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Canasia Corporate Update
February 20, 2008 - Canasia Industries Corporation (the "Company") wishes to announce the VTEM
survey on the Reed Lake Prospect in Manitoba is expected to commence
shortly. This prospect consists of over 196,000 acres and borders Hudbay
Minerals and VMS Ventures recent discovery in Reed Lake. This geophysical
survey will consist of a minimum of 2,830 line kilometres to be flown at
100-metre line spacing. The VTEM survey is considered one of the airborne
survey industry's best deep-penetrating electromagnetic and magnetic
systems. The VTEM airborne magnetic and electromagnetic survey has been
successful in outlining structures, favourable geology, zones of
conductivity, magnetic zones and zones of alteration, some of which are
coincident with areas of known mineralization. This survey was very useful
in advancing some of the known targets in the area to the drill-ready stage.
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Canasia has also recently engaged Dynamic Exploration Ltd. to complete Phase
I of the work program on the Company's Jumbo Gold Property (the "Property"),
on which the Company has an option to acquire 100% of the Property. Phase I
of the work program will consist of both soil and ground geophysical
surveys. It is anticipated that up to 600 samples will be taken from the
property for analysis.
Company director, Graeme Sewell, stated, "Things are becoming very exciting
in regards to the upcoming multiple work programs for Canasia. Management
believes that this is going to be one of the most important times of
corporate growth for the Company."
The Company wishes to further announce that it will be attending the PDAC
March 2nd and 3rd. According to the PDAC's website, "The PDAC International
Convention, Trade Show and Investors Exchange is the most important event in
the world of exploration, bringing together over 18,000 attendees from all
over the globe." Canasia's management extends an invitation to all
shareholders and prospective shareholders to meet Canasia representatives at
the show.
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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; 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.
This service is intended for dissemination of company information only. This
is not a solicitation to buy or sell securities. Any decision to buy or sell
securities should be discussed with a professional in the financial
industry. If you would like to be deleted from this service or feel this
message was sent in error, please send an email to info@canasiaind.com with
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For more information, please contact:
Graeme Sewell
Director
Canasia Industries Corporation
Tel: (778) 328-8848
Fax:(604) 689-1733
Website :www.canasiaind.com
Email: info@canasiaind.com
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