Canasia Industries Corporation

Canasia Industries Corporation

August 24, 2012 03:01 ET

Canasia Commences Operation on Aluminous Clay/ Rare Earth Prospect in Gaspe Bay Region of Quebec

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2012) - Canasia Industries Corporation ("Canasia" and the "Company") (TSX VENTURE:CAJ)(PINKSHEETS:CANSF)(FRANKFURT:45C) is pleased to announce operations have commenced on its aluminous clay/ rare-earth prospect ("the Murdochville Prospect'). The Murdochville Prospect consists of approximately 5,500 contiguous acres prospective for aluminous clay and rare earths in the Gaspe Bay Region of Quebec, near Murdochville. A targeted work program to test for aluminous clay and rare earths over the extent of the prospect is now underway.

Negar Adam, President of Canasia stated, "We are pleased to be underway on the Murdochville Prospect. This prospect lays directly north and bordering Orbite Aluminae Inc.'s ("Orbite") Grand-Vallée discovery. It has been awhile since Canasia has had an active work program, however now we are coming into our typically active later summer period. We are also anticipating that operations may commence on the Clone Prospect shortly, which would result in multiple work programs occurring simultaneously."

On October 25th, 2011, the Company announced that it had been informed by the operator that assays have been received for the 102 one-ton lots comprising the 2011 bulk sample from the Clone property, situated 12 miles southeast of Stewart, British Columbia. The average for the 102 tons was 4.0 oz/ton gold or 137.1 g/t gold. The 2011 bulk sample contains 408 ounces of gold, which when added to the 68 ounces collected in the 2010 bulk sample (34 tons at 68.65 g/t gold), amounts to 476 ounces in total. Previously, there were drill results on the Clone that returned drill intercepts of 44.75 g/t over 12.8 meters (October 22, 2009). The Company anticipates commencing operations on the Clone Prospect shortly.

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