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Re: Company News - Friday, April 29, 2016
Canadian Orebodies Sells Greenbush Lithium Property and Acquires
Bateman Lake Property
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TORONTO, April 29, 2016 --- Canadian Orebodies Inc. (the "Company" or
"Orebodies") is pleased to announce that it has sold its 100% interest
in the Greenbush Lithium Property to Sunrise Canada Inc., a subsidiary
of Argonaut Resources NL ("Argonaut"), an ASX listed company. As
consideration, Argonaut made a cash payment of CAD$100,000 and granted
to Orebodies a 2.0% net smelter returns royalty.
Bateman Lake Property
Orebodies is also pleased to announce that it has earned a 50% interest
in the Bateman Lake Property (the "Property"), located approximately
75km north-east of Cochrane, Ontario, by contributing to the cost of
staking. The Property was worked by Dome Exploration Canada Limited
("Dome") in the 1970s with electromagnetic and magnetometer surveys
being completed in 1975. The results of the geophysical surveys showed
a number of strong conductors with good continuity that indicated a
strong possibility that they may represent graphitic zones. In 1977,
Dome drilled 10
Diamond drill holes totalling 3,812 feet spread over
the Property and the surrounding area to test the electromagnetic
anomalies. Two of these
Diamond drill holes were completed on the
Property and showed intersections of graphitic breccia, graphitic tuff,
and graphitic schist. The target area is centered on a strongly
conductive body that coincides directly with a magnetic low. The
Company believes the Property is highly prospective for the discovery
of graphite mineralization.
About Canadian Orebodies Inc.
Canadian Orebodies is a Canadian-based mineral exploration company with
a portfolio of properties in Nunavut and Ontario. For more information please
visit www.canadianorebodies.com or contact:
For more information please visit www.canadianorebodies.com or contact:
Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
(416) 644-1747
Forward-Looking Information
This press release may contain certain "forward-looking statements".
All statements, other than statements of historical fact, that address
activities, events or developments that the Company believes, expects
or anticipates will or may occur in the future (including, without
limitation, statements relating to mineral resources, potential
mineralization, exploration results and the Company's plans with
respect to the exploration and development of the Properties) are
forward-looking statements. These forward-looking statements reflect
the current expectations or beliefs of the Company based on information
currently available to the Company. Forward-looking statements are
subject to a number of risks and uncertainties that may cause the
actual results of the Company to differ materially from those discussed
in the forward-looking statements, and even if such actual results are
realized or substantially realized, there can be no assurance that they
will have the expected consequences to, or effects on the Company.
Factors that could cause actual results or events to differ materially
from current expectations include, among other things, changes in
commodity prices, changes in equity markets, failure to establish
mineral resources, changes to regulations affecting the Company's
activities, delays in obtaining or failures to obtain required
regulatory approvals, uncertainties relating to the availability and
costs of financing needed in the future, the uncertainties involved in
interpreting drilling results and other ecological data, and the other
risks involved in the mineral exploration and development industry. Any
forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Although the Company believes
that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such
statements due to the inherent uncertainty therein.
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