Canasia Industries Corporation: New Claims Receive Exchange Approval

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 5, 2008) - Canasia Industries Corporation ("Canasia") (TSX VENTURE:CAJ)(OTCBB:CANSF)(FRANKFURT:... has received TSX Venture Exchange approval on the option to acquire a 50 per-cent interests in seven claims totaling 3,736 acres in the Reed Lake area of Manitoba (announced April 7, 2008). This acquisition has increased Canasia's holdings to a total of 199,736 acres.

This property is strategically located eight kilometres northeast of the VMS Ventures Inc.'s potential base-metal discovery in the historic and very prolific Flin Flon mining camp, with more than 27 significant mineral deposits discovered over the past 75 years. The most recent discovery is HudBay's Lalor Lake property, with 20 million tonnes of 8.8 per cent zinc. This property compliments the significant acreage of over 195,000 acres that is adjacent to the VMS Ventures Inc.'s potential discovery.

Graeme Sewell, a director of Canasia stated, "We are building a very substantial land package in one of the more active drilling areas in Canada. We are anticipating our VTEM survey back any day. This survey covered the new land announced and a significant portion of the land directly contiguous to the property containing the potential VMS discovery hole. Canasia's property is located contiguously to the VMS's discovery to the west and south. Management has been extremely proactive in attempts to build Canasia through acquisition and joint ventures on prospects that have significant potential. Whether that is in Gold/Copper mining, Potash exploration or the recently announced Coal applications."

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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.