CanAsia Industries Corporation
OTC Bulletin Board : CANSF

CanAsia Industries Corporation

April 16, 2009 03:01 ET

Canasia Receives Final Approval on 113,866 Acres of Coal Claims Bordering "18 Meter" Coal Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 16, 2009) - Canasia Industries Corporation ("Canasia") (TSX VENTURE:CAJ) (OTCBB:CANSF) (FRANKFURT:45C) wishes to announce that it has received final approval on 60 claims totaling 46,080 hectares (approximately 113,866 acres) or 5 contiguous townships in Saskatchewan, Canada from the Saskatchewan Ministry of Energy and Resources. This new property lies within Central Saskatchewan, in propinquity to the sedimentary edge of the Western Canada Sedimentary Basin. The property sits on top of the Mannville Group, with the underlying Devonian carbonate Ashern Formation to the Northeast and the overlying Cretaceous Lower Colorado Group to the Southwest. Canasia now has received approval on 98,914 total hectares (approximately 244,417 acres) of coal permits.

The Mannville Group is a primarily non-marine sandstone and shale unit, early Cretaceous in age. The Lower Mannville consists of non-marine clastic sedimentation shed as alluvial plains and deltaic deposits sourced from and due to the mountain building to the west. This allowed for peat accumulation, which gave rise to the development of extensive coal seams. The Upper Mannville was deposited primarily as continental to transitional marine sediments during the withdrawal of the inland sea. This again allowed for great amounts of peat accumulation leading to numerous coal beds being deposited, with individual beds reaching 4.5 m in thickness, or greater and cumulative thicknesses upwards to over 12 m. (Coal Resources of Canada, 1989).

This new property directly borders to the north and east the "18 meter" coal prospect. The "18 meter" prospect was discovered by Consolidated Pine Channel Gold Corp. who completed an exploration program in 1994 discovering the "18-meter hole". The coal began at a depth of 47.7 m and contained 7.6 m of massive coal followed by 11.22 m of coal breccia, containing up to 60 per cent coal clasts. The discovery was made while testing a magnetic geophysical anomaly for kimberlite. The historical drill log (TL02-2, assessment report 63E-0004) indicates: 47.70 meters to 55.32 meters (7.62 meters): coal, massive; and 55.32 meters to 66.54 meters (11.22 meters): coal breccia, from 20 to 60 per cent angular coal clasts, mixed with varying amounts of clay, silt and sand. Management is anticipating that a work program on this prospect will commence within the 2nd quarter of 2009.

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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.

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