Can-Asia Minerals Inc.

October 26, 2006 00:50 ET

Can-Asia Announces Resource Opportunities

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 26, 2006) - Can-Asia Minerals, Inc. (PINK SHEETS:CNML) ("the Company") is pleased to announce that it is now completing lengthy negotiations to acquire a controlling interest in a gold resource property on the island of West Java, Indonesia. (news release - December 20, 2005)

The Company expects to sign a definitive agreement concerning the acquisition prior to November 30, 2006, and will provide further details concerning the transaction at that time. The current property owner, a private Indonesian corporation, has provided a recent report detailing previous exploration work on the property which estimates a resource of 630,000 ounces of gold, and which recommends an additional exploration program.

Negotiations are also in progress concerning the potential acquisition of an interest in an oil and gas prospect in Indonesia. The project owners have provided data indicating the existence of oil in place in excess of 20 million barrels, and gas in place in excess of 500 million cubic feet. The Company has yet to complete its negotiations and / or its independent due diligence on the project.

Although the Company may enter into a letter of intent or agreements concerning these business opportunities, there is no assurance that the Company can consummate either of the above transactions. In addition, the United States federal securities laws require companies, such as our Company, that may elect in the future to become subject thereto, to provide certain information about significant acquisitions, including certified financial statements for the target entities. The time and additional costs that may be incurred by the target entities to prepare such financial statements and other due diligence compliance may significantly delay or essentially preclude an otherwise desirable acquisition by the Company.

Forward-Looking Statements:

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the Company may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to the above potential acquisition, beliefs, plans, expectations, or intentions regarding the future. Risk factors that may cause results to differ from projections include, without limitation, inability to complete the acquisition, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining prices, and other economic factors. The Company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.

Contact Information

  • Can-AsiaMinerals Inc.
    Michael Kinley
    (604) 434-5256