Canasia Industries Corporation: 12.80 Metres of 44.75 G/T Gold Intersected on Clone Gold Program

• Press Release
• Source: Canasia Industries Corporation
• On 3:01 am EDT, Thursday October 22, 2009

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 22, 2009) - Canasia Industries Corporation (TSX VENTURE:CAJ - News; FRANKFURT:45C - News; OTCBB:CANSF - News; "CAJ") is pleased to report complete assay results for the second phase of the 2009 drill program on the Clone gold property, situated 18km southeast of Stewart, British Columbia. Highlights of the second phase of this drill program include Hole 28 that returned grades of 12.80 m (42ft) of 44.75g/t (1.305oz/t) gold values including 4.87m (16 ft) of 76.80g/t (2.240oz/t).

Related Quotes

Symbol	Price	Change
45C.F	0.10	0.00

{"s" : "45c.f,caj.v,cansf.pk","k" : "c10,l10,p20,t10","o" : "","j" : ""}

Data from Holes 21 to 35 are presented in the following table:

-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
Drill    From  From  To    To    Interval Interval True Width Gold   Gold   
Hole #   (m)   (ft.) (m)   (ft.) (m)      (ft.)    Coeff.     (g/t)  (oz/t)
-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
21(i)    11.89 39    19.81 65    7.92     26       0.94       30.37  0.886  
incl.(i) 11.89 39    13.72 45    1.83     6        0.94       115.80 3.377  
-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
22       15.85 52    19.81 65    3.96     13       0.87       26.23  0.765  
-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
24       20.42 67    23.47 77    3.05     10       0.77       4.04   0.118  
-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
25       12.50 41    16.15 53    3.65     12       0.85       3.68   0.107  
-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
26       12.19 40    16.46 54    4.27     14       0.78       26.39  0.770  
         21.03 69    26.21 86    5.18     17       0.78       15.83  0.462  
-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
27       15.85 52    17.98 59    2.13     7        0.85       10.81  0.315  
-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
28       10.67 35    23.47 77    12.80    42       0.92       44.75  1.305  
incl.    10.67 35    15.54 51    4.87     16       0.92       76.80  2.240  
-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
29       20.12 66    26.21 86    6.09     20       0.69       4.81   0.140  
-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
30       13.41 44    23.77 78    10.36    34       0.92       6.40   0.187  
-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
31       18.29 60    20.12 66    1.83     6        0.85       42.07  1.227  
-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
32       19.51 64    24.08 79    4.57     15       0.75       3.96   0.115  
-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
33       18.29 60    24.99 82    6.70     22       0.85       11.04  0.322  
-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
34       25.30 83    27.43 90    2.13     7        0.78       60.31  1.759  
-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
35       24.99 82    29.88 98    4.87     16       0.69       3.81   0.111  
-------- ----- ----- ----- ----- -------- -------- ---------- ------ -------
(i) Previously reported hole

The holes were drilled between Trenches 4, 14 and 15 on the H-1 structure and were designed to guide a planned upcoming bulk sampling effort which will concentrate on the same area.

Graeme Sewell, a director of Canasia stated, "Management is pleased with the second set of drill results. Not only did we achieve higher gold values over longer intercepts, but this phase returned measurable gold in all but one hole. Based on these results a bulk sampling effort is now being planned. In addition to Canasia being active on the Clone Gold Prospect, management is also anticipating the finalization of the drill program in Nevada by Kinross as well as the re-commencement of operations on the Reed Lake Prospect in Manitoba shortly."

Mineralization is localized within highly silicified semi-massive to massive hematite-specularite and gold occurs as fine disseminations and is associated with the oxide mineralization. The major lithology is observed to be light grey to green andesitic pyroclastics intercalated with fine grained to aphanites andesite. Clasts are subangular to angular, matrix supported, and range in size from 1-3cm. Quartz-calcite stockwork pervades the unit in moderate abundance. Certain of the holes had the mineralized sections either partially or completely obliterated by an intervening dyke.

Dip angles for the holes were either minus 20, 30 or 40 degrees. For the purposes of calculating true width coefficient, the zone is estimated to be vertically dipping.

E.R. Kruchkowski, P. Geol., is the Qualified Person for the Clone project and has read and authorized this news release. Pioneer Laboratories of Richmond, BC, an accredited facility, has performed the analyses. A quality control program with blanks, standards and duplicates has been instituted.

If you would like to be added to Canasia's news distribution list, please send your email address to info@canasiaind.com

Graeme Sewell, Director

Canasia Industries Corporation

This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events such as the entry into and the closing of the definitive agreement with BC Co. Such forward-looking information can include statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company such as the willingness of the parties to close the transaction, satisfactory results of the due diligence investigation on the parties to the transaction, current economic conditions and the state of mineral exploration and mineral prices in general. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Due to conditions precedent to closing, and the risk that these conditions precedent will not be satisfied, the Company can offer no assurance that it will close the definitive agreement. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.

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.

Graeme Sewell
Canasia Industries Corporation
Director
1-877 225-6755
1-604 689-1733 (FAX)
info@canasiaind.com
www.canasiaind.com