Vancouver, November 14, 2012 – Canasil Resources Inc. (Canasil, TSX-V: CLZ, DB Frankfurt: 3CC) provides an update on the Company’s corporate strategy and project status. Canasil’s objective is to acquire and advance exploration projects, with the potential for hosting world class silver, gold, copper, zinc and lead mineralized systems, through to discovery to create significant shareholder value. The Company’s projects are strategically located in highly prospective and politically stable jurisdictions, and have been selected for ease of access and excellent infrastructure close to major operating mines and recent mineral discoveries. The Company places particular emphasis on maintaining a tight share structure with low dilution. This provides a platform for creating significant shareholder value.
Canasil currently has 14 projects in its portfolio, 10 in Durango, Zacatecas and Sinaloa States, Mexico, and 4 in British Columbia, Canada. Among these, 8 projects are drill-ready with immediate targets for drill testing. Four of these projects, La Esperanza, Salamandra and Sandra-Escobar in Mexico, and Brenda in British Columbia, have had extensive exploration work completed to date including airborne and ground geophysics, geological mapping and surface sampling and initial drill programs confirming the potential for very large mineralized systems. The La Esperanza project is currently under option to MAG Silver Corp. (TSX: MAG, NYSE-MKT: MVG, “MAG”) where a 3,500-metre Phase 2 drill program is currently in progress. Canasil intends to advance the other drill ready projects under non-dilutive option and joint venture agreements or directly depending on financing conditions. A summary of the Company’s larger and more advanced exploration projects is included below: