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Re: Company News - Wednesday, June 13, 2012
Canadian Orebodies Commences Drilling Program on the Belcher
Islands
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TORONTO, June 13, 2012 -- Canadian Orebodies Inc. (TSXV: CO) ("Canadian
Orebodies" or the "Company") is pleased to announce that the Company's
2012 exploration program has commenced on the Belcher Islands, Nunavut.
Drilling has started on the Kihl Bay Anticline target area, which 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 close to
surface, thereby giving potential for near surface iron mineralization.
The Kihl Bay Anticline is a one of the three high priority targets to
be tested during this summer's exploration program. The company plans
to conduct the exploration drilling this season in two phases:
wide-spread exploration holes on the Kihl Bay Anticline, Haig West, and
the Haig North Extension, followed by infill drilling on the areas
which would be most amenable to developing an open-pit mineral
resource.
"We are excited to get a head start on this summer's season by flying
our first drill into the Belcher Islands in order to capitalize on
favourable weather conditions in June, which should allow for better
production. Our second drill rig is scheduled to be brought in by barge
in mid-July once ice conditions allow." said Gordon McKinnon, President
and CEO of Canadian Orebodies. "The Kihl Bay Anticline is the first
area selected for drilling of the three very large and highly
prospective targets that have never previously been drill tested. We
are eager to prove management's belief that the wide spread iron
formations on the Belcher Islands have the potential to host
significant additional tonnage outside of what the Company has already
proven at Haig Inlet."
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".
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
Message sent on Wed Jun 13, 2012 at 7:00AM Eastern Time
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