The Geotech VTEM survey is considered one of the airborne surveyindustry's best deep-penetrating electromagnetic and magnetic systems. TheVTEM airborne magnetic and electromagnetic components have been successfullyused in outlining structures, favourable geology, zones of conductivity,magnetic zones and zones of alteration, some of which are coincident withareas of known mineralization. This type of geophysical survey is useful inadvancing the property to the drill-ready stage.

The property is strategically located north of VMS Ventures Inc. basemetal discovery in the historic and very prolific Flin Flon mining camp. Morethan 27 significant mineral deposits have been continuously discovered overthe past 75 years. The most recent discovery is HudBay's Lalor Lake propertywith 20 million tonnes of 8.8 % zinc.

Graeme Sewell, a director of Canasia stated, "We are now entering the mostexciting stage of the Reed Lake Prospect to date. We have amassed asubstantial land position, which is strategically located adjacent, andsurrounding the recent Hudbay/VMS ventures discovery and have now completedour VTEM survey. We are expecting the highest priority drill targets to beestablished in the near term with a drill program to follow. When you add inour 450,000 acres of Potash claims, management firmly believes that 2008 maybe a significant year of growth for Canasia."

"Graeme Sewell" Director Canasia Industries Corporation Disclaimer for Forward-Looking Information Certain statements in this release are forward-looking statements, whichreflect the expectations of management regarding the Company's ability toclose the Purchase and Sale Agreement. Forward-looking statements consist ofstatements that are not purely historical, including any statements regardingbeliefs, plans, expectations or intentions regarding the future. Suchstatements are subject to risks and uncertainties that may cause actualresults, performance or developments to differ materially from those containedin the statements. No assurance can be given that any of the eventsanticipated by the forward-looking statements will occur or, if they do occur,what benefits the Company will obtain from them. These forward-lookingstatements reflect management's current views and are based on certainexpectations, estimates and assumptions which may prove to be incorrect. Anumber of risks and uncertainties could cause our actual results to differmaterially from those expressed or implied by the forward-looking statements,including: (1) a downturn in general economic conditions in North America andinternationally, (2) the inherent uncertainties and speculative natureassociated with mineral exploration, (3) a decreased demand for minerals, (4)any number of events or causes which may delay or cease exploration anddevelopment of the Company's property interests, such as environmentalliabilities, weather, mechanical failures, safety concerns and labourproblems; (5) the risk that the Company does not execute its business plan,(6) inability to retain key employees, (7) inability to finance operations andgrowth, (8) inability to obtain all necessary environmental and regulatoryapprovals, (9) an increase in the number of competitors with larger resources,(10) other factors beyond the Company's control; (11) the failure of theLetter of Intent or Letter Agreement to close for any reason; and (12) theability of the Company to acquire the services of contract trades to performwork programs in a timely manner. These forward-looking statements are made asof the date of this news release and the Company assumes no obligation toupdate these forward-looking statements, or to update the reasons why actualresults differed from those projected in the forward-looking statements.Additional information about these and other assumptions, risks anduncertainties are set out in the "Risks and Uncertainties" section in theCompany'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. CONTACT: Tel: (778) 328-8848, Fax: (604) 689-1733, www.canasiaind.com,info@canasiaind.com

SOURCE Canasia Industries Corporation