Vancouver, June 20, 2007 - Canasil Resources Inc. ("Canasil", "the Company", TSX-V: CLZ) is pleased to announce that all 3,303,000 outstanding warrants priced at $0.35, issued in June 2006 with an expiry date of June 14, 2007, have been exercised. Canasil has issued 3,303,000 common shares and received $1,156,050 from the exercise of these warrants. The proceeds will strengthen the Company's working capital and will be used to fund the planned exploration programs on the Company's projects in Mexico and British Columbia, Canada.
Together with $1,600,000 non-brokered private placement completed in March 2007, the Company has raised $2,756,050 in 2007, resulting in a strong working capital position to undertake the Company's planned exploration programs. Canasil has planned and is implementing an active exploration program for 2007, including over 8,000 metres of diamond drilling on 4 exploration projects in Durango and Zacatecas States in Mexico, which host targets for silver, gold, copper and zinc, and on the Brenda gold-copper project in B.C., Canada. Over 3,000 metres of diamond drilling has already been completed in 2007 at the Salamandra zinc-silver and Colibri silver-copper-zinc projects in Durango, Mexico.
Canasil is a Canadian mineral exploration company with interests in precious and base metal properties in British Columbia, Canada, and in Durango, Sinaloa and Zacatecas States, Mexico. The Company's directors and management include industry professionals with a consistent track record of identifying and advancing successful mineral exploration projects. The Company is actively engaged in the exploration of mineral properties and evaluating additional acquisition opportunities.
For further information please contact:
President and C.E.O.
Canasil Resources Inc.
Calgary: Garth McTavish
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for the adequacy or accuracy of the content of this news release.
This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made.