CanAsia Industries Corporation
OTC Bulletin Board : CANSF

CanAsia Industries Corporation

March 19, 2009 03:01 ET

Canasia Industries Corporation: Drill Program Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 19, 2009) - Canasia Industries Corporation (TSX VENTURE:CAJ)(OTCBB:CANSF)(FRANKFURT:45C) ("Canasia") wishes to announce that it has been notified by the operator of the Reed Lake prospect that drilling is continuing. At this time, 17 samples are in the process of being shipped to Acme Labs in Vancouver for 31 element ICP analysis. All the drilling on this first phase is expected to be completed near the end of March, at which point additional samples are expected to be shipped for testing.

Canasia has also engaged the professional services of Mr. Victor Jaramillo, M.Sc.A, P.Geo with Discover Geological Consultants Inc., to oversee this project and to review and advise on all of Canasia's other prospects. Mr. Jaramillo is an international geological consultant with over 25 years experience in the mining industry. He has previously held positions with mining companies such as Newmont Mining Corp. and Homestake Mining Company (now Barrick Gold Corp.) as senior project geologist, chief mine geologist and exploration manager. Mr. Jaramillo has been involved in the management of multi-million dollar exploration projects including large drill programs; supervises QA/QC (Quality Assurance/Quality Control) programs and is very knowledgeable in the preparation of Technical NI 43-101 Reports, including resource reports. Mr. Jaramillo supervised the team that discovered the La Langosta porphyry copper-gold prospect in Mexico, and the Las Lomas porphyry copper-gold prospect in Peru.

Graeme Sewell, a director of Canasia stated, "We are very fortunate to have a geologist of Victor's stature working with the company. He has a distinguished past and has been instrumental in overseeing and developing multiple projects and ultimately mines. He adds immediate value with his vast knowledge of copper-gold deposits, especially as we are in the middle of the Reed Lake drill program now. Victor will also be valuable as Canasia evaluates our other projects including the coal, potash and gold projects that are anticipated to be worked on in 2009."

If you would like to be added to Canasia's news distribution list, please send your email address to

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.

Contact Information