From the Wires
Canasia Industries Corporation: High Probability of Potash-Bearing Beds Underlying the Eyehill Creek Property
By: Marketwired .
Apr. 7, 2009 03:01 AM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/07/09 -- Canasia Industries Corporation ("Canasia") (TSX VENTURE: CAJ) (OTCBB: CANSF) (FRANKFURT: 45C) has engaged Boyd PetroSearch of Calgary, Alberta for the analysis of the pre-existing seismic data on lands presently within the Eyehill Creek Property ("the Property"). Boyd PetroSearch is a national leader in seismic analysis, specializing in mapping potash zones for risk analysis and mine planning. The interpretation of the data is expected to be completed in the Second Quarter of 2009, at which time a more detailed proposed drill plan will be evaluated with the expectation to commence drilling shortly thereafter.
According to the pending 43-101 compliant report submitted by Jocelyn Klarenbach, P.Geol., "The analysis of well logs has revealed a high probability of potash-bearing beds underlying the Eyehill Creek Property. More specifically, it appears the east-central and southeastern areas of the property have very high potential for economic-grade potash beds. Gamma-ray responses from historic oil and gas wells suggest that the grades of potash-bearing beds underlying the property could attain grades of up to approximately 25% K2O across thicknesses of 1 to 3 metres. These responses all occur in the uppermost 60 metres of the Prairie Evaporite Formation, which correspond to descriptions of potash deposits in Saskatchewan (Holter, 1969)." A copy of the report will be filed on SEDAR on April 7, 2009.
Graeme Sewell, a director of Canasia stated, "Management is encouraged that the Eyehill Creek Potash Project has potential for economic concentrations of Potash, in an industry friendly province such as Alberta, where the tax regime and royalty structure is far more favorable than other locations within Canada. This economic environment combined with the immense size of the project (453,058 acres) and indications of historic potash mineralization at depths favorable for solution mining, bode very well for the future of this project. The company intends to aggressively pursue the development of this project given its belief that agricultural products and foodstuffs could experience significant inflation over the next several years. Canasia is a well diversified junior exploration company with active operations in coal, copper and gold."
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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.
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