Kinross Gold Corp T.K

Canasia and Kinross Gold Enter Into Mineral Agreem

[RedMars]

Canasia and Kinross Gold Enter Into Mineral Agreement

CANASIA INDUSTRIES CORP CAJ
9/9/2008 3:01:50 AM
VANCOUVER, BRITISH COLUMBIA, Sep 09, 2008 (MARKET WIRE via COMTEX News Network) --

Canasia Industries Corporation (TSX VENTURE: CAJ) (OTCBB: CANSF) (FRANKFURT: 45C) ("Canasia") wishes to announce that it hassigned a Mineral Lease-Letter of Agreement ("Agreement") with KinrossGold USA ("Kinross") covering Canasia's recently acquired 100% ownedDebut Gold Property, located in Elko County, Nevada (announced July 29,2008) . The Agreement calls for Kinross to make advance royaltypayments of $40,000 US on signing a formal Mineral Lease Agreement onor before September 18, 2008, $25,000 US on or before December 31,2009, $50,000 US on or before December 31, 2010 and 2011 and $100,000US annually thereafter during the term of the agreement, which shall befor fifteen (15) years with the option to renew for a further fifteen(15) years . Kinross shall pay Canasia a 2.0% Net Smelter Returnroyalty on all ores and minerals mined and produced from the property.Kinross shall spend a minimum of $3,000,000 US in explorationexpenditures on, or within 1 mile of the property, during the first sixyears of the agreement.

Graeme Sewell, Director of Canasiastated, "This is a major step forward for Canasia. Having a New Yorklisted gold company as a partner is a significant milestone for anyjunior company. Not only do we have this new development with Kinross,but we are actively working on multiple other prospects including gold,copper, coal and potash."

Corporate Update:

Reed and Snow Lake Copper/Gold Property

RecentlyCanasia has received preliminary data in regards to the Reed and SnowLake gold/copper prospect in Manitoba. This data indicated 8 anomaliesidentified by the VTEM data. Final data is expected within the next fewweeks. Once the final data is received specific drill targets will thenbe analyzed with the goal of drilling in the fourth quarter 2008.

Eyehill Creek Potash Prospect

Managementis awaiting a 43-101 report on the Eyehill Creek Potash Prospect, whichcovers 453,000 Acres on the border of Saskatchewan and Alberta. Thisreport will assist management in determining a clear plan to moveforward and will assist in formulating a drill program to test thepotential mineralization. Upon receipt of the report managementanticipates implementing the reports exploration recommendations. Thispotash prospect was one of the first that received Alberta governmentapproval. This prospect has historic drill data indicating Potash andis in close proximity to Unity, Saskatchewan, and site of the firstpotash mine in Saskatchewan.

Coal Lease Applications

Finaldocumentation has been forwarded to the Saskatchewan Governmentregarding the coal applications made by Canasia. It is anticipated thatthe final acceptance will be granted shortly, provided alldocumentation is acceptable, which management is confident will beacceptable.

Clone Gold Prospect

The operator has sentcore samples from the first nine (9) of ten (10) holes drilled on theClone property, located 20 kilometres southeast of Stewart, B.C., infor assay. Pioneer Laboratories of Richmond, B.C., will be performingthe analyses.

The 2008 drill program consisted of four holes totest the H zone, four holes to test the S zone and two holes to test anewly discovered copper-bearing vein. Drilling is now complete and hascovered approximately 3,000 feet. Assays will be announced whenreceived.

Approximately $3.5-million has been spent on the Clone property since 1995. It is currently under option to Canasia.

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

Graeme Sewell, Director

Canasia Industries Corporation

Disclaimer for Forward-Looking Information

Forward-lookingstatements consist of statements that are not purely historical,including any statements regarding beliefs, plans, expectations orintentions regarding the future. Such statements are subject to risksand uncertainties that may cause actual results, performance ordevelopments to differ materially from those contained in thestatements. No assurance can be given that any of the eventsanticipated by the forward-looking statements will occur or, if they dooccur, what benefits the Company will obtain from them. Theseforward-looking statements reflect management's current views and arebased on certain expectations, estimates and assumptions which mayprove to be incorrect. A number of risks and uncertainties could causeour actual results to differ materially from those expressed or impliedby the forward-looking statements, including: (1) a downturn in generaleconomic conditions in North America and internationally, (2) theinherent uncertainties and speculative nature associated with mineralexploration, (3) a decreased demand for minerals, (4) any number ofevents or causes which may delay or cease exploration and developmentof 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 financeoperations and growth, (8) inability to obtain all necessaryenvironmental and regulatory approvals, (9) an increase in the numberof competitors with larger resources, (10) other factors beyond theCompany's control); and (11) the ability of the Company to acquire theservices of contract trades to perform work programs in a timelymanner. These forward-looking statements are made as of the date ofthis news release and the Company assumes no obligation to update theseforward-looking statements, or to update the reasons why actual resultsdiffered from those projected in the forward-looking statements.Additional information about these and other assumptions, risks anduncertainties are set out in the "Risks and Uncertainties" section inthe Company's MD&A filed with Canadian security regulators.

TheTSX Venture Exchange has not reviewed and does not acceptresponsibility for the adequacy or accuracy of the content of this news release.

Contacts:Canasia Industries Corporation Graeme Sewell Director 1-877-225-6755(604) 689-1733 (FAX) Email: [e-mail] Website: www.canasiaind.com

SOURCE: Canasia Industries Corporation

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