Canasia Industries – VTEM Survey of Additional Claims in Reed Lake Now Complete
VANCOUVER, April 9 /PRNewswire-FirstCall/ — Canasia Industries Corporation (the “Canasia”) and its joint venture partner, International Samuel Exploration Corp. (“Samuel”), have received notification that Geotech Ltd. has completed 254 line kilometres of the VTEM survey on their recently acquired seven mineral claims jointly held Reed Lake property located in the Flin Flon Mining camp of Manitoba.
The Geotech VTEM survey is considered one of the airborne survey industry’s best deep-penetrating electromagnetic and magnetic systems. The VTEM airborne magnetic and electromagnetic components have been successfully used in outlining structures, favourable geology, zones of conductivity, magnetic zones and zones of alteration, some of which are coincident with areas of known mineralization. This type of geophysical survey is useful in advancing the property to the drill-ready stage.
The property is strategically located north of VMS Ventures Inc. base metal discovery in the historic and very prolific Flin Flon mining camp. More than 27 significant mineral deposits have been continuously discovered over the past 75 years. The most recent discovery is HudBay’s Lalor Lake property with 20 million tonnes of 8.8 % zinc.
Graeme Sewell, a director of Canasia stated, “We are now entering the most exciting stage of the Reed Lake Prospect to date. We have amassed a substantial land position, which is strategically located adjacent, and surrounding the recent Hudbay/VMS ventures discovery and have now completed our VTEM survey. We are expecting the highest priority drill targets to be established in the near term with a drill program to follow. When you add in our 450,000 acres of Potash claims, management firmly believes that 2008 may be a significant year of growth for Canasia.”
“Graeme Sewell” Director Canasia Industries Corporation Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s ability to close the Purchase and Sale Agreement. 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.
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CONTACT: Tel: (778) 328-8848, Fax: (604) 689-1733, http://www.canasiaind.com/, info@canasiaind.com
Canasia Industries Corporation
CONTACT: Tel: (778) 328-8848, Fax: (604) 689-1733, http://www.canasiaind.com/,info@canasiaind.com