Canasia Industries Corporation: Additional Coal Permits Received From the Saskatchewan Government
Tue Jan 6, 3:01 AM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 6, 2009) - Canasia Industries Corporation (TSX VENTURE: CAJ.V)(OTCBB: CANSF.OB)(FRANKFURT:45C) ("Canasia") has received approval from the Saskatchewan Ministry of Energy and Resources on coal permits covering 1,314 hectares. These permits are in close proximity to a recent coal discovery made by Goldsource Mines Inc. Canasia has received partial applications to date from the Saskatchewan Government covering 52,834 hectares (approximately 130,500 acres) to date. Once a response has been received on all outstanding applications, the board will establish a work plan for the coal prospects received.
Graeme Sewell, a director of Canasia stated, "Management is looking forward to developing a plan to initiate a work program encompassing the coal permits once all of them have been received. There are multiple companies, including Goldsource, that are scheduled to begin their winter drill programs near our property shortly. Therefore management is optimistic about the renewed market sentiment for this area going forward. In addition to the Saskatchewan coal prospects, our primary project at Reed Lake in Manitoba is anticipated to commence operations in the coming weeks."
Canasia Industries Corp. has granted, pursuant to its 2008 Rolling Stock Option Plan, up to 624,000 incentive stock options to its directors, officers, and consultants at an exercise price of $0.10 per share for five years. These shares are subject to a hold period expiring May 7, 2009.
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
Graeme Sewell
Canasia Industries Corporation
Director
1-877-225-6755
(604) 689-1733 (FAX)
Email: info@canasiaind.com
Website: www.canasiaind.com |
