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Re: News Releases - Tuesday, July 08, 2008
OREBODIES ANNOUNCES PROPOSED PURCHASE OF 80% INTEREST OF 96 CLAIM
UNITS IN THE JAMES BAY LOWLANDS FROM EAST WEST RESOURCE CORP.
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TORONTO, JULY 8, 2008 -- Canadian Orebodies Inc. (TSXV: CO)
("Orebodies") is pleased to announce that it has entered into a Letter
of Intent ("LOI") with East West Resource Corporation ("East West") to
purchase an 80% legal and beneficial interest in 96 claim units
comprising 1,536 hectares in the James Bay Lowlands near the Norton
Lake 43-101 Ni-Cu-Co-PGE deposit.
In order to complete the purchase, Orebodies is required to pay to East
West $10,000 cash, issue to East West an aggregate amount of 280,000
common shares of Orebodies and to commission a VTEM airborne survey on
the property. East West will hold a 20% carried interest in the
property until a Bankable Feasibility study is produced.
Orebodies is pleased to be partnering with East West and is excited
about adding more Ni-Cu potential projects to its portfolio.
Closing of the transaction remains subject to the approval of the TSX
Venture Exchange and execution of a definitive purchase agreement.
For more information please contact:
Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
(705) 268-9000
Forward Looking Information:
Some of the statements and information contained herein may be
forward-looking information which involve known and unknown risks and
uncertainties, including statements respecting the proposed acquisition
of the claim units pursuant to the purchase. Without limitation,
statements regarding the potential purchase from East West and future
plans and objectives of Orebodies are forward looking statements that
involve various degrees of risk. The following are important factors
that could cause Orebodies actual results to differ materially from
those expressed or implied by such forward looking statements: changes
in the world wide price of mineral commodities, general market
conditions, the uncertainty of access to capital. In particular, there
can be no assurance that the definitive purchase agreement will be
entered into, that TSX Venture Exchange approval of the purchase will
be obtained, or that Orebodies will undertake any or all of the
payments or issuances necessary to complete the purchase.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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Copyright (c) 2008 CANADIAN OREBODIES INC. (BLR) All rights reserved.
For more information visit our website at
http://www.CanadianOrebodies.com/ or send mailto:akelcey@christinet.ca
Message sent on Tue Jul 8, 2008 at 11:36:36 AM Pacific Time
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