CanAsia Industries Corporation
OTC Bulletin Board : CANSF

CanAsia Industries Corporation

February 10, 2010 03:01 ET

Canasia Industries Corporation: High-Sulphidation Mineral System Indicated on Buena Vista Property in Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 10, 2010) - Canasia Industries Corporation (TSX VENTURE:CAJ)(OTCBB:CANSF)(FRANKFURT:45C) ("Canasia") wishes to announce that it has completed the first phase of operations on the Buena Vista, Las Joyas, and Santo Nino properties located in the states of Guanajuato and Michoacan respectively. This phase consisted of geological sampling and mapping. Preliminary surveys indicate the presence of a high-sulphidation epithermal system located on the Buena Vista Property. A total of 27 samples have been collected from the Buena Vista Property and have been submitted for assay to Acme Labs in Guadalajara for preparation, with analysis to be completed by Acme Labs in Vancouver, BC. Canasia expects to receive analytical results within the next three weeks.

Graeme Sewell, a director of Canasia, stated: "Initial indications for this first phase of our 100 percent owned Mexican gold property are positive. This region of Mexico is known for high-sulphidation epithermal systems and we are optomistic that our assays will further substantiate the presence of such a deposit type on the Buena Vista Property Management also anticipates the bulk sample results from the Clone Gold Prospect to be available for release shortly. Our primary winter drill program at Reed Lake is anticipated to commence within days."

Work conducted in 2007 on the Buena Vista Property by the previous operator described Tertiary volcanic rocks of acid to intermediate composition with strong hydrothermal alteration observed in many areas; which include areas of vuggy silica and opaline quartz and advanced argillic alteration. Quartz veins with fine disseminated pyrite and iron oxides such as hematite and limonite have been observed. Some outcrops exhibit zones of crackle type brecciation close to the vein structures. This geological environment has potential to host precious metal high sulphidation epithermal systems similar to the Yanacocha Mine, Pierina (Perú), and El Indio (Chile).

The Las Joyas Property is located in the historic mining districts of El Oro and Tlalpujahua. This gold belt is characterized by gold-silver quartz veins and disseminated mineralization. The property is comprised of 31,601.52 hectares and surrounds several small active gold mining claims, located near the central portion of the property.

The Santo Nino Property hosts a large area of hydrothermal alteration as well as a vein occurrence within close proximity of small past producing mines. Access to the properties is via paved highway from either Mexico City or Guadalajara and all of the properties are well served by existing infrastructure. 

The technical contents of this release have been approved by Greg Thomson, P. Geo., a Qualified Person as defined in NI 43-101.

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Canasia has a well diversified portfolio of prospects. Canasia's current prospects include the following: (a) The Clone Gold prospect in Stewart, BC, that has recently returned grades as high as 44.75 g/t Au over 12.80 metres (announced October 22,2009); (b) The Debut Gold prospect in NE Nevada under lease agreement to Kinross Gold; (c) 55,300 contiguous acres at Reed Lake, Manitoba; (d) 450,000 contiguous acres of Potash claims, bordering Alberta and Saskatchewan; (e) 130,500 acres prospective for Coal in SE Saskatchewan; (f) 180,000 acres prospective for Lithium in Alberta; (g) and three mineral claims covering an area of approximately 31,602 hectares, located north and northwest of the El Oro -- Tlalpujahua Gold/Silver belt in the states of Guanajuato and Michoacan, Mexico.

Graeme Sewell, Director

Canasia Industries Corporation

Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

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