VANCOUVER, BRITISH COLUMBIA, Nov. 18, 2009 (Marketwire) -- Canasia Industries Corporation ("Canasia") (TSX VENTURE:CAJ) (OTCBB:CANSF) (FRANKFURT:45C) has been notified by Kinross Gold USA ("Kinross"), which has a mineral lease agreement with Canasia on the Debut prospect (announced September 9, 2008), that drilling has now been completed. The agreement between Kinross and Canasia requires Kinross to spend a minimum of $3-million (U.S.) in exploration.
Graeme Sewell, a director of Canasia, stated: "Management is pleased that Kinross has completed the first phase of drilling the Debut Gold Prospect in Nevada. Management anticipates being active on at least three other prospects before year end. With gold prices at all-time highs, management is optimistic about Canasia's prospects as we continue to expand the multiple mining prospects within the Company."
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Canasia has a well diversified portfolio of prospects. Canasia's current prospects include the following: (a) the Clone Gold prospect in Stewart, BC, that recently returned grades as high as 44.75 g/t Ag over 12.80 metres (announced October 22, 2009); (b) the Debut Gold prospect in NE Nevada where Kinross Gold is now actively working; (c) 199,736 contiguous acres at Reed Lake, Manitoba; (d) 450,000 contiguous acres of Potash claims, bordering Alberta and Saskatchewan; (e) 130,500 acres prospective for Coal in SE Saskatchewan; (f) 180,000 acres prospective for Lithium in Alberta; and (g) three mineral claims covering an area of approximately 44,522 hectares, located north and northwest of the El Oro -- Tlalpujahua Gold/Silver belt in the states of Guanajuato and Michoacan, Mexico.
Graeme Sewell, Director
Canasia Industries Corporation
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