|December 17, 2009|
Orebodies completes purchase of 100 % interest in 5 Lithium/Rare metals properties and provides project updates
|TORONTO, December 17, 2009 --- Canadian Orebodies Inc. (TSXV: CO) ("Orebodies") is pleased to announce that it is has completed the purchase of 100% legal and beneficial interest (subject to a 2% NSR retained by the vendor, 50% of which can be purchased by Orebodies for $1,000,000) in 5 separate Lithium/Rare Metals properties (the "Properties") with an arm's length third-party vendor. The Properties in total consist of 111 claim units comprising 1,776 hectares, all which are located in Ontario. |
The previously announced work programs on the Properties which included detailed geological mapping and sampling across all 5 properties, mechanical stripping and systematic channel cuts across the Falcon West zone have now been successfully completed. All samples are currently being prepared to be sent out for assay, with results expected early in the New Year.
Orebodies has cut small orientation grids over the showing areas on the Falcon property and have now commenced an orientation Gradiometeric Mag and VLF survey. It is further intended to conduct a resistivity survey over the orientation grids as conditions permit. The intention of the surveys is to determine the ability to trace and locate lithium bearing pegmatites by geophysical techniques for the purpose of distinguishing between pegmatite bearing veins and host rock.
In addition, a small orientation down ice grid from the Falcon West was soil sampled to see if a Li bearing dispersal train could be detected from the showing area.
More information regarding the Properties and locations is available on Orebodies website: www.canadianorebodies.com
Pursuant to the purchase, Orebodies has acquired 100% interest in the Properties by issuing an aggregate amount of 1,600,000 common shares of Orebodies and issuing 1,600,000 share purchase warrants, each warrant entitling the holder to acquire one common share of Orebodies at an exercise price of $0.15 per share for a period of two years from closing.
The common shares of Orebodies issued are subject to a hold period until April 17, 2010.
This press release has been prepared under the supervision of Mr. Don Hains (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. Hains has verified the technical data disclosed in this press release.
For more information please contact:
Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
Forward Looking Information:
Some of the statements and information contained herein may be forward-looking information which involve known and unknown risks and uncertainties. Without limitation, statements regarding the, 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: changes in the world wide price of mineral commodities, general market conditions, and the uncertainty of access to capital. In particular, there can be no assurance that the TSX Venture Exchange approval of the purchase will be obtained, or that Orebodies will undertake any or all of the payments or issuances necessary to complete the purchase.
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