Canasia Closes Private Placement

    Trading Symbols:

    VANCOUVER, Nov. 27 /CNW/ - Canasia Industries Corporation (the "Company")
has closed a non-brokered private placement of 2,500,076 units at a price of
$0.325 per unit, for gross proceeds of $812,525. Each unit consists of one
common share and one share purchase warrant. Each two warrants entitle the
holder to purchase one common share for a period of one year from closing at
$0.49 per share.
    A finder's fee of $40,000 is payable to certain finders in connection
with this private placement. All securities issued will be subject to a hold
period expiring March 24, 2008.
    Graeme Sewell, director of the Company stated, "We are pleased to have
closed this financing and plan to use part of these funds for our acquisition
of the Reed Lake claims. This acquisition gives Canasia an interest in 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 also pleased to announce that its president, Negar
Towfigh, has been appointed to the board of directors.
    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; (11) the failure of the
Letter of Intent or Letter Agreement to close for any reason; and (12) the
ability of the Company to acquire the services of contract trades to perform
work programs 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

For further information:

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

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