Termination of Option Agreement on the Tres Marias/Cebollas Property Durango State, Mexico
November 26, 2008
Vancouver, November 26, 2008 – Canasil Resources Inc. (“Canasil” TSX-V: CLZ) announces that pursuant to a letter agreement dated November 7, 2008, it has terminated the Option and Joint Venture Agreement dated August 21, 2003, as amended, between Canasil, Goldcorp Inc. and Luismin S.A. de C.V. on the Tres Marias and Cebollas Projects in Durango, Mexico. In connection therewith, the Company will be issuing 275,000 common shares to Goldcorp Inc., at a deemed price of $0.10 per share (the “Shares”) in full and final settlement of all of Canasil’s obligation under the agreement. The issuance of the Shares is subject to acceptance by the TSX Venture Exchange.
In accordance with securities legislation currently in effect, the Shares will be subject to a “hold period” of four months plus one day after the closing.
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.
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