CANASIA INDUSTRIES CORPORATION

789 West Pender Street, Suite 1205

Vancouver, BC V6C 1H2

July 24, 2008

Trading Symbols:

CAJ—Canada

45C—Germany

CANSF—USA

Canasia to Drill additional Gold Prospect

Canasia Industries Corporation (“Canasia”) wishes to announce that it has been notified by the operator that they have signed a contract with Elite Diamond Drilling to drill the Clone Gold Prospect located in Stewart, BC.  This drill program is expected to commence on August 15^th. 

The Clone Gold Prospect is situated 20 km southeast of Stewart, BC and about 15 km south of Seabridge Gold Inc.’s Red Mountain gold deposit.  

The property features two types of gold-bearing shear zones, exposed over a strike length of approximately 600 metres.  These shears called either H or S zones (hematite or sulfide) can carry high-grade gold values.  Trench #4 into the H-1 structure returned a value of 3.59 oz/ton gold over a 5.5m width; trench #10 into the S-2B structure returned 2.1 oz/ton gold over  4.5m.  

Plans for the 2008 drilling program call for further testing of the S-2B structure, following up on two holes drilled by Canasia in 2006.   These holes returned intercepts grading 0.114 oz/ton gold over 4.9m and 0.178 oz/ton gold over 10.8m.  Drilling of the H-1 structure, 100m west of the 2003 hole which ran 2.36 oz/ton gold over 8.5 m, is also planned.

Graeme Sewell, a director of Canasia stated, “Management is pleased to be starting the 2008 summer drill program on the Clone Gold Property.”

Dino Cremonese, P. Geo, the qualified person under National Instrument 43-101 for this project, has reviewed the technical content of this news release.

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: 1877  225 6755

Fax :604 689-1733

www.canasiaind.com

info@canasiaind.com

“Graeme Sewell”

Director

Canasia Industries Corporation