CanAsia Industries Corporation
OTC Bulletin Board : CANSF

CanAsia Industries Corporation

February 02, 2010 03:01 ET

Canasia Industries Corporation: Line Cutting Commences at Reed Lake

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2010) - Canasia Industries Corporation ("Canasia") (TSX VENTURE:CAJ)(OTCBB:CANSF)(FRANKFURT:45C) wishes to announce that the line cutting over the primary drill targets has now commenced. The line cutting will be followed by a large Loop Time Domain EM geophysical survey on the targets areas on its Reed Lake Prospect. The survey will consist of 46 line kilometers of Time-Domain Electromagnetics at 25 meter spacing and a magnetometer survey at 25 meter spacing. The large Loop Time Domain EM developed by Crone Geophysics and Exploration Ltd. is the same system used in 2007 by HudBay Minerals Inc. ("HudBay") to discover the Lalor Lake deposit at a depth of approximately 800 meters.

The Reed Lake Prospect consists of 55,300 contiguous acres at Reed Lake, Manitoba. The property is strategically located around the VMS Ventures Inc.'s base-metal discovery in the historic and very prolific Flin Flon mining camp, with more than 27 significant mineral deposits continuously discovered over the past 75 years. The most recent discovery is HudBay's Lalor Lake property, with 20 million tonnes of 8.8 per cent zinc.

Negar Towfigh, President of Canasia stated, "Operations are progressing as expected on the Reed Lake Prospect. We are anticipating operations to be fully underway by the time of the PDAC trade show in early March. We will be moving forward on the Reed Lake Prospect, which is our primary Canadian winter drill program and we will be active on multiple other prospects concurrently."

The technical information in this new release has been reviewed by Derrick Strickland, P.Geo., the qualified person for the Reed Lake Prospect.

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Canasia Industries has a well diversified portfolio of prospects. Canasia's current prospects include the following: (a) The Clone Gold prospect in Stewart, BC, that has returned grades as high as 44.75 g/t Au over 12.80 metres (announced October 22,2009); (b) The Debut Gold prospect in NE Nevada; (c) 55,300 contiguous acres at Reed Lake, Manitoba; (d) 450,000 contiguous acres of Potash claims, bordering Alberta and Saskatchewan; (e) 130,500 acres prospective for Coal in SE Saskatchewan; (f) 180,000 acres prospective for Lithium in Alberta; (g) and three mineral claims covering an area of approximately 31,602 hectares, located north and northwest of the El Oro -- Tlalpujahua Gold/Silver belt in the states of Guanajuato and Michoacan, Mexico.

Negar Towfigh, President, Director

Canasia Industries Corporation

Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

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