Canasia to implement work program on 27,543 hectares in Reed Lake, Manitoba



    Trading Symbols:

    CAJ - Canada
    45C - Germany
    CANSF - USA

    VANCOUVER, Oct. 29 /CNW/ - Canasia Industries Corporation (the "Company")
is implementing a program on its two properties in the Reed Lake area of
Manitoba tied on to the discovery property of VMS Ventures Inc. A proposed
VTEM survey identical to the VMS survey would consist of 3,000 line kilometers
at 100 meter spacing. Work is expected to commence this week.
    The claims are known as mineral exploration license 331A "MEL 331A",
which comprise in excess of 26,653 hectares (approximately 65,860 acres), and
the Ross-1,2,3,4 and 5 claims comprising of 890 hectares (approximately
2,199 acres). The Company has a 50% interest in these claims.
    The MEL 331A 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 Ross claims are located north of VMS Ventures Inc.'s
property.
    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, "Clearly we want to
establish the highest priority drill targets on this exciting prospect.
Management anticipates that Canasia could be drilling in as soon as eight
weeks. Canasia has one of the largest land packages bordering the recently
announced VMS Ventures Inc.'s new discovery in Reed Lake, Manitoba. Taking
into account the proximity to VMS's exciting discovery and the historically
high commodity prices, management wants to potentially capitalize on these
factors as we move forward in the development of Canasia's mineral prospects."
    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 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.





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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