| ||July 29, 2008|
Canasia to Acquire 100% Interest in Gold Property
| ||Canasia Industries Corporation ("Canasia") wishes to announce that it has entered into an Asset Purchase Agreement to acquire 100% interest in the Debut Gold Property, consisting of 16 claims near Elko, Nevada. |
In December 2006, Canasia entered into an option agreement to earn a 50% interest in the property for consideration of spending $1,000,000 in exploration over ten years. The Asset Purchase Agreement requires Canasia to pay the vendor $35,000 and to issue 350,000 common shares of Canasia, subject to a 30 day due diligence period and regulatory approval. This agreement supersedes the previous agreement.
Graeme Sewell, a director of Canasia stated, "The Company is now in the process of acquiring 100% of the Debut Gold Property with a goal of entering into a joint venture for the exploration and/or development of the property."
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