May 24, 2012 (Investorideas.com Mining stocks newswire) - eResearch Corp reports Canadian Orebodies' Haig Inlet iron ore project is a hidden gem in the Canadian iron ore sector. The project is relatively unknown, but it already has more than 500 Mt @ 35% Fe in a NI 43-101 compliant mineral resource. Further, this resource will likely increase to more than 1 billion tonnes as a result of the planned exploration of three new targets in 2012-2013.
The project's location on the Belcher Islands in Hudson Bay is favourable compared to the locations of many of its more well-known domestic peers. Since the Belcher Islands are close to Quebec, the project may be able to capitalize on some of the infrastructure commissioned under the Province's Plan Nord. The climate on the Belchers is generally more favourable than for many of the Nunavut-based iron ore projects. Most importantly, the deposit is located at tidewater and will not need a costly railroad or a pipeline to get to port.
A Preliminary Economic Assessment (PEA) for Haig Inlet is expected in early 2013. A favourable PEA could be the catalyst to attract a strategic partner, which is the most likely route of development for the Company.
Canadian Orebodies Inc. ("Orebodies" or the "Company") is a junior natural resource exploration and development company with its flagship Haig Inlet iron ore project located in Nunavut, Canada.
Orebodies has interests in 11 mining exploration properties located in Canada. The Company's exploration focus is on iron ore and its main property is the Haig Inlet iron ore project, located on the Belcher Islands in Hudson Bay in southern Nunavut (see the map below). Orebodies is in the process of spinning out its other 10 properties into a separate company.
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