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Message: Canadian Orebodies Commences Drilling Program on the Belcher Islands
TORONTO, ONTARIO--(Marketwire - June 13, 2012) - Canadian Orebodies Inc. (TSX VENTURE: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 north-plunging anticlines and synclines. The Company believes the anticlines may elevate the Kipalu Iron Formation close to surface, thereby giving potential for low strip ratio and open pitable iron mineralization.
The Kihl Bay Anticline is one of 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".
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.
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.
Source: Marketwire Canada (June 13, 2012 - 7:00 AM EDT)
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