TORONTO, ONTARIO -- 11/09/09 --
Canadian Orebodies Inc. (TSX VENTURE: CO) ("Orebodies") is pleased to announce that it has commenced work on four of its newly acquired Lithium/REE properties (the "Properties"). Orebodies has mobilized two crews to begin work on four of the five Properties in which it recently signed an LOI to acquire 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) on October 22, 2009.
One crew has been mobilized to cover the Falcon and Despard Properties and a second to work the Vegan and Niemi South Properties. The work will consist of detailed geological mapping and sampling across the claims to qualify historic results and obtain sufficient information to conduct further work programs during the winter months.
In order to complete the purchase of 100% interest in the Properties (subject to a 2% NSR retained by the vendor, 50% of which can be purchased by Orebodies for $1,000,000), Orebodies is required to issue an aggregate amount of 1,600,000 common shares of Orebodies and issue 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. More information regarding the Properties can be found in Orebodies Press Release dated October 22, 2009.
Closing of the transaction remains subject to the approval of the TSX Venture Exchange and the execution of a definitive purchase agreement.
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 acquisition of the claim units pursuant to the purchase. Without limitation, statements regarding the potential purchase of the claims, 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: changes in the world wide price of mineral commodities, general market conditions, the uncertainty of access to capital. In particular, there can be no assurance that the definitive purchase agreement will be entered into, that 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.
Contacts:
Canadian Orebodies Inc.
Gordon McKinnon
President & CEO
(705) 268-9000
www.canadianorebodies.com
