Canasia closes acquisition of 196,210 acres in Reed Lake, Manitoba

    Trading Symbols:

    VANCOUVER, Dec. 5 /CNW/ - Canasia Industries Corporation (the "Company")
wishes to announce that it has closed on the acquisition (the "Acquisition")
of a 50% interest in 196,210 acres in Reed and Snow Lake, Manitoba.
    These acquisitions announced October 15, 2007 and November 8, 2007, now
give 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. ("VMS") property.
    Consideration for the acquisition was $450,000 cash and the issuance of
800,000 shares plus reimbursement of one half of the staking costs. A 1% NSR
has been granted in favour of the Vendors, of which 0.5% may be purchased for
$500,000 in aggregate, subject to further TSX Venture Exchange review and
    Company director, Graeme Sewell, stated "We are pleased to have closed
the Acquisition and to now be the owners of a 50% interest in 196,210 acres of
land contiguous to the recent discovery by VMS. Our property's proximity to
the VMS discovery presents an exciting new opportunity for our Company. The
cash and stock payments made for the acquisition convert to a price of
approximately $3.35 per acre on a 50% basis, considering land has sold for as
high as $1,000 per acre subsequent to our Letter Agreement, this seems like a
very prudent acquisition. "
    If you would like to be added to Canasia's news distribution list, please
send your 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; 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

    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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