Canasia to acquire 128,151 additional acres contiguous to current holdings in Reed Lake, Manitoba



    Trading Symbols:

    CAJ-Canada
    45C-Germany
    CANSF-USA

    VANCOUVER, Oct. 30 /CNW/ Canasia Industries Corporation (the "Company")
wishes to announce that it has entered into a Letter Agreement to acquire
additional Reed Lake claims in Manitoba.
    This 128,151 acre acquisition now gives the Company a land package in
excess of 194,010 acres that is contiguous to the south and west, and 2,200
acres contiguous to the north of the VMS Ventures Inc. property which on
October 4, 2007, announced assays of 2.50 metres (8.2 feet) of 15.30 per cent
copper, within 10.50 metres (34.4 feet) of 11.19 per cent copper, within 22.25
metres (72.9 feet) of 7.75 per cent copper, within 43.05 metres (141.2 feet)
of 4.38 per cent copper.
    The Vendors have agreed sell 50% of their interest in MEL 332A comprising
in excess of 74,797 acres and MEL 333A comprising in excess of 53,354 acres.
The purchase price payable by the Company for a 50% legal and beneficial
interest in and to the Minerals Rights is 800,000 common shares of the Company
plus staking costs estimated at $13,000. The shares will be subject to resale
restrictions under applicable securities laws and the rules and policies of
the TSX Venture Exchange. The Company is acquiring the interest in the
property subject to a 1% NSR granted in favour of the Vendors, of which 0.5%
can be purchased at any time for $500,000.
    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, "The Company now has
196,210 acres of land contiguous to a potential new discovery which
constitutes one of the largest contiguous land packages of any company that is
exploring in the region. The Company is now going to actively explore this
acreage with the goal of finding a discovery of our own."

    This agreement is 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. To view a map of the property
please go to Canasia's website at www.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 Agreement to close for any reason,(12) the failure of the Company to
contract companies to perform the required work on the properties 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.





For further information:

For further information: Tel: (778) 328-8848, Fax:(604) 689-1733,
www.canasiaind.com, info@canasiaind.com

Organization Profile

CANASIA INDUSTRIES CORPORATION

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