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| | March 29, 2010
Reed Lake Drilling Now Underway
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| | Canasia Industries Corporation ("Canasia") wishes to announce that drilling has commenced to test the highest priority targets on the Reed Lake Prospect. These targets have been determined by using all the data collected over the past drill seasons, including VTEM and analysis using Crone Geophysics' Large Loop Time Domain EM system, which is the same system used in 2007 by HudBay Minerals to discover the Lalor Lake deposit. This phase of drilling is expected to take between 2-4 weeks and test the primary targets at approximate depths of 250-300 meters. The Reed Lake Prospect borders the HudBay/VMS Ventures property that returned 33.46 metres of 10.36% CU.
Negar Towfigh, President of Canasia stated, "It is exciting to finally be drilling on the Reed Lake Prospect. Management feels that the Reed Lake Prospect is one of the two main projects that Canasia is involved with, the other being the Clone Prospect in BC. The board feels that this drill program at Reed Lake has the highest possibility of success to date on this prospect due to all the data that has been collected and interpreted over the past few years. When you couple this drill program with the Clone Prospect, which is anticipated to re-commence in the summer of 2010, it is clear that Canasia may now be entering one of the most expansive periods of potential growth in 2010."
If you would like to be added to Canasia's news distribution list, please send your email address to info@canasiaind.com
Canasia has a well diversified portfolio of prospects. Canasia's current prospects include the following: (a) The Clone Gold prospect in Stewart, BC, that has recently returned grades as high as 44.75 g/t Au over 12.80 metres (announced October 22,2009); (b) The Debut Gold prospect in NE Nevada under lease agreement to Kinross Gold; (c) 55,300 contiguous acres at Reed Lake, Manitoba; (d) 450,000 contiguous acres of Potash claims, bordering Alberta and Saskatchewan; (e) 130,500 acres prospective for Coal in SE Saskatchewan; (f) 180,000 acres prospective for Lithium in Alberta; (g) and mineral claims covering an area of approximately 9,200 hectares, located north and northwest of the El Oro - Tlalpujahua Gold/Silver belt in the states of Guanajuato and Michoacan, Mexico.
Contact Information
Tel: 1877 2256755
Fax: 1604 689-1733
www.canasiaind.com
info@canasiaind.com
"Negar Towfigh"
President, Director
Canasia Industries Corporation
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release. |
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