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Re: News Releases - Thursday, May 29, 2008
OREBODIES IDENTIFIES SEVERAL HIGH PRIORITY TARGETS AND PROVIDES
EXPLORATION UPDATE
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TORONTO, May 29, 2008 -- Canadian Orebodies Inc. ("Orebodies") is
pleased to announce that airborne geophysical surveys have been
completed over 8 blocks held 100% by Orebodies (subject to a 2% NSR, 1%
each being held by Noront Resources ("Noront") and by Temex Resources
("Temex")) which have identified several high priority drill targets.
The properties are located in the general area of McFaulds Lake in
Northern Ontario to the north of the Noront high grade Ni-Cu-PGE
discovery. Preliminary data has been received and evaluation of the
data has outlined several targets which represent similar
characteristics to that of Noront's Eagle One discovery all with
corresponding magnetic highs that might be caused by the presence of
ultramafic rocks with or without accompanying sulphide mineralization.
Orebodies is currently evaluating these targets for ground geophysical
surveys, field work and for drill accessibility during the summer
months for a follow-up
Diamond drilling program.
Property Status:
Orebodies has an interest in 3,351 claim units covering more then
53,000 hectares in and around the 'Ring of Fire'. Property breakdown
is as follows:
- 652 units in which Orebodies holds a 100% interest
(subject to a 2% NSR, 1% each being held by Noront and by Temex)
- 603 units in which Orebodies has an option to earn a 60% interest
(Claims held by 1289839 Alberta Ltd., a wholly-owned subsidiary of
Coordinates Capital Corporation ("CCC"))
- 820 units in which Orebodies holds a 50% interest
(Interest held through a joint venture with MacDonald Mines and Temex
in which each has a 25% interest)
- 1,276 units in which Orebodies holds a 1% NSR
(Claims held by Noront and Temex, located in the upper and middle of
the 'Ring of Fire' and which do not form part of the Eagle 1 or 2
discoveries reported by Noront)
Airborne geophysical surveys are currently being completed over the
ground that was recently optioned from 1289839 Alberta Ltd., a
wholly-owned subsidiary of CCC. CCC is privately owned company that is
controlled by Mr. Chris Verbiski, who co-discovered the Voisey's Bay
nickel-copper-cobalt deposit located in Labrador in 1993. One of the
claim groups that is subject to the above mentioned option agreement
lies less than 2 km's from the recent WSR-Metalex-Artic Star discovery
announced May 22, 2008. It should also be noted that Orebodies also
holds a 1% NSR on the ground held by Temex that directly borders the
discovery announced.
Gordon McKinnon, Orebodies President and CEO stated "We are thrilled to
report on the numerous targets we have identified in this relatively
unexplored area and we are aggressively moving forward to bring these
targets to a drill ready stage. It is also very encouraging for us
that the recent WSR/Metalex discovery lies in such close proximity to
our newly optioned ground.
This press release has been prepared under the supervision of Mr. John
Boissoneault (P.Eng.)., who is an independent consultant to the Company
and a "qualified person" (as such term is defined in National
Instrument 43-101). Mr. Boissoneault has verified the data disclosed
in this press release.
For more information please contact:
Gordon McKinnon, President & CEO
Canadian OrebodiesInc.
(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 ground
geophysical surveys and field work and subsequent
Diamond drilling
program. Without limitation, statements regarding potential
mineralization and resources, proposed exploration activities, 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:
risks inherent in mineral exploration, risks associated with
development, construction and mining operations, changes in the world
wide price of mineral commodities, general market conditions and the
uncertainty of access to additional capital. In particular, there can
be no assurance that suitable targets for summer drilling will be
identified or that the hoped for mineralization will be confirmed.
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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 Thu May 29, 2008 at 10:27:32 AM Pacific Time
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