the CompanyPrinciple Occupation Director of the Company SinceNumber of Securities HeldPeter DaslerTsawwassen, BC, CanadaPresident, Chief ExecutiveOfficer & Director  President, CEO and Director of the Company (2004-present).  Mr. Dasler has over 35 years of experience in exploration geology including twenty years of geological consulting and contracting for junior and senior companies based out of Vancouver, BC.  Mr. Dasler holds Bachelor’s (1974) and Master’s (1981) degrees from Canterbury University, New Zealand, and is a member of the professional Engineers and Geoscientists Association of BC.  His background includes senior geological positions in New Zealand, and Mine Manager of the 10 million ton per annum Taharoa Ironsand Mine, as well as management of junior exploration companies in Canada.  September202006 179,380Common shares7,812Warrants536,000Stock OptionsEmil FungWest Vancouver, BC, CanadaVice  president Corporate Development & Director 
  Vice President of Corporate Development and Director of the Company (2007-  present); Consultant and employee of the Company (2005-2007).  Mr. Fung holds a B.A.Sc. (Ch.E.) degree from the University of Toronto and is a M.B.A. graduate from the Schulich School of Business at York University, Toronto.  He began his career as a design engineer of Canadian nuclear reactors. In the mid-80's, Mr. Fung was engaged in investment banking in New York, where he headed mergers and acquisitions for Toronto Dominion Securities.  During the 90's, Mr. Fung pursued his entrepreneurial interests in Asia where he founded several media, telecoms and entertainment companies.  He later formed a venture capital fund to invest exclusively in entrepreneurial start-ups in China.  Mr. Fung returned to Canada in 2003 with a view to bridge the growing gap between resource-hungry Asian economies and the commodity riches of Canada.  He teamed with the Company in January, 2005 to advance the Company's corporate development efforts.  June282007 56,489Common shares7,812Warrants506,000Stock Options  Amb. Thomas Graham Jr. Bethesda, MD, United States Chairman & Director Appointed Chairman of the Board June 3, 2011.  Director of the Company (2007-present); appointed as a member of the International Advisory Board for the nuclear program of the United Arab Emirates in 2010; Chairman of the Board of Mexco Energy Corporation (July 1997-present); Executive Chairman of Lightbridge Corporation (formerly Thorium Power, Ltd.)(2006-present).  Ambassador Thomas Graham, Jr. is one of the world's leading experts in nuclear non-proliferation.  Amb. Graham has served under four successive U.S. Presidents as a senior U.S. diplomat involved in the negotiation of every major international arms control and non-proliferation agreement for the past 35 years. This includes the SALT, START, ABM, INF, NPT, CFE and CTBT Treaties. Amb. Graham has served with the U.S. Arms Control and Disarmament Agency and as the Special Representative of the President of the United States for Arms Control, Non-Proliferation, and Disarmament, in which role he successfully led U.S. government efforts to achieve the permanent extension of the Nuclear Non-Proliferation Treaty.   March302007  20,000Common shares150,000Stock Options   37   Hubert Marleau (1)(2)(3) Montreal, QC, Canada Director Independent Director of the Company (1996-present); Founder and Chairman of Palos Capital Corp. (1998-present); and Director of several other public companies.April171996  149,000Stock Options Jean Luc Roy (1)(2)(4)Burkina Faso, Africa Director Independent Director of the Company (2007-present); Former President and CEO of El Nino Ventures Inc.(2006-2009); Manager for SOMISY SA (2008 – 2009); COO of Ampella Mining Limited (2009 – present).  He has over 20 years experience in the mining industry.  The majority of his experience has been in Africa for companies such as International Gold Resources, Ashanti Goldfields Inc., Senafo, and First Quantum Minerals.  Mr. Roy has managed projects from exploration through to production in three different countries.  As Managing Director for First Quantum Minerals, Jean Luc played a crucial role in securing extensive land positions and by successfully placing a mining operation into production in the Democratic Republic of Congo during a period of major unrest in the country.  Mr. Roy is presently a resident of Burkina Faso where is COO of Ampella Mining Ltd an Australian listed company focused on gold exploration in West Africa with their flagship property Batie West.   October312007 5,700Common shares150,000Stock Options  Victor Fern(2)(3) Fond du Lac, SK, Canada Director Independent Director of the Company (2007-present); road maintenance supervisor for Athabasca Development Corporation (2009-present); mill training foreman and a mill process operator for Cameco Corporation; former Chief of the Fond Du Lac Denesuline First Nation (2005–2007). March252008  150,000Stock Options  Michael E. Riley(1)(3)(5) Surrey, BC, Canada Director Independent Director of the Company since June 3, 2011; Director and Chair of the Audit Committee of BC Lottery Corporation (2008 – present); Director and Chair of the Audit Committee of Primero Mining Corp. (2010 – present); Director and member of the Finance Committee of Vancouver Symphony Society; former audit partner with Ernst & Young LLP (1985 – 2006). June32011 150,000Stock Options Karl Schimann Vancouver, BC, Canada Vice President  Exploration Dr. Schimann joined CanAlaska in late 2004 as exploration manager where he directs a top-flight team of geophysicist and geologists.  He was appointed Vice President on June 28, 2007.  Dr. Schimann holds a Ph.D. from the University of Alberta and has worked extensively in the Uranium industry.  He is a member of the Association of Professional Engineers and Geoscientists of British Columbia, the Canadian Institute of Mining, Metallurgy, and Petroleum, the Geological Association of Canada, and the Association of Exploration Geochemists. June72004 423,375Common shares7812Warrants231,750Stock Options Ram Ramachandran Toronto, ON, Canada Chief Financial Officer Mr. Ramachandran is a Director of Rio Alto Mining Limited (May, 2011- present); White Tiger Gold (2010 - present); Viper Gold Ltd. (2011 - 2012) and serves as CFO for Purepoint Uranium Group Inc. (2005 - present).  Ram has over 25 years of financial reporting experience in a multitude of capacities. For over 10 years Ram has consulted extensively on financial reporting and regulatory matters for public companies, accounting and law firms. Ram’s contributions to the capital markets include authoring and launching the "Canadian Securities Reporter", a proprietary public company subscription service currently available through the CICA's Knotia website. Ram has previously served as Associate Chief Accountant and Deputy Director, Corporate Finance at the Ontario Securities Commission and served as a principal in the national office of an international accounting firm. Ram was also a member of the OSC’s Continuous Disclosure Advisory Committee and has completed the IFRS Certification program offered by the Institute of Chartered Accountants in England & Wales. April52010 55,000Stock Options Frances Petryshen Vancouver, BC Canada Corporate Secretary Ms. Petryshen was appointed by the board to serve as Corporate Secretary of the Company since December 2007.  Ms. Petryshen brings a strong background of over 25 years of management and administration of junior resource companies.  She has been a Director and Officer of several public and private companies.  Ms. Petryshen was recently admitted as a Fellow of the Institute of Chartered Secretaries and Administrators (FCIS), has been elected a Director and Secretary of the BC Branch of Institute and was recently appointed to the Committee for Canada; she is also a graduate of the ICSA Accredited Director Program (Acc.Dir.).  She is a member of the Canadian Society of Corporate Secretaries. Dec142007 33,625Common shares7812Warrants235,000Stock Options   38  Notes:(1)                 Member of Audit Committee(2)                 Member of Compensation Committee(3)                 Member of Governance Committee(4)                 Chair of the Audit Committee and Compensation Committee(5)                 Chair of the Governance CommitteeCease Trade Orders, Bankruptcies, Penalties or SanctionsNone of the directors or officers of the Company:(a)is, as at the date of this Form 20-F, or has been, within ten years before the date of this Form 20-F, a director, chief executive officer or chief financial officer of any company (including the Company) that:(i)            was subject to a cease trade order or similar order or an order that denied the relevant company access to any exemption under securities legislation, which order was in effect for a period of more than 30 consecutive days (an “Order”) that was issued while the proposed director was acting in the capacity as director, chief executive officer or chief financial officer;In August 2003, Mr. Marleau sought registration as a Financial Advisor with the Commission des valeurs mobilières du Québec (“CVMQ”), and duly filed an application for said purpose at that time. On November 13, 2003, Mr. Marleau and Gestion Palos Inc. undertook with the CVMQ to cease acting as dealers or advisors until such time as Gestion Palos Inc. was registered with the CVMQ as an advisor. Such registrations were granted by the CVMQ on December 15, 2003.Mr. Marleau was:·  Required by the TSX Venture Exchange, on September 3, 2003, to complete a workshop prior to acting as an officer of Stanstead Capital Inc.·  Required by the TSX Venture Exchange, in May 2007, to submit an undertaking to the TSX Venture Exchange concerning the submission in a true and correct manner of all future Personal Information Forms in relation to acting as director of Artevo Corporation.·  Reprimanded by the TSX Venture Exchange, on May 12, 2011, for the breach of his 2007 undertaking to the TSX Venture Exchange; required to attend a workshop; required to pay a fee of $3,000; required to provide a written acknowledgement that he had read the TSX Venture Exchange correspondence and that the 2007 undertaking remains in effect.  39  ·  A director of Magistral Biotech Inc. in early 2006 when it was subject to a cease trade order imposed by L’Autorité des marchés financiers and the British Columbia Securities Commissions because it did not file a comparative financial statement for the financial year ended December 31, 2005.  Magistral Biotech Inc. subsequently filed the necessary disclosures and in late 2006, L’Autorité des marchés financiers and the British Columbia Securities Commissions each issued Partial Revocation Orders allowing Magistral Biotech Inc. to effect certain transactions to complete a reverse take-over with Immunotec Research Ltd.  (ii)was subject to an Order that was issued after the proposed director ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer,(b)  is, as at the date of this Form 20-F, or has been, within ten years before the date of this Form 20-F, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets;Mr. Marleau was a director of Malette International Inc. (“Malette”) a reporting issuer listed on the Toronto Stock Exchange Venture Exchange when, on February 26, 2007, Malette Industries Inc., a wholly-owned subsidiary of Malette, filed a notice of intention to make a proposal to its creditors under the Bankruptcy and Insolvency Act. On February 27, 2007, a creditor of Malette Hardwood Flooring Inc., another subsidiary of Malette, obtained a receivership order from the Superior Court of Québec. On February 2, 2007, the Autorité des marches financiers issued a cease trade order against Malette for its failure to file financial statements for the year ended September 30, 2006. Effective March 1, 2007, Mr. Marleau resigned from the board of directors of Malette.Mr. Ramachandran was a director of Century Mining Corporation (“Century”), a wholly owned subsidiary of White Tiger Gold Limited (“White Tiger”), from October 21, 2011 to May 30, 2012. On May 18, 2012 Century’s secured lender realized its security consisting of White Tiger’s interest in Century upon default by Century under the secured loan. Mr. Ramachandran resigned as a director of Century effective May 30, 2012 upon the appointment of a receiver by the Quebec Superior Court with respect to Century’s assets.(c)  has, within the ten years before the date of this Form 20-F, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director.Other Principle DirectorshipsIn addition to their positions on the Board, the following Directors also serve as Directors of the following reporting issuers or reporting issuer equivalents:Name of DirectorReporting Issuer(s) or Equivalent(s)Hubert MarleauA.I.S. Resources Limited (AIS-V)Gobimin Inc. (GMN)Eco Oro Mineral Corp. (EOM))Huntington Exploration Inc. (HEI)Niocan Inc.(NIO)Woulfe Mining Corp. (WOF)Uni-Select Inc. (UNS)Amb. Thomas Graham Jr.Lightbridge Corporation (LTBR)Michael E. RileyPrimero Mining Corp. (TSX - P)   40  B.           