CanAsia Industries Corporation

CanAsia Industries Corporation

June 09, 2008 03:01 ET

Canasia Industries Corporation: Applies for Additional Coal Permits Near Goldsource Mines Inc in Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 9, 2008) - Canasia Industries Corporation ("Canasia") (TSX VENTURE:CAJ) (PINK SHEETS:CANSF) (FRANKFURT:45C) announces that it has applied for approximately 35,000 acres of additional coal permits in the proximity of Goldsource Mines Inc's recently announced potential coal discovery (May 5, 2008) in East Central Saskatchewan. Canasia has already made permit applications in this region and has received a letter of comfort from the Saskatchewan Government stating that Canasia has priority in a significant portion of the coal applications applied for to date.

Corporate Update:

Recently, Dahrouge Geological Consulting Ltd. informed Canasia that the Eyehill Creek Potash permit applications have been processed and have received final government approval (June 2, 2008). These permits encompass 453,058 acres of lands prospective for potash located on the Saskatchewan, Alberta borders. The Potash-bearing beds of the Prairie Evaporite Formation are shown to project into the Eyehill Creek Property by Hamilton (1971), while Hamilton and Olson (1994) document a Potash Showing on the property. Most of the recorded Potash Exploration in Alberta occurred between 1965 and 1968. The Company believes that there is potential for the discovery of Potash occurrences within the Eyehill Creek Property. Canasia plans to complete a National Instrument 43-101 compliant report in the future. Readers should note that the information on historic work performed on the property disclosed on this release was completed prior to implementation of National Instrument 43-101, therefore the results spoken of do not comply with modern reporting standards and should not be relied upon until such time as additional work is completed on the property.

Joint venture representatives have just returned from Reed Lake, Manitoba after meeting with parities needed to advance the project including line cutting, ground geophysics, permitting and drilling. A drill program is expected to commence in the coming weeks on this copper/gold prospect.

Graeme Sewell, a director of Canasia stated, "Management's mandate is to attempt to build significant land holdings in areas that are in high demand and have substantial upside growth potential to Canasia. Applying for additional coal permits is an attempt to build our potential land position to over 100,000 acres of coal permits in close proximity to a potential significant new discovery by Goldsource. Not only is Canasia attempting to increase the Saskatchewan coal acreage, but management has built considerable land positions in potash and copper as well as holding gold prospects. Management plans to initiate a work program on the potash claims this month. Also management expects to be drilling shortly on our Reed Lake prospect in Manitoba that is bordering VMS Ventures property where they have recently had intercepts (May 22, 2008), including 18.99 metres (62.3 feet) of 7.1 per cent copper and 0.17 per cent zinc. Canasia has an interest in just under 200,000 acres in the Reed Lake Prospect."

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Graeme Sewell, Director, Canasia Industries Corporation

Disclaimer for Forward-Looking Information

Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, (8) inability to obtain all necessary environmental and regulatory approvals, (9) an increase in the number of competitors with larger resources, (10) other factors beyond the Company's control); and (11) the ability of the Company to acquire the services of contract trades to perform work programs in a timely manner. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company's MD&A filed with Canadian security regulators.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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