CanAsia Industries Corporation

CanAsia Industries Corporation

November 02, 2006 09:01 ET

CanAsia Industries Corp. Enters Into LOI on Nevada Gold Prospect

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2006) - CanAsia Industries Corp. (the "Company") (TSX VENTURE:CAJ) has entered into a Letter of Intent ("LOI") to option 50% of a property in Elko County, Nevada. Terms of the LOI entail exploration expenditures of $1,000,000 CAD and 100% of all property payments over a period of 10 years. The LOI is with a related party by virtue of an officer in common and is subject to the execution of a formal agreement.

David Derby, President

CanAsia Industries Corporation

We Seek Safe Harbour

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