CanAsia Industries Corporation
OTC Bulletin Board : CANSF

CanAsia Industries Corporation

November 18, 2008 03:01 ET

Canasia Industries Corporation: Awarded Coal Permits From Saskatchewan Government

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 18, 2008) - Canasia Industries Corporation ("Canasia") (TSX VENTURE:CAJ)(OTCBB:CANSF)(FRANKFURT:45C) has received approval from the Saskatchewan Ministry of Energy and Resources for nine coal permits covering 4,000 hectares (approximately 9,884 acres). These permits are in close proximity to a recent coal discovery made by Goldsource Mines Inc. Canasia has received partial applications to date from the Saskatchewan Government and management anticipates receiving additional permits in the near future. Once a response has been received on all applications, the board will establish a work plan for the coal permits that have been accepted.

Canasia's management is also anticipating the drill program at Reed Lake to start up in early January 2009. An announcement will be made once Canasia receives confirmation from the operator.

Negar Towfigh, President of Canasia stated, "Despite the choppy market conditions Canasia is moving forward on multiple prospects. During this investment period management wants to make sure that Canasia's shareholders know that management is committed to following through on its various drill programs."

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Negar Towfigh, President

Canasia Industries Corporation

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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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