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Re: Company News - Thursday, September 20, 2012
Canadian Orebodies Confirms Presence of Magnetite and Increases
Land Position on Belcher Islands
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TORONTO, September 20, 2012 -- Canadian Orebodies Inc. (TSXV: CO)
("Canadian Orebodies" or the "Company") is pleased to announce that
drilling on the Belcher Islands Iron Project is continuing to
successfully expand the extent of iron formation. Highlights include:
.. Confirmation of magnetite trend on Haig West;
.. Acquired three highly prospective targets, increasing Company's land
position by 57%;
.. Intersected iron mineralization 17 kilometers north of Haig Inlet
Deposit; and
.. Drilling to upgrade existing Haig South mineral resource category.
A total of 4,269m in 24 drill holes and collection of 1,128 samples
have been completed to date. Drilling has been focused on three new
prospective areas, never previously drill tested, which have all
returned encouraging intercepts within the Kipalu iron formation.
"Canadian Orebodies is thrilled with the progress of this drill program
to date. We have intersected both magnetite and hematite dominant
mineralization over very long strike lengths in two new areas thus
far," said Gordon McKinnon, President and CEO of Canadian Orebodies.
"The success of this program to date combined with the identification
and acquisition of three new target areas reinforces management's
belief that the Belcher Islands could represent a new iron ore district
in Canada."
Drilling is expected to continue well into October on these four areas
with the intent of outlining additional inferred mineral resources.
Samples have been forwarded to SGS Laboratories in Lakefield for
assaying and results are pending.
Confirmation of Magnetite Trend on Haig West
At Haig West, drilling over a 25 kilometer strike extent has
encountered the west dipping iron formation in 13 drill holes.
Significant widths of iron bearing hematite and magnetite intercepts
were encountered over the entire strike extent. All drill holes at Haig
West were collared to intersect the magnetic anomaly which extends
across the entire strike length. A 4.5 kilometer long outcrop of iron
formation that had never been historically mapped was discovered at the
south end of the strike extent, and the company is currently taking
channel samples. Several drill holes were positioned back from the
outcrop and successfully intersected the iron formation at depth,
suggesting continuity to the zone at surface.
Iron Mineralization Intersected 17 Kilometers North of Haig Inlet
Deposit
Drilling on the Haig North area is comprised of 4 holes at 2 kilometer
step-outs indicating excellent continuity of the east dipping iron
formation. These holes run north along the iron formation on the
north-west side of Flaherty Island, beginning approximately 10
kilometers north of the Haig Inlet Deposit. This confirms the presence
of iron mineralization in another area that had never been drill
tested.
Step-out Drilling Northeast of Haig Inlet Confirms Continuation of
Mineralization
The drilling at Kihl Bay is comprised of 5 holes targeted to test a
drift covered near-surface anticline. Two of these holes were
successful in fully penetrating the iron formation confirming the
continuation of iron mineralization northeast of the Haig Inlet
Deposit.
Upgrading Existing Haig South Resource
Haig South was tested with a single hole in 2011 which encountered
enriched iron formation within a relatively flat lying, near surface,
3.5 square kilometer zone. Current drilling is targeted to upgrade the
mineral resource in this area from inferred to the indicated category.
Expanding Land Position to Cover Three Highly Prospective Targets
Canadian Orebodies has added three new Inuit Owned Land parcels
totalling 14,527 hectares, increasing the Company's land position on
the Belcher Islands by 57% to 39,903 hectares in total. Based on
historical data and confirmation by ground prospecting, each new area
was selected for having the highest potential to host near surface iron
mineralization that may be amenable to open pit mining.
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
Message sent on Thu Sep 20, 2012 at 7:15:00 AM Eastern Time
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