TORONTO, ONTARIO–(Marketwired – April 29, 2016) – Canadian Orebodies Inc. (the “Company” or “Orebodies”) is pleased to announce that it has sold its 100% interest in the Greenbush Lithium Property to Sunrise Canada Inc., a subsidiary of Argonaut Resources NL (“Argonaut”), an ASX listed company. As consideration, Argonaut made a cash payment of CAD$100,000 and granted to Orebodies a 2.0% net smelter returns royalty.
Bateman Lake Property
Orebodies is also pleased to announce that it has earned a 50% interest in the Bateman Lake Property (the “Property”), located approximately 75km north-east of Cochrane, Ontario, by contributing to the cost of staking. The Property was worked by Dome Exploration Canada Limited (“Dome”) in the 1970s with electromagnetic and magnetometer surveys being completed in 1975. The results of the geophysical surveys showed a number of strong conductors with good continuity that indicated a strong possibility that they may represent graphitic zones. In 1977, Dome drilled 10 diamond drill holes totalling 3,812 feet spread over the Property and the surrounding area to test the electromagnetic anomalies. Two of these diamond drill holes were completed on the Property and showed intersections of graphitic breccia, graphitic tuff, and graphitic schist. The target area is centered on a strongly conductive body that coincides directly with a magnetic low. The Company believes the Property is highly prospective for the discovery of graphite mineralization.
About Canadian Orebodies Inc.
Canadian Orebodies is a Canadian-based mineral exploration company with a portfolio of properties in Nunavut and Ontario. For more information please visit www.canadianorebodies.com.
This press release may contain 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.