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Mexico Gold
Canasia has closed a share exchange agreement dated June 9, 2009 with Exploraciones Las Joyas S.A. de C.V. ("Exploraciones"), a private corporation incorporated pursuant to the laws of Mexico, and the two shareholders of Exploraciones (the "Shareholders"). Under the terms of the share exchange agreement, the Company purchased all of the issued and outstanding common shares in the capital of Exploraciones from the Shareholders.
Business of Exploraciones
Exploraciones is a private company incorporated pursuant to the laws of Mexico and is engaged in the business of mineral exploration in Mexico. Exploraciones is the sole legal and beneficial owner of three mineral claims covering an area of approximately 44,522 hectares, located north and northwest of the El Oro -- Tlalpujahua Gold/Silver belt in the states of Guanajuato and Michoacan Mexico (collectively, the "Property"). The Property is subject to a 1.5% net smelter royalty. A work program is now being developed and management anticipates work to commence shortly.
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