VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/08/08 -- Canasia Industries Corporation ("Canasia") (TSX VENTURE: CAJ) (OTCBB: CANSF) (FRANKFURT: 45C) wishes to announce that it has received results from the first portion of the 2008 drilling on the Clone property. Holes CL08-1 to 4 targeted the "H-1" (Hematite) zone but are interpreted as having passed through a faulted-off block. Hole CL08-5 targeted the "S-2A" zone and encountered four separate gold-bearing zones. Assays are reported below:

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                          From             To       Interval           Gold
Hole #                   (feet)         (feet)         (feet)       (oz/ton)
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CL08-5                      64             77             13          0.124
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                            87             93              6          0.360
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                           103            104              1          0.696
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                           221            223              2          1.157
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In addition, the interval from 221 to 223 feet also ran 0.64% cobalt. Cobalt was recently quoted at $29.50US per lb.

The upper two intersections appear to be from the S2A and S2B zones, and the third intersection is likely from the S1 zone. The final, high-grade gold zone which ran 1.157 oz/ton and 0.64% cobalt appears to be from an unknown structure, possibly related to similar gold-cobalt structures found in trenching at lower elevations 200m to the east-southeast. True width of the intersections is not certain at this time.

"Finding four separate gold-bearing zones within the space of 225 feet downhole is highly encouraging," stated D. Cremonese, P. Eng.. "We look forward very much to assays from the other three holes testing the S structures."

Graeme Sewell, a director of Canasia stated, "We are encouraged by the initial results from this property and look forward to the additional results pending. Less than a week ago another company less than three miles away drilled a 73-metre downhole intercept (approximate true width of 52 metres) averaging 20.99 grams per tonne (g/t) gold (Au). The extensive intercept includes a downhole 7.65-metre intercept averaging 181.58 g/t Au. Not only are we anticipating receiving these additional results, but we are also expecting to be receiving coal permits and we are looking forward to the work program commencing at Reed Lake. Despite market conditions, Canasia continues to move forward on multiple projects."

Pioneer Laboratories of Richmond, British Columbia, an accredited facility, performed all of the analyses. A quality control/quality assurance protocol was used in this program including blanks and reference standards. Dino Cremonese, P. Eng., is the qualified person in regard to technical information contained in this press release.

If you would like to be added to Canasia's news distribution list, please send your email address to info@canasiaind.com.

Graeme Sewell, Director

Canasia Industries Corporation

Disclaimer for Forward-Looking Information

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 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 release.

Contacts:
Canasia Industries Corporation
Graeme Sewell
Director
Toll Free: 1-877-225-6755
(604) 689-1733 (FAX)
Email: info@canasiaind.com
Website: www.canasiaind.com