CompensationIn this Form 20-F:Chief Executive Officer (“CEO”) means an individual who acted as chief executive officer of the Company, or acted in a similar capacity, for any part of the most recently completed financial year;Chief Financial Officer (“CFO”) means an individual who acted as chief financial officer of the Company, or acted in a similar capacity, for any part of the most recently completed financial year;Named Executive Officer (“NEO”) means each of the following individuals:(a)  a CEO;(b)  a CFO;(c)  each of the three most highly compensated executive officers of the company including any of its subsidiaries, or the three most highly compensated individuals acting in a similar capacity, other than CEO and CFO, at the end of the most recently completed financial year whose total compensation was, individually, more than $150,000, as determined in accordance with subsection 1.3(6), for that financial year; and(d)  each individual who would be an NEO under paragraph (c) but for the fact that the individual was neither an executive officer of the Company or its subsidiaries, nor acting in a similar capacity, at the end of that financial year;“closing market price” means the price at which the Company’s security was last sold, on the applicable date in the security’s principle marketplace in Canada;“option-based award” means an award under an equity incentive plan of options, including, for greater certainty, share options, share appreciation rights, and similar instruments that have option-like features;“share-based award” means an award under an equity incentive plan of equity-based instruments that do not have option-like features, including, for greater certainty, common shares, restricted shares, restricted share units, deferred share units, phantom shares, phantom share units, common share equivalent units and stock.Named Executive OfficersDuring the financial year ended April 30, 2012, the Company had the following NEOs: Peter Dasler, President and CEO; Ram Ramachandran, CFO; Emil Fung, Vice President, Corporate Development; and Karl Schimann, Vice President, Exploration.Compensation Discussion & AnalysisDue to increasingly difficult conditions facing junior uranium exploration, the Company’s management and board of directors have approved a plan to significantly reduce the overhead of the Company.  Employment and consulting contracts with all of the Company’s NEOS have been amended or terminated as discussed below:Ram Ramachndran Consulting AgreementEffective May 1, 2012 the Company has amended a consulting agreement with Ram Ramachandran (dba 1530622 Ontario Inc.) to provide Chief Financial Officer services.  The Company has agreed to pay an annual fee of $30,000 for production of the interim and annual financial statements and management discussion and analysis, production of the AIF and liaison with the Company’s auditors, IFRS conversion and restatement.  This consulting agreement may be terminated by either party with 30 days written notice.Dasler Employment AgreementThe existing employment agreement dated March 3, 2008, with Peter Dasler (the “DaslerEmployment Agreement”) with respect to Mr. Dasler’s position as the President, CEO and a director of the Company, pursuant to which Mr. Dasler is entitled to a fee of $191,016 per annum has been terminated pursuant to Section 4 of the Employment Agreement.  Mr. Dasler was provided 90 day written notice of termination ending on July 31, 2012.  41  In addition to the Dasler Employment Agreement, the contingency agreement was also terminated.  The Company and Mr. Dasler entered into a contingency agreement which governed the termination or modification of Mr. Dasler’s employment in the event that a change of control of the Company occurs during the term of the Dasler Employment Agreement.Mr. Dasler maintains his stock option position with the Company and   he will continue on as President, and CEO. A revised compensation program will be recommended by the independent compensation committee for board  acceptance prior to August 15, 2012.Fung Employment AgreementThe existing employment agreement dated March 3, 2008, with Emil Fung (the “FungEmployment Agreement”) with respect to Mr. Fung’s position as the Vice President of Corporate Development and a director of the Company, pursuant to which Mr. Fung is entitled to a fee of $191,016 per annum, has been terminated pursuant to Section 4 of the Employment Agreement.  Mr. Fung was provided 90 day written notice of termination ending on July 13, 2012.In addition to the Fung Employment Agreement, the contingency agreement was also terminated.  The Company and Mr. Fung entered into a contingency agreement which governed the termination or modification of Mr. Fung’s employment in the event that a change of control of the Company occurs during the term of the Fung Employment Agreement.Mr. Fung maintains his stock option position with the Company  and he will continue on as Vice President of Corporate Development. A  revised  compensation program will be recommended by the independent compensation  committee for board acceptance prior to August 15, 2012 .Schimann Consulting AgreementThe existing consulting agreement dated March 3, 2008, (the “Schimann Consulting Agreement”) with Schimann Consulting Inc. (“Schimann Consulting”) a company in which Mr. Karl Schimann, Vice President of Exploration, holds a beneficial interest has been terminated pursuant to Section 4 of the Schimann Consulting Agreement.  Pursuant to the Schimann Consulting Agreement, Schimann Consulting was paid a fee of $715 per day for consulting services provided to the Company by Mr. Schimann.In addition to the Schimann Consulting Agreement, the Company and Mr. Schimann have also entered into a contingency agreement (the “Contingency Agreement”) was also terminated.  The Contingency Agreement governed the termination or modification of Mr. Schimann’s consulting agreement in the event that a change of control of the Company occurs during the term of the Schimann Consulting Agreement.Mr. Schimann maintains his stock option position with the Company and  he will continue as Vice President of Exploration. A revised compensation  program will be recommended by the independent compensation committee for  board acceptance prior to August 15, 2012.   42  Performance GraphThe common shares of the Company commenced trading on the TSX on June 21, 2011 under the symbol “CVV”.  The following chart compares the total cumulative shareholder return for CDN $100 invested in common shares of the Company on April 30, 2008, with the cumulative total return of the S&P/TSX Composite Index (formally the TSE 300 Composite Index) for the period from April 30, 2008 to April 30, 2012.  The performance of common shares of the Company as set out in the graph does not necessarily indicate future price performance.    Apr. 2008Apr. 2009Apr. 2010Apr. 2011Apr. 2012S&P/TSX Composite Index  $103.88$69.50$91.01$103.94$88.20CanAlaska Uranium Ltd.  $37.31$23.88$22.39$12.54$17.20Share Based and Option Based AwardsThe Company maintains a stock option plan to provide additional long-term incentives to the Company’s executive officers, as well as its directors, employees and consultants.  The Compensation Committee reviews the level of incentive options periodically and makes any new issuance recommendations to the Board for approval.  Previous grants of option-based awards are taken into account when considering new grants.  See “Narrative Discussion” under “Incentive Plan Awards” below for details of the Company’s stock option plan.Compensation GovernanceCompensation of the NEOs of the Company is set by the Board as recommended by the Company’s compensation committee (the “Compensation Committee”).  The Compensation Committee consists of three independent directors namely Jean Luc Roy, Chair, Victor Fern and Hubert Marleau.  None of the above members have any direct experience that is relevant to the responsibilities in executive compensation.The Compensation Committee reviews, on an annual basis, the cash compensation, performance and overall compensation package for each NEO.  The Compensation Committee then presents its findings and any recommendations to the Board for consideration and, if acceptable to the Board, approval.  The Compensation Committee recognizes the need to provide a total compensation package that will attract and retain qualified and experienced executives as well as align the compensation level of each of the NEOs.  43  The Company’s executive compensation practices are intended to provide both current and long term rewards to its NEOs that are competitive within the compensation practices of the industry and consistent with their individual performance and contribution to the Company’s objectives.  Compensation components include base salary, bonus and long term incentives in the form of stock options.In determining the appropriate base salary of an executive officer, the Compensation Committee considers the responsibilities of the individual, comparable salaries in the industry, the experience level of the individual and overall performance.  Once the base salary has been established, it will be reviewed by the Compensation Committee on an annual basis.  The Company’s compensation committee is currently reviewing the compensation packages for the executive management.The Committee meets at least annually or more frequently if required.  On an annual basis, the Compensation Committee will report to the Board that it is compliant with its Charter.The Compensation committee is currently evaluating its compensation practices and will be formulating polices that are flexible and reflective of current market conditions while limiting any risks arising out of compensation practicesSummary Compensation TableThe following table sets out compensation of the NEOs of the Company for the three most recently completed financial years of the Company:    Name and principal position (a)   YearEnded April 30 (b)    Salary($) (c)  Option-based awards ($)(3) (e)Non-equity incentive plan compensation($)(f)   All other compensation($) (h)   Total compensation($) (i)Annual incentive plans(f1)  Long-term incentive plans(f2)Peter DaslerPresident, CEO and Director201220112010191,016191,016181,92048,21329,769108,133Nil28,75050,853NilNilNilNilNilNil239,229249,535340,906Ram Ramachandran CFO(1)20122011201067,50080,000              6,6676,02715,835NilNil2,000Nil NilNil NilNil73,52797,8356,667Emil FungVice President Corporate Development201220112010191,016191,016181,92048,2136,33453,308Nil28,75048,300NilNilNilNilNilNil239,229226,100283,528Karl Schimann(2)Vice PresidentExploration201220112010160,160175,975179,96048,21359,53835,250Nil28,75057,500NilNilNilNilNilNil208,373264,263272,710  Notes: (1)Mr. Ramachandran was appointed CFO of the Company on April 1, 2010.  Mr. Ramachandran’s compensation was paid as a management fee to a consulting company in which he holds a beneficial interest.(2)Mr. Schimann’s compensation is paid as consulting fees to a consulting company in which he holds a beneficial interest.(3)In determining the fair value of the options granted, the Company followed the principles established under International Financial Reporting Standards, which requires the determination of the fair value of options granted using the Black-Scholes methodology.  The Black-Scholes methodology requires making estimates of the risk free rate, expected life of the options, expected volatility and expected dividends.  The Company used the following assumptions in determining the fair value of the options:  Forfeiture rate:              15.40% to 15.42%  Risk-free rate:               1.08% to 1.74%  Expected Life               1.48 to 2.79 years  Expected volatility       82% to 94%  Expected dividends      0%   44  Outstanding Share-Based and Option-Based AwardsThe following table sets forth details of all awards outstanding for the Company’s NEOs as at the year ended April 30, 2012, and includes awards granted to the NEOs in prior years.  Option-based AwardsShare-based AwardsNameNumber of securities underlying unexercised options(#)Option exercise price($)Option expiration dateValue of unexercised in-the-money options($)(1)Number of shares or units of shares that have not vested(#)Market or payout value of share-based awards that have not vested($)Peter DaslerPresident, CEO and Director 10,00060,50081,00035,00090,00022,50047,000200,000$1.00$1.00$1.00$1.00$1.00$1.50$1.00$0.50Jun 28/12Dec 20/12Jan 25/14Apr 30/14Dec 3/14Apr 30/14Oct 31/13Nov 7/14NilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNil  546,000          Emil FungVice President Corporate Development 20,000150,00081,00035,00015,00015,00010,000200,000$1.00$1.00$1.00$1.00$1.00$1.50$1.00$0.50Jun 28/12Dec 20/12Jan 25/14Apr 30/14Apr 30/14Apr 30/13Oct 31/13Nov 7/14NilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNilNil  526,000          Karl SchimannVice President Exploration20,2506,500200,000$1.00$1.50$0.50Jan 25/14Apr 30/13Nov 7/14NilNilNilNilNilNilNilNilNil  226,750          Ram RamachandranCFO25,00025,000$1.00$0.50Oct 31/13Nov 7/14NilNilNilNilNilNil  50,000          NameOption-based awards – Value vested during the year($)(1)Share-based awards – Value vested during the year($)Non-equity incentive plan compensation – Value earned during the year($)Peter DaslerNilNilNilRam RamachandranNilNilNilEmil FungNilNilNilKarl SchimannNilNilNilThe following table sets forth details of the value vested or earned by the Company’s NEOs for all incentive plan awards during the year ended April 30, 2012:Notes:(1)  The value of the option-based awards – vested during the year is calculated by using the number of fully vested options at the financial year end and multiplying that number of options by the difference between the market price and the exercise price of the option.  