July 2, 2008
Canasia Industries Corporation: Samples Now at Lab for Analysis
Canasia Industries Corporation ("Canasia") (TSX VENTURE: CAJ)(OTCBB: CANSF)(FRANKFURT: 45C) wishes to announce that all samples on the Jumbo Prospect have now been submitted to Acme Analytical Laboratories Ltd. for analysis. The operator has notified Canasia that they expect to have results in approximately two weeks. Graeme Sewell, a director of Canasia stated, "We are pleased at the pace this prospect is moving along. This prospect holds potential for a new discovery and we hope to have additional information regarding this prospect back from the lab shortly. Management also anticipates receiving additional comfort letters from the Saskatchewan Government regarding additional coal staked in June as well as receiving complete final results from the VTEM shot over the Copper/Gold prospect at Reed Lake shortly."
The Jumbo property consists of three claims (approximately 630 hectares), which cover a north-striking shear zone that cuts an intrusive feldspar porphyry phase of the Nelson batholith. The shear zone hosts an epithermal mineralized zone, with a number of showings exposed along the access road. The mineralization was explored by past operators through three short adits, all of which are now collapsed and covered. Production from the Jumbo property between 1973 and 1983 totaled 53 tonnes, yielding 22,930 grams silver, 531 grams gold, 2,665 kilograms lead and 1,891 kilograms zinc.
Mineralization on the Jumbo property consists of silver-bearing galena, sphalerite, chalcopyrite and gold in the form of electrum associated with iron-carbonate and quartz in epithermal veins. In 1981, two truckloads mineralized material were shipped to the Trail smelter for testing. The first truck load assayed 0.368 ounce per ton gold, 6.25 ounces per ton silver and 3.8% lead. The second load assayed 0.412 ounce per ton gold, 7.1 ounces per ton silver and 4% lead.
The property is situated just east of the Enterprise mine and west of Timber Creek on the west side of Kokanee Glacier Park. The Enterprise mine (owned by others) has produced at least 12,274 tons, which averaged 95 ounces per ton silver, 16.5% lead and 21.9% zinc.
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.
Richard Walker, PGeo, the qualified person under National Instrument 43-101 for this project, has approved the technical content of this news release relating to the Jumbo project.
If you would like to be added to Canasia's news distribution list, please send your email address to [email protected]
Graeme Sewell, Director
Canasia Industries Corporation
Disclaimer for Forward-Looking Information
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); and (11) 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Contacts: Canasia Industries Corporation Graeme Sewell Director 1-877-225-6755 (604) 689-1733 (FAX) Email: [email protected] Website: www.canasiaind.com
SOURCE: Canasia Industries Corporation