Welcome To The Canasia Industries Corporation HUB On AGORACOM

Dedicated to the aggressive pursuit of world class mineral deposits

Message: Canasia Industries Corporation: Conductors Indicated on Reed Lake Prospect

Canasia applies for more Sask. coal licences

Canasia Industries Corp (C:CAJ)
Shares Issued 49,459,841
Last Close 6/6/2008 $0.43
Monday June 09 2008 - News Release

Mr. Graeme Sewell reports


Canasia Industries Corp. has applied for approximately 35,000 acres of additional coal permits in the proximity of Goldsource Mines Inc.'s recently announced potential coal discovery (announced in Stockwatch on May 5, 2008) in east-central Saskatchewan. Canasia has already made permit applications in this region and has received a letter of comfort from the Saskatchewan government stating that Canasia has priority in a significant portion of the coal applications applied for to date.

Corporate update

Recently, Dahrouge Geological Consulting Ltd. informed Canasia that the Eyehill Creek potash permit applications have been processed and have received final government approval (June 2, 2008). These permits encompass 453,058 acres of lands prospective for potash located on the Saskatchewan-Alberta border. The potash-bearing beds of the Prairie evaporite formation are shown to project into the Eyehill Creek property by Hamilton (1971), while Hamilton and Olson (1994) document a potash showing on the property. Most of the recorded potash exploration in Alberta occurred between 1965 and 1968. The company believes that there is potential for the discovery of potash occurrences within the Eyehill Creek property. Canasia plans to complete a National Instrument 43-101-compliant report 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 in Manitoba after meeting with parties needed to advance the project including line cutting, ground geophysics, permitting and drilling. A drill program is expected to commence in the coming weeks on this copper-gold prospect.

Graeme Sewell, a director of Canasia, stated: "Management's mandate is to attempt to build significant landholdings in areas that are in high demand and have substantial upside growth potential to Canasia. Applying for additional coal permits is an attempt to build our potential land position to over 100,000 acres of coal permits in close proximity to a potential significant new discovery by Goldsource. Not only is Canasia attempting to increase the Saskatchewan coal acreage, but management has built considerable land positions in potash and copper, as well as holding gold prospects. Management plans to initiate a work program on the potash claims this month. Also, management expects to be drilling shortly on our Reed Lake prospect in Manitoba that is bordering VMS Ventures' property, where they have recently had intercepts (May 22, 2008) including 18.99 metres (62.3 feet) of 7.1 per cent copper and 0.17 per cent zinc. Canasia has an interest in just under 200,000 acres in the Reed Lake prospect."

© 2008 Canjex Publishing Ltd.

New Message
Please login to post a reply