The market value of $0.425 per share is the closing price of the Company’s shares at April 30, 2012.  45  Narrative DiscussionThe disinterested shareholders of the Company approved a stock option plan (the “Plan”) at the Annual General Meeting of shareholders held on September 23, 2010. The Plan increased the maximum aggregate number of common shares of the Company which may be reserved for issuance under the Plan to 34,000,000 common shares, which represented approximately 20% of the issued and outstanding common shares of the Company at that date.  In addition, the exercise price of all of the qualified stock options outstanding under the Plan as at September 23, 2010 were adjusted to the minimum exercise price permitted by the TSX-V of $0.10 per share.On November 8, 2010 the Company consolidated its share capital on a ten old for one new basis resulting in the maximum shares issuable under the Plan having been reduced to a maximum issuable of 3,400,000 shares and the exercise price of the outstanding stock options were adjusted accordingly to the exercise price of $1.00 per share.The principal purpose of the Plan is to give directors, officers, employees and consultants the opportunity to participate in the profitability and growth of the Company by granting to such individuals options, exercisable over periods of up to ten years as determined by the Board, to buy shares of the Company at a price not less than the closing market price of the Company’s shares on the day preceding the date of granting of the option.The Plan provides that the maximum aggregate number of common shares reserved for issuance under the Plan and all other share compensation arrangements of the Company is 3,400,000 common shares, representing approximately 15% of the Company’s issued and outstanding share capital.The Plan is administered by the Compensation Committee of the Company.  Management will make recommendations to the Compensation Committee for proposed allocations.  Once the Compensation Committee approves the allotment, the proposed issuance is forwarded to the Board for acceptance.The full text of the Plan is available by contacting the Company and has been posted on SEDAR at www.sedar.com and EDGAR at www.edgar.com .The current status of the Plan is as follows:      Shares issued upon exercise of incentive stock options-419,250Shares reserved for issuance pursuant to unexercised incentive stock optionUnallocated shares available for future grants of incentive stock options--2,906,25074,500TOTAL  3,400,000Management believes that incentive plan awards are an effective means of rewarding corporate and individual performance and that they are a necessary component of compensation packages that are currently an industry standard.   46  Director Compensation TableThe following table sets forth the details of compensation provided to the directors other than the NEOs (the “Other Directors”) during the Company’s most recently completed financial year:   Name FeesEarned($)Share-based Awards($)Option-based Awards(1)($)Non-Equity Incentive Plan Compensation($) All Other Compensation($)  Total($)Hubert Marleau$19,600Nil$12,957NilNil$32,557Amb. Thomas Graham Jr.  $24,698(2)Nil$14,464NilNil$39,162Jean Luc Roy$22,300Nil$12,053NilNil$34,353Victor Fern$17,100Nil$12,053NilNil$29,153Michael Riley$19,725Nil$39,400NilNil$59,125Notes:(1)  In determining the fair value of the options granted, the Company followed the principles established under International Financial Reporting Standards, which requires the determination of the fair value of options granted using the Black-Scholes methodology.  The Black-Scholes methodology requires making estimates of the risk free rate, expected life of the options, expected volatility and expected dividends.  The Company used the following assumptions in determining the fair value of the options: Forfeiture rate:              15.40% to 15.42%Risk-free rate:               1.08% to 1.74%  Expected Life               1.48 to 2.79 years  Expected volatility       82% to 94%  Expected dividends      0%  (2)Fees earned were US$25,000; this amount has been exchanged into Canadian dollars at the year end exchange rate of 0.9879 as of April 30, 2012.Narrative DiscussionAmb. Thomas Graham Jr. is paid an all inclusive annual director’s fee of US $25,000 converted to Canadian dollars $24,698 using the exchange rate of 0.9879 as at April 30, 2012.  The Other Directors are paid an annual retainer fee of $15,000 per year.  The chairman of the Audit Committee receives an additional $2,500 per year and the Compensation and Corporate Governance Committee Chairs receive an additional $1,500 per year.  In addition, a meeting fee of $700.00 is paid for each Board meeting attended and a fee of $600.00 is paid for each committee meeting attended.Pension Plan BenefitsAs at the year ended April 30, 2012, the Company did not maintain any defined benefit plans, defined contribution plans or deferred compensation plans for the NEOs or the other Directors.Termination and Change of Control BenefitsAs of July 31, 2012, all senior management contracts will have been terminated by providing the required 90 day working notice.  In addition, all change of control compensatory provisions will be terminated at that time.Directors and Officers InsuranceThe Company subscribes to a Directors and Officers Liability Insurance to a limit of $5,000,000 per claim.  The policy insures the Company against any wrongful act committed by its Directors and Officers, including any actual or alleged breach of duty, neglect, error, omission, misstatement, misrepresentation, or act done or attempted by the Directors and Officers of the Company in their capacity to act for the Company.  In addition, the Company has further indemnified its Directors and Officers, to the fullest extent of the law, by entering into personal indemnity agreements with all of the Company’s Directors and Officers.   47  The Other Directors are also compensated through the grant of incentive stock options.Outstanding Share-Based Awards and Option-Based AwardsThe following table sets forth details of all awards outstanding for the Other Directors as at the year ended April 30, 2012, and includes awards granted to the Other Directors in prior years.  Option-based AwardsShare-based Awards      NameNumber of securities underlying unexercised options(#)Option exercise price($)     Option expiration dateValue of unexercised   in-the-money options($)(1)Number of shares orunits of shares that have not vested(#)Market or payout value of share-based awards that have not vested($)Amb. Thomas Graham Jr. (2)15,0007,50017,50060,000$1.00$1.00$1.00$0.50Jan 25/14Apr 30/14Oct 31/13Nov 7/14nilnilnil  100,000          Hubert Marleau1,00044,00015,0007,50028,75053,750$1.00$1.00$1.00$1.00$1.00$0.50Jun 28/12Dec 20/12Jan 25/14Apr 30/14Oct 31/13Nov 7/14nilnilnil  150,000          Jean Luc Roy10,00040,00015,0007,50027,50050,000$1.00$1.00$1.00$1.00$1.00$0.50Oct 31/12Dec 20/12Jan 25/14Apr 30/14Oct 31/13Nov 7/14nilnilnil  150,000          Victor Fern50,00015,0007,50027,50050,000$1.00$1.00$1.00$1.00$0.50Mar 24/13Jan 25/14Apr 30/14Oct 31/14Nov 7/14nilnilnil  150,000          Michael Riley100,00050,000$1.00$0.50July 24/14Nov 7/14nilnilnil  150,000           Notes: (1)  Disclose the aggregate dollar amount of in-the-money unexercised options held at the end of the year. Calculate this amount based on the difference between the market value of the securities underlying the instruments at the end of the year, and the exercise or base price of the option.  The Company’s common shares closed at $0.425 per share on April 30, 2012 therefore the in-the-money options are nil. (2)  On May 9, 2012 the Company granted incentive options to Thomas Graham Jr. for the purchase of 50,000 common shares at an exercise price of $0.42 per share for a three year period from the grant date.  48  C.           Board Practices1.           The election and retirement of our directors are provided for in the Companies articles. An election of directors takes place at each annual meeting of shareholders.  A director retains office only until the election of his successor.  The number of directors to be elected at such meeting is the number of directors then in office, unless the directors or the shareholders otherwise determine. The election is by ordinary resolution of shareholders.  If an election of directors is not held at the proper time, the incumbent directors continue in office until their successors are elected. The last annual general meeting was held on September 23, 2011.  Company articles permit the directors to add additional directors to the board between annual general meetings as long as the number appointed does not exceed one-third of the number directors elected at the last annual general meeting. Individuals appointed as directors to fill casual vacancies created on the board or added as additional directors hold office like any other director until the next annual general meeting at which time they may be re-elected or replaced.The officers of the Company are re-appointed at a directors' meeting following each annual general meeting.2.           As at July 31, 2012 the Company and any of its subsidiaries have no service contracts with any of its directors providing for benefits upon termination of employment.3.           The members of our audit committee included Jean Luc Roy (Chairperson), Hubert Marleau and Michael Riley. The audit committee reviews and approves the scope of the audit procedures employed by our independent auditors, reviews the results of the auditor's examination, the scope of audits, the auditor's opinion on the adequacy of internal controls and quality of financial reporting and our accounting and reporting principles, policies and practices, as well as the accounting, financial and operating controls. The audit committee also reports to the board of directors with respect to such matters and recommends the selection of independent auditors. Before financial statements that are to be submitted to the shareholders at an annual general meeting are considered by the board of directors, such financial statements are submitted to the audit committee for review with the independent auditors, following which the report of the audit committee on the financial statements is submitted to the board of directors.The members of the nominating and corporate governance committee included Michael Riley (Chairperson), Hubert Marleau and Victor Fern. The mandate of the nominating and corporate governance committee is to identify individuals qualified to be nominated for election as directors of the Company or any of the Board's committees, evaluate the qualifications and independence of each member of the Board and its committees and recommend to the Board any appropriate changes in the composition of the Board and any of its committees, evaluate the performance of the Board and its committees; and develop and recommend to the Board corporate governance principles.The members of the compensation committee included Jean Luc Roy (Chairperson), Hubert Marleau and Victor Fern. The compensation committee reviews and approves the total compensation package for the Corporation’s senior executives including, without limitation, their base salaries, annual incentives, deferred compensation and stock options.D.  EmployeesAt July  30, 2012 the Company will have 10 full time employees.  At the fiscal year end April 30, 2012, the Company employed 18 full time and 8 fixed term personnel.  During the height of the winter exploration season there were 22 full time and 13 fixed term employees.  The Company also engages contractors and consultants from time to time to work on specific projects and for administration, legal and other services that are required.  Management continues to pare down the staffing requirements of the Company in response to the downturn in the financial markets and the decrease in exploration activity for the Company.  Management intends to satisfy the staffing requirements on a consulting or fixed term basis.E.  