Can-Asia Announces Indonesian Oil Acquisition & Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 6, 2007) - Can-Asia Minerals Inc. ("the Company") (PINK SHEETS:CNMN) is pleased to announce that it has signed a letter of intent to acquire 50% (the "Acquisition") of the interest held by PT Hunamas Manumpak Interbuana, a private Indonesian company, in an Indonesian oil and gas property (the "Property") in exchange for US$2,500,000 plus the issuance of 30,000,000 common shares (the "Shares").

The Company has deposited US$300,000 for data acquisition and expects to conclude a definitive agreement on or before March 9, 2007. The Property owners have provided data concerning the existence of oil and gas in place thereon. As part of the Company's preliminary due diligence procedures, this data was reviewed by an independent geologist, Mr. Barry L. Whelan, P. Geo., who under date of June 20, 2006, advised the Company that based upon the data and information provided, oil in place of 28 million barrels and gas in place of 569 million cubic feet are indicated for the Property. No reserves as defined by NI 51-101 have been determined. A full due diligence review will be carried out prior to closing of the definitive agreement.

The Company is therefore pleased to announce its intention to proceed with equity financing of up to US$5,250,000 on a best efforts basis. Completion of this financing is a condition of the Acquisition.

Although the Company may enter into a letter of intent or agreements concerning these business opportunities, there is no assurance that the Company can consummate either of the above transactions. In addition, the United States federal securities laws require companies, such as our Company, that may elect in the future to become subject thereto, to provide certain information about significant acquisitions, including certified financial statements for the target entities. The time and additional costs that may be incurred by the target entities to prepare such financial statements and other due diligence compliance may significantly delay or essentially preclude an otherwise desirable acquisition by the Company.

Forward-Looking Statements:

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made on behalf of the Company and its subsidiaries. All such forward-looking statements are, by necessity, only estimates of future results and actual results achieved by the Company may differ materially from these statements due to a number of factors. Any forward-looking statements speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to the above potential acquisition, beliefs, plans, expectations, or intentions regarding the future. Risk factors that may cause results to differ from projections include, without limitation, inability to complete the acquisition, loss of suppliers, loss of customers, inadequate capital, competition, loss of key executives, declining prices, and other economic factors. The Company assumes no obligations to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting such statements. You should independently investigate and fully understand all risks before making investment decisions.