CanAsia Industries Corporation
OTC Bulletin Board : CANSF

CanAsia Industries Corporation

March 08, 2010 03:01 ET

Canasia Industries Corporation: Reed Lake Drill Permits Attained

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2010) - Canasia Industries Corporation ("Canasia") (TSX VENTURE:CAJ)(OTCBB:CANSF)(FRANKFURT:45C) wishes to announce that it has been informed by the operator that the drill permits for the Reed Lake Prospect have been approved by the Manitoba government. Crews will be mobilized immediately and drilling is expected to commence within days.

Approximatly 1,500 metres of drilling targetting the two highest priority drill sites will be tested. These targets have been determined by using all the data collected over the past drill seasons including VTEM and DEEPEM analysis.

Negar Towfigh, President of Canasia stated, "We are excited to be starting up another drill program. Reed Lake is one of our top priority projects and it has been almost a year since our last drill program there. Managment is optimistic that these targets hold the most potential for a VMS type discovery based on the intrepetaion of all the data collected to date. Managment is also anticipating a very active period for the whole region now that VMS Ventures Inc. and Hudbay Minerals Inc. appear to now be jointly moving to develop the discovery into production. Their discovery borders the region on our property where our drill program is about to commence."

Canasia will also be attending the PDAC Resource Conference in Toronto in Booth # 2612.

In the news release dated March 4, 2010, there was a calculation error whereby it stated that the results from the first set of bulk samples from the Clone gold prospect averaged "152.34 grams per tonne gold or 3.87 ounces per ton gold", but it should have stated "152.34 grams per tonne gold or 4.44 ounces per ton gold."

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Canasia has a well diversified portfolio of prospects. Canasia's current prospects include the following: (a) The Clone Gold prospect in Stewart, BC, that has recently 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 under lease agreement to Kinross Gold; (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 mineral claims covering an area of approximately 9,200 hectares, located north and northwest of the El Oro -- Tlalpujahua Gold/Silver belt in the states of Guanajuato and Michoacan, Mexico.

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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