Share OwnershipThe following tables set forth the share ownership of those persons listed in Subsection 6B above and include details of warrants, options to purchase shares of the Company and common shares beneficially owned by such persons for the most recently completed fiscal year ending April 30, 2012:  49  Common Shares and Stock Options at  July 30, 2012:Name Position  Numberof CommonSharesBeneficiallyOwned#Number ofSecuritiesunderlying unexercisedOptions#  OptionIssueDate OptionExerciseprice($)  OptionExpirationDate  NumberofWarrants ExercisePrice($)WarrantExpiryDatePeter DaslerPresident, Chief Executive Officer and Director   60,50081,00035,00090,00022,50047,000200,000Dec 21/07Jan 26/09May 1/09Dec 4/09Apr 30/09Oct 30/10Nov 8/11$1.00$1.00$1.00$1.00$1.50$1.00$0.50Dec 20/12Jan 25/14Apr 30/14Dec 3/14Apr 30/14Oct 31/13Nov 7/147,812$1.90Dec 22/12  179,380536,000      7,812    Emil FungVice President Corporate Development and Director   150,00081,00035,00015,00015,00010,000200,000Dec 21/07Jan 26/09May 1/09May 1/09Apr 30/10Oct 30/10Nov 8/11$1.00$1.00$1.00$1.00$1.50$1.00$0.50Dec 20/12Jan 25/14Apr 30/14Apr 30/14Apr 30/13Oct 31/13Nov 7/147,812$1.90Dec 22/12  56,489506,000      7,812    Amb. Thomas Graham Jr.Chairman and Director  15,0007,50017,50060,00050,000Jan 26/09Apr 30/09Oct 30/10Nov 8/11May 9/12$1.00$1.00$1.00$0.50$0.42Jan 25/14Apr 30/14Oct 31/13Nov 7/14Apr 30/15        20,000 150,000      nil    Hubert MarleauDirector  44,00015,0007,50028,75053,750Dec 21/07Jan 26/09May 1/09Oct 30/10Nov 8/11$1.00$1.00$1.00$1.00$0.50Dec 20/12Jan 25/14Apr 30/14Oct 31/13Nov 7/14        Nil149,000      nil    Jean Luc RoyDirector  10,00040,00015,0007,50027,50050,000Oct 31/07Dec 21/07Jan 26/09May 1/09Oct 30/10Nov 8/11$1.00$1.00$1.00$1.00$1.00$0.50Oct 31/12Dec 20/12Jan 25/14Apr 30/14Oct 31/13Nov 7/14        5,700150,000      nil    Victor FernDirector  50,00015,0007,50027,50050,000Mar 25/07Jan 26/09Apr 30/09Oct 30/10Nov 8/11$1.00$1.00$1.00$1.00$0.50Mar 24/13Jan 25/14Apr 30/14Oct 31/14Nov 7/11        Nil150,000      nil    Michael RileyDirector  100,00050,000Jul 25/11Nov 8/11$1.00$0.50Jul 24/14Nov 7/14        Nil150,000      nil    Karl SchimannVice President Exploration  20,2506,500200,0005,000May 1/09Apr 30/10Nov 8/11May 9/12$1.00$1.50$0.50$0.42Jan 25/14Apr 30/13Nov 7/14Apr 30/157,812$1.90Dec 22/12  423,375231,750      7,812    Ram RamachandranChief Financial Officer  25,00025,0005,000Nov 1/10Nov 8/11May 9/12$1.00$0.50$0.42Oct 31/13Nov 7/14Apr 30/15        Nil55,000      nil    Frances PetryshenCorporate Secretary  20,00045,00012,50022,50025,00010,000100,000Dec 21/07Jan 26/09May 1/09Dec 4/09Apr 30/10Nov 1/10Nov 8/11$1.00$1.00$1.00$1.00$1.50$1.00$0.50  7,812$1.90Dec 22/12  33,625235,000      7,812       50  Share Option Plan:Management believes that incentive plan awards are an effective means of rewarding corporate and individual performance and that they are a necessary component of compensation packages that are currently an industry standard.  For a description of the share option plan please refer to Item 6. Directors, Senior Management and Employees; Subsection B. Compensation.ITEM 7.                          MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONSA.  Major Shareholders1. (a)To the knowledge of the directors and executive officers of the Company, and based upon the Company’s review of the records maintained by CIBC Mellon Trust Company and insider reports filed with System for Electronic Disclosure by Insiders (SEDI), as at April 30, 2012, the Company had 22,058,136 shares issued and there are no shareholders beneficially owning, directly or indirectly, or exercised control or direction over, shares carrying more than 5% of the voting rights attached to all outstanding shares of the Company.1. (b)For the past three years Ravensden Asset Management (Goodman & Company) has reported managing 8.23% in 2008, 8.21% in 2009 and 9.36%  in 2010 of the Company’s common shares in mutual funds and client accounts.  In 2010 Ravensden reported that it was no longer holding over 5% of the common shares of the Company.1. (c)         No shareholders have any special voting rights, one common share, one vote.2.  The most recent records show that the Company has approximately 6,000 shareholders of record holding 22,058,136 common shares of the Company.  Approximately 75% of the shareholders are located in Canada 15% in the United States 7% in Asia and the balance in Europe.3.  To the extent known to the Company, the Company is not owned or controlled directly or indirectly by another corporation, by any foreign government, or any other legal person(s) severally or jointly.4.  There are no arrangements known to the Company of which may at a subsequent date result in a change of control of the Company.B.               Related Party TransactionsThere were no material related party transactions from the last fiscal year end April 30, 2011, to the current date of this report.  There are no proposed material related party transactions between the Company or any of its subsidiaries, except as previously disclosed in the audited year ended April 30, 2012 consolidated financial statements filed herewith.C.               Interests of Experts and CounselThis Form 20F is being filed as an annual report under the Exchange Act and, as such, there is no requirement to provide any information under this section.ITEM 8.                          FINANCIAL INFORMATIONA.               Consolidated Statements and Other Financial InformationThis Form 20-F contains consolidated financial statements for the Company for fiscal year end April 30, 2012 which contains an audit report dated July 27, 2012 filed herewith under Item 19. B.               Significant ChangesThere have been no significant changes since the financial year ended April 30, 2012, other than disclosed in thisForm 20-F.   51  ITEM 9.                          THE OFFER AND LISTINGThis Form 20-F is being filed as an annual report under the Exchange Act, and as such provides information called for by items 9.A.4 and 9.C.A.           Offer and Listing DetailsInformation regarding pricing history of the stock shall be disclosed as follows:1.           TSX Venture Exchange and Toronto Stock Exchange Trading Activity*(a)           The annual high and low market prices for the five most recent financial yearsas quoted on the TSX Venture Exchange and the Toronto Stock Exchange:Year EndedHighLowMay 2011 – April 2012May 2010 – April 2011May 2009 – April 2010May 2008 – April 2009May 2007 – April 20080.831.791.953.107.000.300.841.450.452.50(b)           The two most recent full financial years and any subsequent period: the high and low marketprices for each full financial quarter as quoted on the TSX or the TSX Venture Exchange:TSX Venture ExchangeHighLow2012    First Quarter0.830.64Second Quarter0.660.42Third Quarter0.530.30Fourth Quarter0.520.412011    First Quarter1.501.00Second Quarter1.400.90Third Quarter1.791.15Fourth Quarter1.680.84(c)           The high and low market prices for the most recent six months as quoted on the Toronto Stock Exchange:2012HighLowJanuary0.500.41February0.520.48March0.510.44April0.480.41May0.430.33June0.410.32The Company’s common shares have traded on the TSX Venture Exchange since January 4, 1988 under the trading symbol “CVV”.  On June 21, 2011 the shares of the Company were delisted from the TSX Venture Exchange and commenced trading on the Toronto Stock Exchange under the same symbol “CVV”.   52  2.           Over-the-Counter Bulletin Board Trading Activity(a)           The annual high and low market prices for the five most recent financial yearsas quoted on the Over-the-Counter Bulletin Board:Year EndedHighLowMay 2011 – April 2012May 2010 – April 2011May 2009 – April 2010May 2008 – April 2009May 2007 – April 20080.871.792.003.506.400.300.701.300.402.60(b)           The two most recent full financial years and any subsequent period: the high and low marketprices for each full financial quarter as quoted on the Over-the-Counter Bulletin Board:Quarter EndedHighLow2012    First Quarter0.870.67Second Quarter0.720.40Third Quarter0.520.30Fourth Quarter0.540.402011    First Quarter1.500.90Second Quarter1.400.70Third Quarter1.791.12Fourth Quarter1.680.85(c)          The high and low market prices for the most recent six months as quoted on the Over-the-Counter Bulletin Board:2012HighLowJanuary0.520.40February0.540.47March0.490.45April0.490.40May0.430.30June0.360.29B.           Plan of DistributionThis Form 20-F is being filed as an annual report under the Exchange Act and, as such, there is no requirement to provide any information under this section.C.           MarketsThe Company’s common shares have traded on the TSX Venture Exchange since January 4, 1988 under the trading symbol “CVV” and are listed on the OTCBB from December 3, 1999 and under the trading symbol of “CVVUF” and on the Frankfurt Stock Exchange, Open Market under the trading symbol DH7N.  On June 21, 2011, the shares of the Company were delisted from the TSX Venture Exchange and commenced trading on the Toronto Stock Exchange under the same symbol “CVV”.D.           Selling ShareholdersThis Form 20-F is being filed as an annual report under the Exchange Act and, as such, there is no requirement to provide any information under this section.E.           DilutionThis Form 20-F is being filed as an annual report under the Exchange Act and, as such, there is no requirement to provide any information under this section.  53  F.           Expenses of the IssueThis Form 20F is being filed as an annual report under the Exchange Act and, as such, there is no requirement to provide any information under this section.ITEM 10.                      ADDITIONAL INFORMATIONA.  Share CapitalThis Form 20-F is being filed as an annual report under the Exchange Act and, as such, there is no requirement to provide any information under this section.B.               Memorandum and Articles of Association 1.The Company is permitted to conduct any lawful business, that it is not restricted from conducting by itsmemorandum and articles, neither of which contain any restriction on the lawful business that the Companymay conduct. CanAlaska Uranium Ltd. executive, registered and records office is located at 1020 – 625 Howe Street, Vancouver, British Columbia, Canada, V6C 2T6, telephone number 604.688.3211.   The Company was incorporated on May 22, 1985 under the laws of the Province of British Columbia, Canadaunder the name Canadian Gravity Recovery Group Ltd.  On June 14, 1985, the Company changed its name toCanAlaska Resources Ltd.  On September 15, 1993, the Company consolidated its share capital on a four for one basis and changed its name to International CanAlaska Resources Ltd.  On October 19, 1999, the Company consolidated its share capital on a five for one basis and changed its name to CanAlaska Ventures Ltd.  The Company was transitioned under the Business Corporations Act on September 24, 2004.  The Company changed its name to CanAlaska Uranium Ltd. on October 11, 2006.   The Company’s common stock (the “Common Shares”) has been listed on the Vancouver Stock Exchange (now the TSX Venture Exchange) (the “Exchange”) since January 4, 1988 and is a Tier 1 Company.  The Company has been trading on the OTC Bulletin Board in the United States under the symbol ICSKF since July 20, 1999 and under the symbol CVVUF since December 3, 1999, and on the Frankfurt Stock Exchange, Open Market under the trading symbol DH7.  On June 21, 2011, the Company delisted its shares from the TSX-Venture Exchange and listed on the Toronto Stock Exchange.   The Company is a reporting company in British Columbia, Alberta, Ontario and Labrador and Newfoundland. The Company is extra-provincially registered in Labrador and Newfoundland, Saskatchewan, Manitoba, andAlberta, Canada.  2.A director who is, in any way, directly or indirectly interested in an existing proposal or contract or transaction with the Company, where a conflict of interest is declared, the nature and extent of the conflict which must be disclosed as required by the Business Corporations Act (British Columbia), may not vote in respect to the approval of the transaction.3.  All of the shares of common stock of the Company are of the same class and, once issued, rank equally as to dividends, voting powers, and participation in assets and in all other respects, on liquidation, dissolution or winding up of the Company, whether voluntary or involuntary.  The holders of the common shares are entitled to one vote for each common share on all matters to be voted on by the shareholders.  There are no sinking fund provisions.  All common shares must be fully paid prior to issue and are thereafter subject to no further capital calls by the Company.  There exists no discriminatory provision affecting any existing or prospective holder of common shares as a result of such shareholder owning a substantial number of shares.4. The rights of the shareholders may be changed only by the shareholders passing a special resolution approved by members holding two thirds of the votes cast. 5.The Board of Directors must call an annual general meeting once each calendar year, not later than 13 months after the last such meeting.  The Board may call an extraordinary meeting of shareholders at any time.  Notice of such meetings must be accompanied by an Information Circular describing the proposed business to be dealt with and disclosures as prescribed by statute.  Not less than 21 days notice shall be given for any meeting.  A quorum shall be two members in person or proxy not representing less than 5% of the issued shares.   54   6.The articles of the Company contain no limitations on the rights of non-resident or foreign shareholders.7.There are no provisions in the Company’s articles that would have an effect of delaying, deferring or preventing a change in control of the Company and that would operate only with respect to a merger, acquisition or corporate restructuring involving the Company or its subsidiaries.  8.There are no provisions in the Company’s articles governing ownership threshold.9.With respect to items 2 through 8 above, the law applicable to the company in these areas is not significantly different from that in the host country. 