November 21, 2012 (Investorideas.com Mining stocks newswire) - eResearch Corp Reports: reports Canadian Orebodies Inc. (TSX-V: CO) has exercised the balance of its option to acquire a 100% ownership interest in the Haig Inlet iron project on the Belcher Islands in Nunavut. The Company issued 17,500,000 shares to the optionors to acquire the remaining 75% interest. Canadian Orebodies had acquired its first interest in the project in June 2011.
The Company has reported further assay results from the 2012 drill program at Haig Inlet, following additional sampling which led to an increase in the width of the zone. A table showing the expanded intervals of iron mineralization (Kihl Bay, Haig West, and Haig North targets) is contained in Canadian Orebodies' November 5, 2012 news release, available on SEDAR at www.sedar.com.
THE COMPANY
Canadian Orebodies Inc. 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).
The Company's Haig Inlet 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.
The project's location on the Belcher Islands in the southern part of Hudson Bay is favourable compared to the more northerly locations of many of its more well-known domestic peers. Also, since the Belcher Islands are close to Quebec, the project may be able to capitalize on some of the infrastructure commissioned under Plan Nord. The climate on the Belchers is more favourable than for many of the Nunavut-based iron ore projects. The deposit is located at tidewater and will not need a costly railroad or a pipeline to get to port.
In 2012, Canadian Orebodies increased its land position on the Belcher Islands by 57%, by acquiring three Inuit-owned parcels totalling 14,527 hectares. This brought the Company's land position to 39,903 hectares.
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