CanAsia Industries Corporation
OTC Bulletin Board : CANSF

CanAsia Industries Corporation

January 25, 2010 13:33 ET

Canasia Applies for Land in the Vicinity of First Gold Exploration’s New Lithium and Rubidium Discovery

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 25, 2010) - Canasia Industries Corporation (TSX VENTURE:CAJ) (OTCBB:CANSF) (FRANKFURT:45C) ("Canasia") wishes to announce that it has made application for land in the direct vicinity of the new discovery announced today by First Gold Exploration Inc. (EFG—TSX Venture) ("First Gold"). Final acceptance by the government of Quebec is expected within three weeks.

First Gold announced in Stockwatch on January 21, 2010, the discovery of rare metals on its Pivert-Rose property in Quebec, along with up to 4.6 per cent Li2O. According to its news release: "First Gold is truly thrilled to announce the results of analyses from the new lithium showing discovered during the winter drilling program, when two samples were taken. The results for these two samples show that a zone very rich in lithium and containing significant quantities of rare metals (rubidium, tantalum, beryllium, niobium and gallium) has been discovered on the company's property. This discovery is in a zone more than 2.4 kilometres northeast of the Rose showing and 2.5 km south of the Pivert showing.

The Pivert-Rose showing lies in a geological setting similar to that of the Cyr project belonging to Lithium One, both in terms of geology and mineralization. However, the dikes on First Gold's property contain more spodumene and a large amount of lepidolite (associated with rubidium). The various dikes intersected are open in all directions.

First Gold is in the process of compiling the results for hole LR-09-02, which should be released in the coming days. The company believes that Lac Pivert-Rose lithium property is a lithium and rare-metals prospect. Significant zones of lithium, rubidium, tantalum, niobium, beryllium and gallium have been intersected. The company has asked the laboratory to assay the entire core of hole LR-09-02 (from surface to a depth of 78 metres)."

Negar Towfigh, President of Canasia stated, "This is a very exciting discovery by First Gold. Canasia currently has significant holdings of lithium properties and feels that this is a growing market for the future. Management feels that having additional holdings in this space fits into the Canasia growth strategy."

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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 where Kinross Gold is now actively drilling; (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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