10.Conditions imposed by the memorandum and articles governing changes in the capital require a special resolution of shareholders requiring two thirds of the votes cast. A copy of our Articles of Incorporation are incorporated by reference as Exhibit 1.1 to this Annual Report on Form 20-F.C.               Material ContractsDuring the two years immediately proceeding August 12, 2011, there were no material contracts entered into by the Company other than entered into during the normal course of business as disclosed in ITEM 4, Section D, Property, Plant and Equipment and ITEM 5 Section F, Tabular Disclosure of Contractual Obligations.  Private Placements disclosed in financial statements.D.               Exchange ControlsThere is no law or governmental decree or regulation in Canada that restricts the export or import of capital, or affects the remittance of dividends, interest or other payments to a non-resident holder of common shares, other than withholding tax requirements.There is no limitation imposed by Canadian law or by the constituent documents of the Company on the right of a non-resident to hold or vote common shares, other than are provided in the Investment Canada Act (Canada).  The following summarizes the material features of the Investment Canada Act (Canada).The Investment Canada Act (Canada) requires certain "non-Canadian" individuals, governments, corporations or other entities who wish to acquire a "Canadian business" (as defined in the Investment Canada Act), or establish a "new Canadian business" (as defined in the Investment Canada Act) to file either a notification or an application for review with a governmental agency known as "Investment Canada".  The Investment Canada Act requires that certain acquisitions of control of a Canadian business by a "non-Canadian" must be reviewed and approved by the Minister responsible for the Investment Canada Act on the basis that the Minister is satisfied that the acquisition is "likely to be of net benefit to Canada", having regard to criteria set forth in the Investment Canada Act.  Only acquisitions of control are reviewable under the Investment Canada Act; however, the Investment Canada Act provides detailed rules for the determination of whether control has been acquired and, pursuant to those rules, the acquisition of one-third or more of the voting shares of a corporation may, in some circumstances, be considered to constitute an acquisition of control.  Certain reviewable acquisitions of control may not be implemented before being approved by the Minister; if the Minister does not ultimately approve a reviewable acquisition which has been completed, the acquired Canadian business be divested.  Failure to comply with the review provisions of the Investment Canada Act could result in, among other things, an injunction or a court order directing disposition of assets or shares.E.  TaxationCERTAIN UNITED STATES FEDERAL INCOME TAX CONSIDERATIONSThe following is a general summary of certain material U.S. federal income tax considerations applicable to a U.S. Holder (as defined below) arising from and relating to the acquisition, ownership, and disposition of common shares.  This summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax considerations that may apply to a U.S. Holder arising from and relating to the acquisition, ownership, and disposition of common shares.  In addition, this summary does not take into account the individual facts and circumstances of any particular U.S. Holder that may affect the U.S. federal income tax consequences to such U.S. Holder, including specific tax consequences to a U.S. Holder under an applicable tax treaty.  Accordingly, this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect to any U.S. Holder.  This summary does not address the U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and foreign tax consequences to U.S. Holders of the acquisition, ownership, and disposition of common shares.  Each prospective U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and foreign tax consequences relating to the acquisition, ownership and disposition of common shares.  No legal opinion from U.S. legal counsel or ruling from the Internal Revenue Service (the “IRS”) has been requested, or will be obtained, regarding the U.S. federal income tax consequences of the acquisition, ownership, and disposition of common shares.  This summary is not binding on the IRS, and the IRS is not precluded from taking a position that is different from, and contrary to, the positions taken in this summary.  In addition, because the authorities on which this summary is based are subject to various interpretations, the IRS and the U.S. courts could disagree with one or more of the conclusions described in this summary.  55  Scope of this SummaryAuthoritiesThis summary is based on the Internal Revenue Code of 1986, as amended (the “Code”), Treasury Regulations (whether final, temporary, or proposed), published rulings of the IRS, published administrative positions of the IRS, the Convention Between Canada and the United States of America with Respect to Taxes on Income and on Capital, signed September 26, 1980, as amended (the “Canada-U.S. Tax Convention”), and U.S. court decisions that are applicable and, in each case, as in effect and available, as of the date of this document.  Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time, and any such change could be applied on a retroactive or prospective basis which could affect the U.S. federal income tax considerations described in this summary.  This summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive or prospective basis.U.S. HoldersFor purposes of this summary, the term "U.S. Holder" means a beneficial owner of common shares that is for U.S. federal income tax purposes:·  an individual who is a citizen or resident of the U.S.; ·  a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the U.S., any state thereof or the District of Columbia; ·  an estate whose income is subject to U.S. federal income taxation regardless of its source; or ·  a trust that (1) is subject to the primary supervision of a court within the U.S. and the control of one or more U.S. persons for all substantial decisions or (2) has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person. Non-U.S. HoldersFor purposes of this summary, a “non-U.S. Holder” is a beneficial owner of common shares that is not a U.S. Holder.  This summary does not address the U.S. federal income tax consequences to non-U.S. Holders arising from and relating to the acquisition, ownership, and disposition of common shares.  Accordingly, a non-U.S. Holder should consult its own tax advisor regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and foreign tax consequences (including the potential application of and operation of any income tax treaties) relating to the acquisition, ownership, and disposition of common shares.U.S. Holders Subject to Special U.S. Federal Income Tax Rules Not AddressedThis summary does not address the U.S. federal income tax considerations applicable to U.S. Holders that are subject to special provisions under the Code, including, but not limited to, the following:  (a) U.S. Holders that are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred accounts; (b) U.S. Holders that are financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies; (c) U.S. Holders that are broker-dealers, dealers, or traders in securities or currencies that elect to apply a mark-to-market accounting method; (d) U.S. Holders that have a “functional currency” other than the U.S. dollar; (e) U.S. Holders that own common shares as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other arrangement involving more than one position; (f) U.S. Holders that acquired common shares in connection with the exercise of employee stock options or otherwise as compensation for services; (g) U.S. Holders that hold common shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment purposes); or (h) U.S. Holders that own or have owned  (directly, indirectly, or by attribution) 10% or more of the total combined voting power of the outstanding shares of the Company.  This summary also does not address the U.S. federal income tax considerations applicable to U.S. Holders who are:  (a) U.S. expatriates or former long-term residents of the U.S.; (b) persons that have been, are, or will be a resident or deemed to be a resident in Canada for purposes of the Income Tax Act (Canada) (the “Tax Act”); (c) persons that use or hold, will use or hold, or that are or will be deemed to use or hold common shares in connection with carrying on a business in Canada; (d) persons whose common shares constitute “taxable Canadian property” under the Tax Act; or (e) persons that have a permanent establishment in Canada for the purposes of the Canada-U.S. Tax Convention.  U.S. Holders that are subject to special provisions under the Code, including, but not limited to, U.S. Holders described immediately above, should consult their own tax advisor regarding the U.S. federal, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and foreign tax consequences relating to the acquisition, ownership and disposition of common shares.   56  If an entity or arrangement that is classified as a partnership (or other “pass-through” entity) for U.S. federal income tax purposes holds common shares, the U.S. federal income tax consequences to such entity and the partners (or other owners) of such entity generally will depend on the activities of the entity and the status of such partners (or owners).  This summary does not address the tax consequences to any such owner.  Partners (or other owners) of entities or arrangements that are classified as partnerships or as “pass-through” entities for U.S. federal income tax purposes should consult their own tax advisors regarding the U.S. federal income tax consequences arising from and relating to the acquisition, ownership, and disposition of common shares.Passive Foreign Investment Company RulesIf the Company were to constitute a “passive foreign investment company” under the meaning of Section 1297 of the Code (a “PFIC”, as defined below) for any year during a U.S. Holder’s holding period, then certain potentially adverse rules will affect the U.S. federal income tax consequences to a U.S. Holder resulting from the acquisition, ownership and disposition of common shares.  The Company believes that it was classified as a PFIC during the tax year ended April 30, 2012, and may be a PFIC in future tax years.  The determination of whether any corporation was, or will be, a PFIC for a tax year depends, in part, on the application of complex U.S. federal income tax rules, which are subject to differing interpretations.  In addition, whether any corporation will be a PFIC for any tax year depends on the assets and income of such corporation over the course of each such tax year and, as a result, cannot be predicted with certainty as of the date of this document.  Accordingly, there can be no assurance that the IRS will not challenge any determination made by the Company (or any subsidiary of the Company) concerning its PFIC status.  Each U.S. Holder should consult its own tax advisor regarding the PFIC status of the Company and any subsidiary of the Company.In addition, in any year in which the Company is classified as a PFIC, such holder would be required to file an annual report with the IRS containing such information as Treasury Regulations and/or other IRS guidance may require.  U.S. Holders should consult their own tax advisors regarding the requirements of filing such information returns under these rules, including the requirement to file a IRS Form 8621.PFIC Status of the CompanyThe Company generally will be a PFIC if, for a tax year, (a) 75% or more of the gross income of the Company is passive income (the “income test”) or (b) 50% or more of the value of the Company’s assets either produce passive income or are held for the production of passive income, based on the quarterly average of the fair market value of such assets (the “asset test”).  “Gross income” generally includes all sales revenues less the cost of goods sold, plus income from investments and from incidental or outside operations or sources, and “passive income” generally includes, for example, dividends, interest, certain rents and royalties, certain gains from the sale of stock and securities, and certain gains from commodities transactions.Active business gains arising from the sale of commodities generally are excluded from passive income if substantially all (85% or more) of a foreign corporation’s commodities are stock in trade or inventory, depreciable property used in a trade or business, or supplies regularly used or consumed in a trade or business and certain other requirements are satisfied.  For purposes of the PFIC income test and asset test described above, if the Company owns, directly or indirectly, 25% or more of the total value of the outstanding shares of another corporation, the Company will be treated as if it (a) held a proportionate share of the assets of such other corporation and (b) received directly a proportionate share of the income of such other corporation.  