CanAsia Industries Corporation

CanAsia Industries Corporation

May 13, 2008 03:00 ET

Canasia Potash Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 13, 2008) - Canasia Industries Corporation (TSX VENTURE:CAJ) (OTCBB:CANSF) (FRANKFURT:45C) ("Canasia") wishes to update shareholders in terms of the Eyehill Creek Potash Property acquisition announced February 25, 2008. Canasia signed an option agreement to acquire a 100% interest, in the Eyehill Creek Potash Property, which consists of 20 Metallic and Industrial Minerals Permit (MAIM) Applications consisting of approximately 450,000 acres, located within east-central Alberta, along the Saskatchewan-Alberta border. These permit applications have been submitted already and Canasia expects that these applications will be completed shortly.

In other corporate matters, recently Canasia submitted coal permit applications encompassing four townships (approximately 92,000 acres) in east central Saskatchewan in the same region as Goldsource Mines Inc.'s new potential coal discover. According to the Government of Saskatchewan representatives that Canasia officials have been in contact with, granting of any of these permits is expected to be determined at a date in the future. There are no guarantees that any of these proposed permits will be awarded to Canasia. Canasia is looking into potentially adding to these coal positions in the future.

Graeme Sewell, a director of Canasia stated, "At this time Canasia has a diversified portfolio of exciting prospects. Management expects to be able to start up work programs shortly to explore the economic possibilities of these prospects."

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

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's ability to close the Purchase and Sale Agreement. 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; (11) the failure of the Letter of Intent or Letter Agreement to close for any reason; and (12) 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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