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Re: News Release - Friday, May 23, 2008
VTEM Survey on Reed Lake Prospect Received
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Canasia Industries Corp. has received preliminary results from Geotech
Ltd. for the Reed Lake VTEM survey located in the Flin Flon district of
Manitoba.

Condor Consulting of Colorado, an industry specialist in interpreting
VTEM data, has been retained to interpret the company's data. Condor's
interpretation will aid in the selection of the highest-priority drill
targets. Company representatives are currently on site in Reed Lake in
preparation for the anticipated upcoming drill program.

The Geotech VTEM survey is considered one of the airborne survey
industry's best deep-penetrating electromagnetic and magnetic systems.

The VTEM airborne magnetic and electromagnetic components have been
successful used in outlining structures, favorable geology, zones of
conductivity, magnetic zones and zones of alteration, some of which are
coincident with areas of known mineralization. This type of geophysical
survey is useful in advancing the property to the drill-ready stage.

Graeme Sewell, director of the company, stated: "This prospect is
almost ready to drill. We have methodically built a plan through a
step-by-step process to determine the highest potential drill targets.
This prospect is directly contiguous to a recent discovery announced by
VMS Ventures (May 22, 2008), with intercepts including 18.99 metres
(62.3 feet) of 7.10 per cent copper and 0.17 per cent zinc. The
exciting aspect of VMS's announcement is that according to their news,
the mineral zone appears to be continuing open to the west, which is
trending to our property. Management is hopeful to be drilling in June
on this high-potential prospect and have made this a priority to move
as quickly as possible to develop this prospect immediately. The month
of June could be a significant milestone month for Canasia's co-operate
growth as management anticipates that the drilling on the Reed Lake
prospect will commence as well as the potash and coal permits are
expected to be concluded as well."

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


Contact Information
Tel: 877- 428-8848
Fax :604 689-1733



"Graeme Sewell"
Director
Canasia Industries Corporation

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements,
which reflect the expectations of management regarding the Company's
ability to close the Purchase and Sale Agreement. 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; (11)
the failure of the Letter of Intent or Letter Agreement to close for
any reason; and (12) 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.

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Copyright (c) 2008 CAJ - TSX VENTURE - CANASIA INDUSTRIES (CAJ) All
rights reserved. For more information visit our website at
http://www.canasiaind.com/ or send mailto:info@canasiaind.com
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