VANCOUVER, Nov. 27 /PRNewswire-FirstCall/ -- Canasia Industries Corporation (CAJ: TSX-V) ("Canasia") is pleased to announce it has entered into an option agreement to acquire a 50% interest in Golden Patriot, Corp.'s Debut Gold Property situated 96 miles southeast of Elko, Nevada.
The Agreement provides that, in order to earn its 50% interest in the Debut Gold Property, Canasia is committed to exploration expenditures of $1,000,000 over ten years.
Further, Canasia is pleased to announce that Cooper Minerals Inc., of Reno, Nevada, has been retained to conduct stage one of a proposed two stage exploration program. Stage one will include geochemical sampling, mapping and verify by drilling an initial target identified on the Debut Gold Property.
The above noted work program is pursuant to a 43-101 compliant report as prepared for Golden Patriot by David R. Shaddrick, M.Sc., CPG, P. Geo. of Shaddrick & Associates of Reno, Nevada.
The option agreement is subject to exchange approval.
The foregoing securities have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation or sale would be unlawful.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at http://www.sedar.com/. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon.
The TSX Venture Exchange has neither approved nor disapproved the
information contained herein
CONTACT: David W. Derby, President, Canasia Industries Corporation, Tel: (778) 328-8848, Toll Free: 1-877-428-8848, Email:
© 2006 PR Newswire
