Canasia Industries Corporation (TSX VENTURE: CAJ) (PINK SHEETS: CANSF) (FRANKFURT: 45C) ("Canasia") announces that it has been notified by the operator that interpretation of historical data has been obtained on the Reed Lake Prospect. Previous geophysical data has indicated there is a minimum of six conductors on the property. A compliant National Instrument 43-101 report will completed by Canasia in the future. Readers should note that the information on historic work performed on the property disclosed on this release was completed prior to implementation of National Instrument 43-101, therefore the results spoken of do not comply with modern reporting standards and should not be relied upon until such time as additional work is completed on the property.

Joint venture representatives have just returned from Reed Lake and while there met with parties needed to advance the project including line cutting, ground geophysics, permitting and drilling.

Graeme Sewell, a director of Canasia stated, "Management is moving forward toward establishing high-priority drill targets on the Reed Lake Prospect. Drilling is anticipated to commence this summer on this prospect. This prospect is directly contiguous to a recent discovery announced by VMS Ventures (May 22, 2008), with intercepts including 18.99 metres (62.3 feet) of 7.10 per cent copper and 0.17 per cent zinc."

If you would like to be added to Canasia's news distribution list, please send your email address to [email protected].

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; (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.

Contacts: Canasia Industries Corporation Graeme Sewell Director 1-877-225-6755 (604) 689-1733 (FAX) Email: [email protected] Website: www.canasiaind.com

SOURCE: Canasia Industries Corporation

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