Canasia acquires more land in Reed Lake, Manitoba

    Trading Symbols:

    CAJ - Canada
    45C - Germany

    VANCOUVER, Oct. 23 /CNW/ - Canasia Industries Corporation (the "Company")
is pleased to announce that it is acquiring a 50% interest in 5 staked mineral
claims which consist of 890 Hectares (2,200 acres) which is contiguous and
directly to the north and northwest of the VMS Ventures Inc.'s (VMS: TSXV)
discovery property (refer to Stockwatch October 5, 2007) and in addition to
the 26,653-hectare (65,860 acres) property which was previously reported
(refer to Stockwatch October 15, 2007). The 5 mineral claims were staked and
recorded in early October and are subject to a 30 day approval by the Manitoba
government, Department of Energy and Mines.
    The purchase is subject to the certain conditions including completion of
a formal agreement and acceptance of regulatory authorities. The Company has
been advised that the vendor has entered into an arrangement with New Cantech
Ventures Inc. to share the proceeds of the sale of the 5 mineral claims.
    The purchase price to acquire a 50% ownership interest in and to the 5
staked mineral claims was included as part of the October 15, 2007 news
announcement. A claim map will be available on the Company's website at
    Graeme Sewell, director of the Company, stated: "The Company is very
pleased to continue to acquire ground in the Reed Lake area of Manitoba and in
such close proximity to the recent VMS discovery. Management is looking
forward to solidifying our business relationship with International Samuel and
the Vendors of the claims. In addition, we are anticipating beginning
exploration work on the properties very soon."
    If you would like to be added to Canasia's news distribution list, please
send you email address to

    "Graeme Sewell"
    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. 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

For further information:

For further information: Tel: (778) 328-8848, Fax: (604) 689-1733,,

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