Canasia initiates work program on Reed Lake claims in Manitoba

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    VANCOUVER, Dec. 10 /CNW/ - Canasia Industries Corporation (the "Company")
is pleased to announce that it has engaged Geotech Ltd. to undertake a VTEM
survey on the highly prospective Reed Lake property.
    This geophysical survey will consist of a minimum of 2,830 line
kilometres to be flown at 100-metre line spacing. The VTEM survey is
considered one of the airborne survey industry's best deep-penetrating
electromagnetic and magnetic systems. The VTEM airborne magnetic and
electromagnetic survey has been successful in outlining structures, favourable
geology, zones of conductivity, magnetic zones and zones of alteration, some
of which are coincident with areas of known mineralization. This survey was
very useful in advancing some of the known targets in the area to the
drill-ready stage.
    A Geological Survey of Canada open file report (Lucas 1993) illustrates
that the prolific Flin Flon green stone belt extends south under the limestone
directly on to the 196,000 acre Reed Lake property. The proposed VTEM survey
program is designed using the open file report and is expected to start early
in the new year, immediately following their work for VMS Ventures.
    The Company has a 50% interest in the Reed Lake property, which is
adjacent to the VMS Ventures discovery in the Flin Flon district of Manitoba.
The Flin Flon Green Stone Belt has had twenty-seven significant mineral
deposits discovered in the area over the past 75 years including the recent
777 Mine and the Lalor Lake deposit.
    Company director, Graeme Sewell, stated "This prospect is clearly the key
to Canasia's growth going forward and management is extremely pleased that
Geotech has been engaged. The VTEM is a proven new technology that will
pinpoint the highest priority drill targets. These drill targets are expected
to fall within the greenstone belt that extends south under the limestone into
our property which was verified by the VMS Ventures recent discovery hole.
This prospect is in a prime location that has historically produced multiple
discoveries. Couple this location with the fact that Canasia has secured a
substantial land package of over 196,000 acres, it is clear that 2008 will be
an exciting period for Canasia's management and shareholders."
    The technical information and program for the Reed Lake property has been
reviewed by Derrick Strickland P.Geo., the qualified person for this project.
    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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