In addition, for purposes of the PFIC income test and asset test described above, and assuming certain other requirements are met, “passive income” does not include certain interest, dividends, rents, or royalties that are received or accrued by the Company from certain “related persons” (as defined in Section 954(d)(3) of the Code), to the extent such items are properly allocable to the income of such related person that is not passive income.Under certain attribution rules, if the Company is a PFIC, U.S. Holders will generally be deemed to own their proportionate share of the Company’s direct or indirect equity interest in any company that is also a PFIC (a ‘‘Subsidiary PFIC’’), and will be subject to U.S. federal income tax on their proportionate share of (a) any “excess distributions,” as described below, on the stock of a Subsidiary PFIC and (b) a disposition or deemed disposition of the stock of a Subsidiary PFIC by the Company or another Subsidiary PFIC, both as if such U.S. Holders directly held the shares of such Subsidiary PFIC.  In addition, U.S. Holders may be subject to U.S. federal income tax on any indirect gain realized on the stock of a Subsidiary PFIC on the sale or disposition of common shares.  Accordingly, U.S. Holders should be aware that they could be subject to tax even if no distributions are received and no redemptions or other dispositions of common shares are made.  57  Default PFIC Rules Under Section 1291 of the CodeIf the Company is a PFIC for any tax year during which a U.S. Holder owns common shares, the U.S. federal income tax consequences to such U.S. Holder of the acquisition, ownership, and disposition of common shares will depend on whether and when such U.S. Holder makes an election to treat the Company and each Subsidiary PFIC, if any, as a “qualified electing fund” or “QEF” under Section 1295 of the Code (a “QEF Election”) or makes a mark-to-market election under Section 1296 of the Code (a “Mark-to-Market Election”).  A U.S. Holder that does not make either a QEF Election or a Mark-to-Market Election will be referred to in this summary as a “Non-Electing U.S. Holder.”  A Non-Electing U.S. Holder will be subject to the rules of Section 1291 of the Code (described below) with respect to (a) any gain recognized on the sale or other taxable disposition of common shares and (b) any excess distribution received on the common shares.  A distribution generally will be an “excess distribution” to the extent that such distribution (together with all other distributions received in the current tax year) exceeds 125% of the average distributions received during the three preceding tax years (or during a U.S. Holder’s holding period for the common shares, if shorter).  Under Section 1291 of the Code, any gain recognized on the sale or other taxable disposition of common shares (including an indirect disposition of the stock of any Subsidiary PFIC), and any “excess distribution” received on common shares or with respect to the stock of a Subsidiary PFIC, must be ratably allocated to each day in a Non-Electing U.S. Holder’s holding period for the respective common shares.  The amount of any such gain or excess distribution allocated to the tax year of disposition or distribution of the excess distribution and to years before the entity became a PFIC, if any, would be taxed as ordinary income.  The amounts allocated to any other tax year would be subject to U.S. federal income tax at the highest tax rate applicable to ordinary income in each such year, and an interest charge would be imposed on the tax liability for each such year, calculated as if such tax liability had been due in each such year.  A Non-Electing U.S. Holder that is not a corporation must treat any such interest paid as “personal interest,” which is not deductible.  If the Company is a PFIC for any tax year during which a Non-Electing U.S. Holder holds common shares, the Company will continue to be treated as a PFIC with respect to such Non-Electing U.S. Holder, regardless of whether the Company ceases to be a PFIC in one or more subsequent tax years.  A Non-Electing U.S. Holder may terminate this deemed PFIC status by electing to recognize gain (which will be taxed under the rules of Section 1291 of the Code discussed above), but not loss, as if such common shares were sold on the last day of the last tax year for which the Company was a PFIC.QEF ElectionA U.S. Holder that makes a timely and effective QEF Election for the first tax year in which its holding period of its common shares begins generally will not be subject to the rules of Section 1291 of the Code discussed above with respect to its common shares.  A U.S. Holder that makes a timely and effective QEF Election will be subject to U.S. federal income tax on such U.S. Holder’s pro rata share of (a) the net capital gain of the Company, which will be taxed as long-term capital gain to such U.S. Holder, and (b) the ordinary earnings of the Company, which will be taxed as ordinary income to such U.S. Holder.  Generally, “net capital gain” is the excess of (a) net long-term capital gain over (b) net short-term capital loss, and “ordinary earnings” are the excess of (a) “earnings and profits” over (b) net capital gain.  A U.S. Holder that makes a QEF Election will be subject to U.S. federal income tax on such amounts for each tax year in which the Company is a PFIC, regardless of whether such amounts are actually distributed to such U.S. Holder by the Company.  However, for any tax year in which the Company is a PFIC and has no net income or gain, U.S. Holders that have made a QEF Election would not have any income inclusions as a result of the QEF Election.  If a U.S. Holder that made a QEF Election has an income inclusion, such a U.S. Holder may, subject to certain limitations, elect to defer payment of current U.S. federal income tax on such amounts, subject to an interest charge.  If such U.S. Holder is not a corporation, any such interest paid will be treated as “personal interest,” which is not deductible. A U.S. Holder that makes a timely and effective QEF Election with respect to the Company generally (a) may receive a tax-free distribution from the Company to the extent that such distribution represents “earnings and profits” of the Company that were previously included in income by the U.S. Holder because of such QEF Election and (b) will adjust such U.S. Holder’s tax basis in the common shares to reflect the amount included in income or allowed as a tax-free distribution because of such QEF Election.  In addition, a U.S. Holder that makes a QEF Election generally will recognize capital gain or loss on the sale or other taxable disposition of common shares. The procedure for making a QEF Election, and the U.S. federal income tax consequences of making a QEF Election, will depend on whether such QEF Election is timely.  A QEF Election will be treated as “timely” if such QEF Election is made for the first year in the U.S. Holder’s holding period for the common shares in which the Company was a PFIC.  A U.S. Holder may make a timely QEF Election by filing the appropriate QEF Election documents at the time such U.S. Holder files a U.S. federal income tax return for such year.  If a U.S. Holder does not make a timely and effective QEF Election for the first year in the U.S. Holder’s holding period for the common shares, the U.S. Holder may still be able to make a timely and effective QEF Election in a subsequent year if such U.S. Holder meets certain requirements and makes a “purging” election to recognize gain (which will be taxed under the rules of Section 1291 of the Code discussed above) as if such common shares were sold for their fair market value on the day the QEF Election is effective.  If a U.S. Holder owns PFIC stock indirectly through another PFIC, separate QEF Elections must be made for the PFIC in which the U.S. Holder is a direct shareholder and the Subsidiary PFIC for the QEF rules to apply to both PFICs.   58  A QEF Election will apply to the tax year for which such QEF Election is timely made and to all subsequent tax years, unless such QEF Election is invalidated or terminated or the IRS consents to revocation of such QEF Election.  If a U.S. Holder makes a QEF Election and, in a subsequent tax year, the Company ceases to be a PFIC, the QEF Election will remain in effect (although it will not be applicable) during those tax years in which the Company is not a PFIC.  Accordingly, if the Company becomes a PFIC in another subsequent tax year, the QEF Election will be effective and the U.S. Holder will be subject to the QEF rules described above during any subsequent tax year in which the Company qualifies as a PFIC. U.S. Holders should be aware that there can be no assurances that the Company will satisfy the record keeping requirements that apply to a QEF, or that the Company will supply U.S. Holders with information that such U.S. Holders are required to report under the QEF rules, in the event that the Company is a PFIC.  Thus, U.S. Holders may not be able to make a QEF Election with respect to their common shares.  Each U.S. Holder should consult its own tax advisor regarding the availability of, and procedure for making, a QEF Election. A U.S. Holder makes a QEF Election by attaching a completed IRS Form 8621, including a PFIC Annual Information Statement, to a timely filed United States federal income tax return.  However, if the Company cannot provide the required information with regard to the Company or any of its Subsidiary PFICs, U.S. Holders will not be able to make a QEF Election for such entity and will continue to be subject to the rules discussed above that apply to Non-Electing U.S. Holders with respect to the taxation of gains and excess distributions. Mark-to-Market ElectionA U.S. Holder may make a Mark-to-Market Election only if the common shares are marketable stock.  The common shares generally will be “marketable stock” if the common shares are regularly traded on (a) a national securities exchange that is registered with the Securities and Exchange Commission, (b) the national market system established pursuant to section 11A of the Securities and Exchange Act of 1934, or (c) a foreign securities exchange that is regulated or supervised by a governmental authority of the country in which the market is located, provided that (i) such foreign exchange has trading volume, listing, financial disclosure, and surveillance requirements, and meets other requirements and the laws of the country in which such foreign exchange is located, together with the rules of such foreign exchange, ensure that such requirements are actually enforced and (ii) the rules of such foreign exchange effectively promote active trading of listed stocks.  If such stock is traded on such a qualified exchange or other market, such stock generally will be “regularly traded” for any calendar year during which such stock is traded, other than in de minimis quantities, on at least 15 days during each calendar quarter.  A U.S. Holder that makes a Mark-to-Market Election with respect to its common shares generally will not be subject to the rules of Section 1291 of the Code discussed above with respect to such common shares.  However, if a U.S. Holder does not make a Mark-to-Market Election beginning in the first tax year of such U.S. Holder’s holding period for the common shares or such U.S. Holder has not made a timely QEF Election, the rules of Section 1291 of the Code discussed above will apply to certain dispositions of, and distributions on, the common shares. A U.S. Holder that makes a Mark-to-Market Election will include in ordinary income, for each tax year in which the Company is a PFIC, an amount equal to the excess, if any, of (a) the fair market value of the common shares, as of the close of such tax year over (b) such U.S. Holder’s tax basis in such common shares.  A U.S. Holder that makes a Mark-to-Market Election will be allowed a deduction in an amount equal to the excess, if any, of (a) such U.S. Holder’s adjusted tax basis in the common shares, over (b) the fair market value of such common shares (but only to the extent of the net amount of previously included income as a result of the Mark-to-Market Election for prior tax years). A U.S. Holder that makes a Mark-to-Market Election generally also will adjust such U.S. Holder’s tax basis in the common shares to reflect the amount included in gross income or allowed as a deduction because of such Mark-to-Market Election.  In addition, upon a sale or other taxable disposition of common shares, a U.S. Holder that makes a Mark-to-Market Election will recognize ordinary income or ordinary loss (not to exceed the excess, if any, of (a) the amount included in ordinary income because of such Mark-to-Market Election for prior tax years over (b) the amount allowed as a deduction because of such Mark-to-Market Election for prior tax years).  Losses that exceed this limitation are subject to the rules generally applicable to losses provided in the Code and Treasury Regulations.A Mark-to-Market Election applies to the tax year in which such Mark-to-Market Election is made and to each subsequent tax year, unless the common shares cease to be “marketable stock” or the IRS consents to revocation of such election.  