Canasia Announces Permitting has Begun on Jumbo Prospect

    Trading Symbols:

    CAJ - Canada
    45C - Germany

    VANCOUVER, Oct. 17 /CNW/ - Canasia Industries Corporation (the "Company")
wishes to announce that the Company has commenced permitting on the Jumbo
Prospect. These permits will allow Canasia's geological crew access to the
property to perform an I.P. survey and further mapping and trenching over the
Company's JBZ1 and JBZ2 zones of known mineralization. J.B. Price Geological
Consultants Inc. recommended a program targeting theses areas to further
define drill targets. The Jumbo property is centered approximately
14 kilometers northeast of the town of Slocan, in the prolific Slocan Mining
Division of SW British Columbia. The geology, stratigraphy, and potential of
this type of gold-silver mineralization are for the "bonanza" type of high
grade precious metal ore bodies.
    Graeme Sewell, director of Canasia stated, "Management is very encouraged
to begin permitting the Jumbo Prospect. Canasia has developed a portfolio of
world class properties including the recently acquired Reed Lake claims in
Manitoba, which border next to VMS Ventures Inc.'s (VMS: TSXV) new discovery."
    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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