Canadian Orebodies Exercises Option to Acquire 100% Interest in Haig Inlet Iron Project & Announces Increased Widths on Haig ...
05 11월 2012 - 9:00PM
Marketwired Canada
Canadian Orebodies Inc. (TSX VENTURE:CO) ("Orebodies" or "the Company") is
pleased to announce that is has exercised the balance of its option to acquire a
100% ownership interest in the Haig Inlet Iron Project by issuing 17,500,000
shares to the optionors to acquire the remaining 75% interest under the Haig
Inlet Option. Orebodies first acquired an interest pursuant to the Haig Inlet
Option on June 15, 2011 and further increased its interest.
"Our excellent drill results last year combined with advancements in our
technical knowledge of the Haig Inlet Deposit over the course of this year
warranted the Company to take action," said Gordon McKinnon, President & CEO of
Canadian Orebodies. "We believe there is vast potential in the Belcher Islands
and considered it prudent to cement our position by exercising the option and
making the Haig Inlet Iron Project wholly owned by Canadian Orebodies."
Canadian Orebodies is also pleased to announce that additional assay results
from this year's drill program have been received. Drill holes 06, 11, 13B, and
14 were previously reported on October 10, 2012 but additional sampling has led
to an increase in the width of the zone. The expanded intervals of iron
mineralization are presented below.
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Hole ID From (m) To (m) Interval (m) Total Fe (%) Target Area
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CO-12-06 87.65 146.00 58.35 27.34 Kihl Bay
incl. 89.65 105.90 16.25 32.03
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CO-12-11 28.20 78.20 50.00 23.78 Kihl Bay
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CO-12-13B 47.60 135.80 88.20 26.19 Haig West
incl. 52.00 78.30 26.30 30.27
and 178.45 235.25 56.80 28.48
incl. 178.45 198.30 19.85 33.82
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CO-12-14 10.30 99.30 89.00 25.73 Haig West
and 125.90 181.80 55.90 28.93
incl. 125.90 142.05 16.15 35.93
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CO-12-12 36.40 120.85 84.45 25.13 Haig West
incl. 44.00 62.00 18.00 31.48
and 144.85 197.65 52.80 27.28
incl. 144.85 158.85 14.00 32.87
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CO-12-16 91.10 161.15 70.05 25.98 Haig West
and 203.00 249.70 46.70 25.05
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CO-12-07 73.00 133.65 60.65 24.00 Haig North
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A map of the holes planned for the 2012 program is available on Canadian
Orebodies' website at:
http://www.canadianorebodies.com/i/maps/HaigInlet/2012DrillPlan-Oct10.pdf.
"We are pleased to have significantly increased the widths of the previously
announced zones at Haig West and Kihl Bay through additional sampling. We are
also quite enthusiastic about the additional assays we have received that proves
the enriched zone at Haig west continues along strike," said Gordon McKinnon,
President & CEO of Canadian Orebodies. "It is exciting to see such encouraging
widespread results from our first two sets of assays from this year's program
and we look forward to releasing the remaining assays as they become available."
Belcher Islands Advantage - Direct Ocean Shipping Potential and No Rail Required
Canadian Orebodies believes that the Haig Inlet Project's biggest advantage is
its island location. Located adjacent to tidewater in Hudson Bay, the project
benefits from the possibility of 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 expenses when compared to
land locked projects.
Quality Assurance, Quality Control and Qualified Person
All drilling samples have been prepared and analyzed by SGS Minerals Services
("SGS"), which is independent of Orebodies. Sample preparation and analyses were
performed at the SGS laboratories based in Garson, Ontario and Lakefield,
Ontario respectively. The samples were analyzed by XRF.
A thorough QA/QC program is in place which includes the submission by Orebodies
of systematic standards samples within every sample batch submitted to SGS. In
addition, SGS inserts its own duplicate samples. The results from these control
samples indicate acceptable consistency of analysis.
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.
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 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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Orebodies Inc.
Gordon McKinnon
President & CEO
(705) 268-9000
www.canadianorebodies.com
First Canadian Capital Corp.
Jason Monaco
Investor Relations
(416) 742-5600
jmonaco@firstcanadiancapital.com
First Canadian Capital Corp.
Jamie Frawley
Investor Relations
(416) 742-5600
jfrawley@firstcanadiancapital.com
Canadian Orebodies Inc. (TSXV:CO)
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