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Re: Company News - Tuesday, May 15, 2012
Canadian Orebodies Announces 2012 Exploration Program on the
Belcher Islands
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TORONTO, May 15, 2012 -- Canadian Orebodies Inc. (TSXV: CO) ("Canadian
Orebodies" or the "Company") is pleased to announce its plans for the
upcoming 2012 exploration season on the Belcher Islands, Nunavut.
Beginning in June, the Company intends to evaluate a number of high
priority exploration targets in the areas around Haig Inlet on the
Belcher Islands. The company plans to conduct the exploration drilling
this season in two phases: wide-spread exploration holes on 3 separate
targets, followed by infill drilling on the areas which would be most
amenable to developing an open-pit mineral resource.
"This summer's exploration program will form part of a defining year
for the Company and the Haig Inlet project, as we continue toward our
goal of establishing the Belcher islands as Canada's next iron ore
district" said Gordon McKinnon, President and CEO of Canadian
Orebodies. "We are targeting 3 very large and highly prospective areas
to show the wide spread iron formations on the Belcher Islands. The
goal for this year is to establish a new deposit to be brought into a
43-101 resource, all while we advance the Haig Inlet deposit through
our planned technical studies."
Three Large Untested Targets to be Drilled -- Goal of Establishing New Deposit
The company has identified three large untested target areas that have
been selected for drilling during the 2012 exploration program. Each
target was selected for having the highest potential to host near
surface iron mineralization that may be amenable to open pit mining.
Target 1: Haig West Property
Exploration in the 1950's by the Belcher Mining Corporation Ltd.
included a number of regional magnetic surveys which identified a
continuous magnetic anomaly along the western shore of Flaherty Island.
In the fall of 2011, Canadian Orebodies staked 13 claims to cover this
geophysical target, which lies approximately 10km to the west of the
Haig Inlet Project. The magnetic anomaly contained within this claim
group extends approximately 29.4km in a north-south direction and is
coincident with a single exposure of the Kipalu Iron Formation mapped
in 1959. The Company plans to initiate exploration of the stratigraphy
on western Flaherty Island in 2012 with a magnetic survey followed by
widely-spaced drill holes.
Target 2: Kihl Bay Anticline
The second target is located to the northeast of Haig Inlet and is
comprised of relatively closely spaced anticlines and synclines
plunging north. The Company believes the anticlines may elevate the
Kipalu Iron Formation stratigraphy proximal to surface, as these folds
are well defined by the Aster satellite imagery work completed by
Wickert in 2007. Although the iron formation is not exposed in this
area, Orebodies is excited about the possibility for significant
additional iron mineralization near surface.
Target 3: Haig North Extension
The third target for further exploration is the northward extension of
the Kipalu Iron Formation, which runs north for an additional 17km from
the northern most 2011 drill holes. Only two areas of iron formation
outcrop have been examined along this trend. One occurs near the
extreme north end of the property and another near the northwestern
most 2011 drill holes. Exposures in both areas are comprised of Fe-rich
argillite and dip towards the east. The Company plans to drill
widely-spaced holes along this 17km trend.
Haig Inlet Deposit to be Advanced by Mineralogical and Metallurgical Studies
In the coming weeks, the Company plans to begin advancing its technical
knowledge of the Haig Inlet deposit by undertaking mineralogical and
metallurgical studies. Canadian Orebodies is also pleased to announce
the appointment of SGS in Lakefield to conduct metallurgical testing
using samples taken from the Company's Haig Inlet project. The goal of
the testing is to provide an analysis of weight recoveries and
concentrate grades. This process is critical in helping to assess the
overall quality of the product that would be produced from the project.
"We are focusing on extensive testing now given the importance of
metallurgy to our future customers," said Gordon McKinnon, President
and CEO of Canadian Orebodies. "We hope to show in short order that a
favourable product could be created from the ore at Haig Inlet."
Belcher Islands Advantage -- Direct Ocean Shipping Potential
The Company is particularly enthusiastic about the Haig Inlet Project
because it is located adjacent to tidewater in Hudson Bay, which opens
up the possibility for direct ocean shipping to global markets. The
ability to ship via ocean freighter without using rail could be a major
cost advantage on both the initial capital and operating side when
compared to land locked projects. As an example, projects in the
Labrador Trough often require significant capital costs attributed to
rail lines that have to be constructed to move the ore to a port, where
it can then be shipped by freighter to the end user.
About Canadian Orebodies Inc.
Canadian Orebodies is a Canadian-based mineral exploration company with
a portfolio of properties in Nunavut and Ontario. Canadian Orebodies'
primary focus is on advancing and developing its Haig Inlet Iron Ore
Project, located on the Belcher Islands in Nunavut. The Haig Inlet Iron
Ore Project is host to an indicated iron ore resource of 230 million
tonnes at 35.17% Fe and an additional inferred resource of 289 million
tonnes at 35.47% Fe. Canadian Orebodies trades on the TSXV under the
symbol "CO".
This press release has been prepared under the supervision of Mr.
George Wahl (P.Geo.), who is an independent consultant to the Company
and a "qualified person" (as such term is defined in National
Instrument 43-101). Mr. Wahl has verified the technical data disclosed
in this press release.
For more information please visit www.canadianorebodies.com or contact:
Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
(705) 268-9000
Jason Monaco (jmonaco@firstcanadiancapital.com)
Jamie Frawley (jfrawley@firstcanadiancapital.com)
Investor Relations
First Canadian Capital Corp.
(416) 742-5600
Forward-Looking Information
This press release contains 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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Copyright (c) 2012 CANADIAN OREBODIES INC. (CO) All rights reserved.
For more information visit our website at
http://www.CanadianOrebodies.com/ or mailto:info@canadianorebodies.com
Sent on Tue May 15, 2012 at 7:00:00 AM Eastern Time
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