Each U.S. Holder should consult its own tax advisor regarding the availability of, and procedure for making, a Mark-to-Market Election. Although a U.S. Holder may be eligible to make a Mark-to-Market Election with respect to the common shares, no such election may be made with respect to the stock of any Subsidiary PFIC that a U.S. Holder is treated as owning, because such stock is not marketable.  Hence, the Mark-to-Market Election will not be effective to eliminate the application of the default rules of Section 1291 of the Code described above with respect to deemed dispositions of Subsidiary PFIC stock or excess distributions from a Subsidiary PFIC.   59  Other PFIC RulesUnder Section 1291(f) of the Code, the IRS has issued proposed Treasury Regulations that, subject to certain exceptions, would cause a U.S. Holder that had not made a timely QEF Election to recognize gain (but not loss) upon certain transfers of common shares that would otherwise be tax-deferred (e.g., gifts and exchanges pursuant to corporate reorganizations).  However, the specific U.S. federal income tax consequences to a U.S. Holder may vary based on the manner in which common shares are transferred. Certain additional adverse rules may apply with respect to a U.S. Holder if the Company is a PFIC, regardless of whether such U.S. Holder makes a QEF Election.  For example, under Section 1298(b)(6) of the Code, a U.S. Holder that uses common shares as security for a loan will, except as may be provided in Treasury Regulations, be treated as having made a taxable disposition of such common shares. Special rules also apply to the amount of foreign tax credit that a U.S. Holder may claim on a distribution from a PFIC.  Subject to such special rules, foreign taxes paid with respect to any distribution in respect of stock in a PFIC are generally eligible for the foreign tax credit.  The rules relating to distributions by a PFIC and their eligibility for the foreign tax credit are complicated, and a U.S. Holder should consult with its own tax advisor regarding the availability of the foreign tax credit with respect to distributions by a PFIC. The PFIC rules are complex, and each U.S. Holder should consult its own tax advisor regarding the PFIC rules and how the PFIC rules may affect the U.S. federal income tax consequences of the acquisition, ownership, and disposition of common shares. Ownership and Disposition of Common SharesThe following discussion is subject to the rules described above under the heading “Passive Foreign Investment Company Rules.” Distributions on Common SharesA U.S. Holder that receives a distribution, including a constructive distribution, with respect to a common share will be required to include the amount of such distribution in gross income as a dividend (without reduction for any Canadian income tax withheld from such distribution) to the extent of the current or accumulated “earnings and profits” of the Company, as computed for U.S. federal income tax purposes.  A dividend generally will be taxed to a U.S. Holder at ordinary income tax rates if the Company is a PFIC.  To the extent that a distribution exceeds the current and accumulated “earnings and profits” of the Company, such distribution will be treated first as a tax-free return of capital to the extent of a U.S. Holder's tax basis in the common shares and thereafter as gain from the sale or exchange of such common shares.  (See “Sale or Other Taxable Disposition of common shares” below).  However, the Company may not maintain the calculations of earnings and profits in accordance with U.S. federal income tax principles, and each U.S. Holder should therefore assume that any distribution by the Company with respect to the common shares will constitute ordinary dividend income.  Dividends received on common shares generally will not be eligible for the “dividends received deduction”.  In addition, the Company does not anticipate that its distributions will constitute qualified dividend income eligible for the preferential tax rates applicable to long-term capital gains.  The dividend rules are complex, and each U.S. Holder should consult its own tax advisor regarding the application of such rules.Sale or Other Taxable Disposition of Common SharesUpon the sale or other taxable disposition of common shares, a U.S. Holder generally will recognize capital gain or loss in an amount equal to the difference between the U.S. dollar value of cash received plus the fair market value of any property received and such U.S. Holder's tax basis in such common shares sold or otherwise disposed of.  A U.S. Holder’s tax basis in common shares generally will be such holder’s U.S. dollar cost for such common shares.  Gain or loss recognized on such sale or other disposition generally will be long-term capital gain or loss if, at the time of the sale or other disposition, the common shares have been held for more than one year.Preferential tax rates currently apply to long-term capital gain of a U.S. Holder that is an individual, estate, or trust.  There are currently no preferential tax rates for long-term capital gain of a U.S. Holder that is a corporation.  Deductions for capital losses are subject to significant limitations under the Code.  60  Additional ConsiderationsAdditional Tax on Passive IncomeFor tax years beginning after December 31, 2012, certain individuals, estates and trusts whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surtax on “net investment income” including, among other things, dividends and net gain from dispositions of property (other than property held in a trade or business).  U.S. Holders should consult with their own tax advisors regarding the effect, if any, of this tax on their ownership and disposition of common shares.Receipt of Foreign CurrencyThe amount of any distribution paid to a U.S. Holder in foreign currency, or on the sale, exchange or other taxable disposition of common shares, generally will be equal to the U.S. dollar value of such foreign currency based on the exchange rate applicable on the date of receipt (regardless of whether such foreign currency is converted into U.S. dollars at that time).  A U.S. Holder will have a basis in the foreign currency equal to its U.S. dollar value on the date of receipt.  Any U.S. Holder who converts or otherwise disposes of the foreign currency after the date of receipt may have a foreign currency exchange gain or loss that would be treated as ordinary income or loss, and generally will be U.S. source income or loss for foreign tax credit purposes.  Each U.S. Holder should consult its own U.S. tax advisor regarding the U.S. federal income tax consequences of receiving, owning, and disposing of foreign currency.Foreign Tax CreditSubject to the PFIC rules discussed above, a U.S. Holder that pays (whether directly or through withholding) Canadian income tax with respect to dividends paid on the common shares generally will be entitled, at the election of such U.S. Holder, to receive either a deduction or a credit for such Canadian income tax.  Generally, a credit will reduce a U.S. Holder’s U.S. federal income tax liability on a dollar-for-dollar basis, whereas a deduction will reduce a U.S. Holder’s income subject to U.S. federal income tax.  This election is made on a year-by-year basis and applies to all foreign taxes paid (whether directly or through withholding) by a U.S. Holder during a year.Complex limitations apply to the foreign tax credit, including the general limitation that the credit cannot exceed the proportionate share of a U.S. Holder’s U.S. federal income tax liability that such U.S. Holder’s “foreign source” taxable income bears to such U.S. Holder’s worldwide taxable income.  In applying this limitation, a U.S. Holder’s various items of income and deduction must be classified, under complex rules, as either “foreign source” or “U.S. source.”  Generally, dividends paid by a foreign corporation should be treated as foreign source for this purpose, and gains recognized on the sale of stock of a foreign corporation by a U.S. Holder should be treated as U.S. source for this purpose, except as otherwise provided in an applicable income tax treaty, and if an election is properly made under the Code.  However, the amount of a distribution with respect to the common shares that is treated as a “dividend” may be lower for U.S. federal income tax purposes than it is for Canadian federal income tax purposes, resulting in a reduced foreign tax credit allowance to a U.S. Holder.  In addition, this limitation is calculated separately with respect to specific categories of income.  The foreign tax credit rules are complex, and each U.S. Holder should consult its own U.S. tax advisor regarding the foreign tax credit rules.Backup Withholding and Information ReportingUnder U.S. federal income tax law and Treasury Regulations, certain categories of U.S. Holders must file information returns with respect to their investment in, or involvement in, a foreign corporation.  For example, recently enacted legislation generally imposes new U.S. return disclosure obligations (and related penalties) on individuals who are U.S. Holders that hold certain specified foreign financial assets in excess of $50,000.  The definition of specified foreign financial assets includes not only financial accounts maintained in foreign financial institutions, but also, unless held in accounts maintained by a financial institution, any stock or security issued by a non-U.S. person, any financial instrument or contract held for investment that has an issuer or counterparty other than a U.S. person and any interest in a foreign entity.  U.S. Holders may be subject to these reporting requirements unless their common shares are held in an account at a domestic financial institution.  Penalties for failure to file certain of these information returns are substantial.  U.S. Holders should consult with their own tax advisors regarding the requirements of filing information returns, including the requirement to file an IRS Form 8938.  Payments made within the U.S. or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition of, common shares will generally be subject to information reporting and backup withholding tax, at the rate of 28% (and increasing to 31% for payments made after December 31, 2012), if a U.S. Holder (a) fails to furnish such U.S. Holder’s correct U.S. taxpayer identification number (generally on Form W-9), (b) furnishes an incorrect U.S. taxpayer identification number, (c) is notified by the IRS that such U.S. Holder has previously failed to properly report items subject to backup withholding tax, or (d) fails to certify, under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number and that the IRS has not notified such U.S. Holder that it is subject to backup withholding tax.  However, certain exempt persons generally are excluded from these information reporting and backup withholding rules.  Backup withholding is not an additional tax.  Any amounts withheld under the U.S. backup withholding tax rules will be allowed as a credit against a U.S. Holder’s U.S. federal income tax liability, if any, or will be refunded, if such U.S. Holder furnishes required information to the IRS in a timely manner.  Each U.S. Holder should consult its own tax advisor regarding the information reporting and backup withholding rules.  61  F.           Dividends and Paying AgentsThis Form 20-F is being filed as an annual report under the Exchange Act and, as such, there is no requirement to provide any information under this section.G.           Statements by ExpertsThis Form 20-F is being filed as an annual report under the Exchange Act and, as such, there is no requirement to provide any information under this section.H.           Documents on DisplayAny statement in this Annual Report about any of the Company's contracts or other documents is not necessarily complete. If the contract or document is filed as an exhibit to this Annual Report, the contract or document is deemed to modify the description contained in this Annual Report. Readers must review the exhibits themselves for a complete description of the contract or document.Readers may review a copy of the Company's filings with the SEC, including exhibits and schedules filed with it, at the SEC's public reference facilities at 100 F Street, N.E., Washington, D.C. 20549. Readers may call the SEC at 1-800-SEC-0330 for further information on the public reference rooms. The SEC maintains a Web site (http://www.sec.gov) that contains reports, submissions and other information regarding registrants that file electronically with the SEC. The Company also files electronically through the EDGAR system.Readers may read and copy any reports, statements or other information that the Company files with the SEC at the address indicated above and may also access them electronically at the Web site set forth above. These SEC filings are also available to the public from commercial document retrieval services.Any documents referred to in this Annual Report may be inspected at the head office of the Company, 1020 – 625 Howe Street, Vancouver, British Columbia, V6C 2T6, Canada, during normal business hours.I.           Subsidiary InformationThere is no information relating to the Company’s subsidiaries which must be provided in Canada and which are not otherwise called for by the body of generally accepted accounting principles used in preparing the consolidated financial statements.ITEM 11.                         QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISKThe Company anticipates its primary market risk, if any, to be related to fluctuations in exchange rates. Exchange rate risk may arise if the Company is required to use different currencies for various aspects of its operations.  At present, the functional currency for the Company is the Canadian dollar.  Based on the Company’s overall exchange rate risk as at April 30, 2012, the Company believes that a ten percent change in exchange rates would not have a material adverse effect on its financial position,  financial performance, or changes in financial position.  The Company intends to monitor its exchange rate risk and take reasonable steps to reduce its exposure.  The Company does not intend to purchase or sell derivative instruments for speculative purposes.ITEM 12.                         DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIESThis Form 20-F is being filed as an annual report under the Exchange Act and, as such, there is no requirement to provide any information under this section.PART IIITEM 13.                         DEFAULTS, DIVIDEND ARREARS AND DELINQUENCIESThere has not been a material default in the payment of principal, interest, a sinking or purchase fund installment, or any other material default not cured within thirty days, relating to indebtedness of the Company or any of its significant subsidiaries.  There are no payments of dividends by the Company in arrears, nor has there been any other material delinquency relating to any class of preference shares of the Company.  62  ITEM 14.                 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDSNot applicable. ITEM 15.                         CONTROLS AND PROCEDURES Disclosure Controls and Procedures At the end of the period covered by this annual report for the fiscal year ended April 30, 2012, an evaluation was carried out under the supervision of, and with the participation of, our management, including our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) of the Exchange Act).  Based upon that evaluation, our CEO and CFO have concluded that the disclosure controls and procedures were effective to give reasonable assurance that the information required to be disclosed by us in reports that are filed or submitted under the Exchange Act are (i) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and (ii) accumulated and communicated to management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Management’s Annual report on internal control over financial reporting As at the end of the period covered by this annual report, management of the Company, with the participation of the CEO and the CFO, evaluated the effectiveness of the Company's disclosure controls and procedures and internal control over financial reporting as required by Canadian securities laws. Based on that evaluation, the CEO and the CFO have concluded that, as of the end of the period covered by this annual report, the disclosure controls and procedures were effective to provide reasonable assurance that material information relating to the Company was made known to senior management by others and information required to be disclosed by the Company in its annual filings, interim filings (as such terms are defined under National Instrument 52-109 – Certification of Disclosure in Issuers'Annual and Interim Filings) or other reports filed or submitted by it under securities legislation were recorded, processed, summarized and reported within the time periods specified in securities legislation. The CEO and the CFO have also concluded that, as of the end of the period covered by this annual report, the internal control over financial reporting provides reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. To design its internal control over financial reporting, the Company used the Internal Control – Integrated Framework (COSO Framework) published by the Committee of Sponsoring Organizations of the Treadway Commission. There are no material weaknesses in the Company's internal control over financial reporting. During the year ended April 30, 2012, there were no changes to the Company's internal control over financial reporting that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting. Attestation Report of the Registered Public Accounting FirmThis Annual Report does not include an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by our registered public accounting firm pursuant the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which permits the company to provide only management’s report in this Annual Report. The Dodd-Frank Act permits a “non-accelerated filer” to provide only management’s report on internal control over financial reporting in an Annual Report and omit an attestation report of the issuer’s registered public accounting firm regarding management’s report on internal control over financial reporting.ITEM 16.                         [Reserved]ITEM 16A.                      AUDIT COMMITTEE FINANCIAL EXPERTComposition of the Audit CommitteeThe Company’s audit committee members are Jean Luc Roy, Michael Riley and Hubert Marleau.  They are all independent directors as such term is defined by the listing standards of the NYSE MKT.  The board of directors has determined that the Chairman of the Company’s Audit Committee, Jean Luc Roy, qualifies as an “audit committee financial expert” as that term is defined in Item 16A(b) of Form 20-F.  As a result of their education and experience, each member of the audit committee has familiarity with, and understanding of, or experience in accounting principles used by the Company to prepare its financial statements, in reviewing and evaluating the financial statements and are familiar with internal controls and procedures for financial reporting.  63  Mr. Roy is chairman and an independent member of the audit committee and is financially literate.  Mr. Roy has an understanding of IFRS and financial statements.  He has the ability to assess the general application of such principles in connection with accounting for estimates, accruals and reserves.  In addition he has the background and experience to deal with the complexity of accounting issues that can be reasonably raised by the registrant’s financial statements.  Mr. Roy has an understanding of internal controls and the functioning of the audit committee and has experience overseeing the financial reporting function.  Mr. Roy has been a director or executive officer of several exploration and mining companies for the past 20 years.  Mr. Roy was the past President and CEO of El Nino Ventures Inc.  Mr. Roy is presently a resident of Burkina Faso where is he COO of Ampella Mining Ltd an Australian listed company focused on gold exploration in West Africa with their flagship property Batie West.Mr. Marleau is an independent member of the audit committee and is financially literate.  With Mr. Marleau’s extensive work history working with private and public companies as a director, Mr. Marleau has an understanding of internal controls and procedures for financial reporting.Mr. Michael Riley in an independent member of the audit committee and is financially literate.  Mr. Michael Riley is a Chartered Accountant was a former audit partner with Ernst & Young LLP from 1985 to 2006.  Mr. Riley has a B.Comm. (Honors) degree in Quantitative Methods, from Concordia University and has a Graduate Diploma in Public Accounting from McGill University.  He is currently chair of the Audit Committee of BC Lottery Corporation and Chair of the Audit Committee of Primero Mining Corp.  A copy of the audit committee charter is available on the Company’s web site and is available by contacting the Company directly.  The Audit Committee Charter is filed herewith.ITEM 16B.                      CODE OF ETHICSThe Company has adopted a Code of Ethics (“COE”) which defines certain fundamental principles, policies and procedures that govern the directors, officers, employees, advisors and contractors.  The Company is committed to conducting its business in accordance with applicable laws, rules and regulations and to the highest standard of business ethics.  A copy of the COE is provided to all individuals associated with the Company including outside contractors.The COE establishes a level of awareness and expectations in certain areas of behaviour such as conflicts of interest, gifts and entertainment, competitive practices, disclosure policies, legal compliance, financial reporting, records, company assets, workplace environment and Health and Safety.  A whistle blower system for reporting violations to the COE has been established and is routinely revisited during regular employee meeting and orientations.The COE is posted on the Company’s web site, has been posted to SEDAR and EDGAR.  A copy of the COE may be requested by contacting the head office at #1020 – 625 Howe Street, Vancouver, BC, V6C 2T6, by telephone 604.688.3211, fax 604.688.3217 or via e-mail at canalaska.com.  The Code of Ethics is filed herewith.ITEM 16C.                      PRINCIPAL ACCOUNTANT FEES AND SERVICESThe following table discloses the aggregate fees billed for each of the last two financial years for professional services rendered by the Company’s audit firm,  Deloitte & Touche LLP for various services in Canadian Dollars.External Auditor Service FeesThe aggregate fees billed by the Company’s external auditors in each of the last two fiscal years for audit of the Company’s accounts are as follows:Financial Year EndedAudit FeesAudit-Related FeesTax Advisory FeesAll Other Fees2012$50,290$40,125$79,871Nil2011$48,150$11,660$30,788Nil   64  From time to time, management of the Company recommends to and requests approval from the audit committee for non-audit services to be provided by the Company’s auditors.  The audit committee routinely considers such requests at committee meetings, and if acceptable to a majority of the audit committee members, pre-approves such non-audit services by a resolution authorizing management to engage the Company’s auditors for such non-audit services, with set maximum dollar amount for each itemized service.  During such deliberations, the audit committee assesses, among other factors, whether the services requested would be considered “prohibited services” as contemplated by the US Securities and Exchange Commission, and whether the services requested and the fees related to such services could impair the independence of the auditors.ITEM 16D.                     EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEESNone. ITEM 16E.     PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERSThere have been no purchases made on behalf of the issuer or any affiliate issuer during this reporting period. ITEM 16F.             CHANGE IN REGISTRANTS CERTIFYING ACCOUNTANT None.ITEM 16G.             CORPORATE GOVERNANCENot applicable.ITEM 16H.                     MINE SAFETY DISCLOSURENot applicablePART IIIITEM 17.                       CONSOLIDATED FINANCIAL STATEMENTSNot  applicable.ITEM 18.                       FINANCIAL STATEMENTSSee the  consolidated financial statements and Exhibits listed in Item 19 hereof and filed as part of this Annual Report.ITEM 19.                        EXHIBITS The Consolidated Financial Statements of the Company and exhibits listed below are filed with this annual report on Form 20-F in the United States. The financial statements appear on Pages F-1 through F-41.  This report is also filed in Canada as an Annual Information Form and the Canadian filing includes the Consolidated Financial Statements and exhibits listed below.  65   The following financial statements are attached to and form a part of this report filed with the SEC: Consolidated Financial Statements of the Company: ·  Report of Independent Registered Chartered Accountants on Consolidated Financial Statements. ·  Consolidated Statements of Financial Position as at April 30, 2012 and 2011 and May 1, 2010. ·  Consolidated Statements of Net Loss and Comprehensive Loss for the year ended April 30, 2012 and 2011. ·  Consolidated Statements of Changes in Equity for the year ended April 30, 2012 and 2011. ·  Consolidated Statements of Cash Flows for the year ended April 30, 2012 and 2011. ·  Notes to the Consolidated Financial Statements. EXHIBIT INDEXThe following exhibits are attached to and form part of this Annual Report: Exhibit1.1Articles of Incorporation*11.1Code of Ethics12.1Section 302 Certification of the Company's Chief Executive Officer12.2Section 302 Certification of the Company's Chief Financial Officer13.1Section 906 Certification of the Company's Chief Executive Officer13.2Section 906 Certification of the Company's Chief Financial Officer14.1Management Discussion and Analysis dated July 30, 201214.2Audit Committee Charter14.3Corporate Governance Policy* Previously filed and incorporated by reference from our Form 20-F filed with the SEC on September 14, 2010   66  SIGNATURESThe Company hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.Date:           July 30, 2012CANALASKA URANIUM LTD.    “Peter Dasler”  President & CEO         “Ram Ramachandran”  Chief Financial Officer                                     67  |