CanAsia Industries Corporation

CanAsia Industries Corporation

September 02, 2010 03:01 ET

Canasia's "Clone Gold Prospect" Starts Drilling Operations

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 2, 2010) - Canasia Industries Corporation ("Canasia" and the "Company") (TSX VENTURE:CAJ)(PINK SHEETS:CANSF)(FRANKFURT:45C) has been informed by the operator that crews have now started drilling operations on the Clone Gold Prospect. Last year's drill program on the Clone Gold prospect returned grades as high as 44.75 g/t Au over 12.80 metres (announced October 22, 2009). The Clone Gold Prospect is Canasia's flagship property. The Company is spending approximately twice as much as last year on this year's drill program.

Negar Adam, president of Canasia stated, "It is exciting to be finally underway on the Clone. Over the last two fiscal years we have spent more money on exploration on the Clone Prospect than on any of our other prospects. Canasia's shares traded up to $0.41 last year on more than 250 million shares which correlated with last season's Clone drill program. Considering gold prices are now over $1,200 per ounce, compared to being approximately $900 per ounce last year, management is optimistic about how this year's significantly larger drill program will impact Canasia's growth."

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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 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; (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 mineral claims covering an area of approximately 9,200 hectares, located within the El Oro -- Tlalpujahua Gold/Silver belt in the states of Guanajuato and Michoacan, Mexico.

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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