Canasia Industries Corporation

Published : October 15th, 2007

Acquire Interest in 26,653 Hectares in Reed Lake, Manitoba

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Canasia Industries Corporation TSX-V:CAJ




October 15, 2007
Canasia to Acquire Interest in 26,653 Hectares in Reed Lake, Manitoba


Vancouver, B.C. Canasia Industries Corporation (the "Company") (TSX.V: CAJ) (FSE: 45C) (OTCBB: CANSF) wishes to announce that it has entered into a Letter of Intent for the acquisition of the Reed Lake claims in Manitoba.

The claims are known as mineral exploration license 331A "MEL 331A", which comprise in excess of 26,653 ha. To view a map of the claims go to http://66.119.176.213/images/cajmap.jpg.

The Vendors have agreed to collectively sell 50% of their interest in MEL 331A to the Company. The purchase price is $225,000 cash with each of the vendors, for a total purchase price of $450,000 plus reimbursement of one half of staking costs. The Company is acquiring a 50% interest in the property subject to a 2% NSR granted in favour of the Vendors, of which 1% can be purchased at any time for $1,000,000 with the Company's share being $500,000.

This 26,653 hectare property is contiguous to the south of VMS Ventures Inc.'s property which on October 4, 2007, announced assays of 2.50 metres (8.2 feet) of 15.30% copper, within 10.50 metres (34.4 feet) of 11.19% copper, within 22.25 metres (72.9 feet) of 7.75% copper, within 43.05 metres (141.2 feet) of 4.38% copper.

The Reed Lake volcanogenic massive sulphide (VMS) mineralized zone is overlain by distinctive layers of magnetite and chert. The rocks that underlie and contain the sulphide are moderately to intensely altered felsic volcanic rocks. The Reed Lake mineralization is typical of other VMS deposits including those in the prolific Snow Lake camp and the nearby Spruce Point mine, formerly operated by HudBay Minerals.

Graeme Sewell, a director of the Company stated, "This is a major step forward for Canasia. Making an acquisition of this significant acreage contiguous to a potential new discovery is extremely positive for Canasia's management and shareholders. The plan is to initiate a full scale program as soon as possible. When you couple this new acquisition with our ongoing activities on Canasia's other gold prospects, it is clearly an exciting period of corporate growth for Canasia in the short and long term."

The Company is proposing, as part of the acquisition, a non-brokered private placement for 1,846,154 units at $0.325 per unit; each unit will consist of one share and one share purchase warrant subject to exchange approval. Each two share purchase warrants will entitle the holder to purchase one additional share at an exercise price of $0.49 for a period of one year from closing. A finders fee may be payable on the private placement and the acquisition.

This agreement and the finders' fees on the financing and acquisition are subject to the approval of the TSX-V Exchange.

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

Contact Information
Tel: (778) 328-8848
Fax:(604) 689-1733
www.canasiaind.com
info@canasiaind.com

"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; and (11) the failure of the Letter of Intent to close for any reason. 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.

Adnet Communications Inc.

Canasia Industries Corporation

EXPLORATION STAGE
CODE : CAJ.V
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Canasia Industries is a gold and copper exploration company based in Canada.

Its main exploration properties are DEBUT GOLD in USA and CLONE GOLD in Canada.

Canasia Industries is listed in Canada and in Germany. Its market capitalisation is CA$ 1.4 millions as of today (US$ 1.3 millions, € 968 325).

Its stock quote reached its highest recent level on June 13, 2008 at CA$ 0.56, and its lowest recent point on July 07, 2014 at CA$ 0.01.

Canasia Industries has 140 678 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Project news of Canasia Industries Corporation
7/24/2008(Clone Gold)Drill Additional Gold Prospect
6/5/2008(Reed Lake)Conductors Indicated on Reed Lake Prospect
6/2/2008(Potash)453,058 Acres of Potash Claims Receive Government Approval
5/30/2008(Jumbo Gold)INITIATES SUMMER WORK PROGRAM
5/23/2008(Reed Lake)VTEM Survey on Reed Lake Prospect Received
4/16/2008(Potash)SIGNIFICANT POTASH PRICE INCREASE IN 2008
4/7/2008(Reed Lake)SEVEN NEW CLAIMS ACQUIRED IN REED LAKE, MANITOBA
3/4/2008(Potash)Retains Geological Consulting Group for Potash Development
12/10/2007(Reed Lake) initiates work program on Reed Lake claims in Manitoba
Corporate news of Canasia Industries Corporation
9/19/2012Positive Indications Returned on Murdochville Aluminous Clay...
9/14/2012(Clone Gold)Re-Commences Operations on Clone Gold Prospect
1/29/2010Applies for Land in the Vicinity of (EFG) First Gold Explora...
1/22/2010Commences Mexico Operations
1/18/2010to Commence Primary Winter Gold/Copper Drill Program
1/12/2010Gold prices hit a five-week high
2/25/2008Acquires Option on more than 450,000 Contiguous Acres of Pot...
11/8/2007 Attend Strategic Investment Forum
10/15/2007Acquire Interest in 26,653 Hectares in Reed Lake, Manitoba
9/25/2007Lists on one of the Worlds Largest Stock Exchanges
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (CAJ.V)FRANKFURT (45C.F)
0.010+0.00%0.007-70.83%
TSX-V
CA$ 0.010
07/07 15:52 -
0%
Prev close Open
0.010 -
Low High
0.010 0.010
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.010 -%
Volume 1 month var.
0 -%
24hGold TrendPower© : -31
Produces
Develops
Explores for Copper - Gold
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 10/23/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 6.99+0.87%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 6.25-4.14%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.70-3.97%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.06-13.33%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.14+2.88%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 9.71-0.10%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.20-6.98%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.34-1.45%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.08-2.80%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 60.85-0.16%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.02+0.00%Trend Power :