Canasia Industries Corp (C:CAJ)
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Last Close 10/21/2009 $0.26
Thursday October 22 2009 - News Release

Mr. Graeme Sewell reports

CANASIA INDUSTRIES CORPORATION: 12.80 METRES OF 44.75 G/T GOLD INTERSECTED ON CLONE GOLD PROGRAM

Canasia Industries Corp. has released complete assay results for the second phase of the 2009 drill program on the Clone gold property, situated 18 kilometres southeast of Stewart, B.C. Highlights of the second phase of this drill program include Hole 28 that returned grades of 12.80 m (42ft) of 44.75g/t (1.305oz/t) gold values including 4.87m (16 ft) of 76.80g/t (2.240oz/t).

                        DATA FROM HOLES 21 TO 35

Drill    From  From  To    To    Interval Interval True width Gold   Gold   
hole No. (m)   (ft.) (m)   (ft.) (m)      (ft.)    co-eff.    (g/t)  (oz/t)

21(i)    11.89 39    19.81 65    7.92     26       0.94       30.37  0.886  
incl.(i) 11.89 39    13.72 45    1.83     6        0.94       115.80 3.377  
22       15.85 52    19.81 65    3.96     13       0.87       26.23  0.765  
24       20.42 67    23.47 77    3.05     10       0.77       4.04   0.118  
25       12.50 41    16.15 53    3.65     12       0.85       3.68   0.107  
26       12.19 40    16.46 54    4.27     14       0.78       26.39  0.770  
         21.03 69    26.21 86    5.18     17       0.78       15.83  0.462  
27       15.85 52    17.98 59    2.13     7        0.85       10.81  0.315  
28       10.67 35    23.47 77    12.80    42       0.92       44.75  1.305  
incl.    10.67 35    15.54 51    4.87     16       0.92       76.80  2.240  
29       20.12 66    26.21 86    6.09     20       0.69       4.81   0.140  
30       13.41 44    23.77 78    10.36    34       0.92       6.40   0.187  
31       18.29 60    20.12 66    1.83     6        0.85       42.07  1.227  
32       19.51 64    24.08 79    4.57     15       0.75       3.96   0.115  
33       18.29 60    24.99 82    6.70     22       0.85       11.04  0.322  
34       25.30 83    27.43 90    2.13     7        0.78       60.31  1.759  
35       24.99 82    29.88 98    4.87     16       0.69       3.81   0.111  

(i) Previously reported hole

The holes were drilled between Trenches 4, 14 and 15 on the H-1 structure and were designed to guide a planned upcoming bulk sampling effort which will concentrate on the same area.

Graeme Sewell, a director of Canasia stated, "Management is pleased with the second set of drill results. Not only did we achieve higher gold values over longer intercepts, but this phase returned measurable gold in all but one hole. Based on these results a bulk sampling effort is now being planned. In addition to Canasia being active on the Clone Gold Prospect, management is also anticipating the finalization of the drill program in Nevada by Kinross as well as the re-commencement of operations on the Reed Lake Prospect in Manitoba shortly."

Mineralization is localized within highly silicified semi-massive to massive hematite-specularite and gold occurs as fine disseminations and is associated with the oxide mineralization. The major lithology is observed to be light grey to green andesitic pyroclastics intercalated with fine grained to aphanites andesite. Clasts are subangular to angular, matrix supported, and range in size from 1-3cm. Quartz-calcite stockwork pervades the unit in moderate abundance. Certain of the holes had the mineralized sections either partially or completely obliterated by an intervening dyke.

Dip angles for the holes were either minus 20, 30 or 40 degrees. For the purposes of calculating true width coefficient, the zone is estimated to be vertically dipping.

E.R. Kruchkowski, P. Geol., is the Qualified Person for the Clone project and has read and authorized this news release. Pioneer Laboratories of Richmond, BC, an accredited facility, has performed the analyses. A quality control program with blanks, standards and duplicates has been instituted.

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