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Canadian Orebodies research and analysis

Contributed by eResearch

Canadian Orebodies has increased its land position on the Belcher Islands by 57%, by acquiring three new Inuit-owned parcels totalling 14,527 hectares. This brings the Company’s land position to 39,903 hectares.

The three areas were selected for their potential to host near-surface iron mineralization that may be amenable to open-pit mining.

Canadian Orebodies also reported that drilling on the Belcher Islands iron project (Haig Inlet) continues to expand the extent of iron formation.

A total of 24 drill holes have been completed to date (4,269 metres) on three new prospective areas, and all have returned encouraging intercepts. Assay results are pending.

The Company plans to continue drilling into October, with the goal of outlining additional Inferred mineral resources. Further details are contained in Canadian Orebodies’ September 20, 2012 news release, available on SEDAR at www.sedar.com.

COMMENT: The exploration of the Haig Inlet project is going according to Canadian Orebodies’ plans. The Company is continuing to drill and one of the targets, possibly Haig West where an impressive 4.5-km-long magnetite outcrop has been discovered, could obtain in-fill drilling this year. An updated NI 43-101 compliant resource estimate for the project could be published in early 2013. The work on mineralogical and metallurgical studies is also continuing, and a PEA for the project also could be published in early 2013. With the targets which have been drilled this year, and the newly acquired targets, which based on the ground prospecting are promising for iron mineralization, in the foreseeable future the Company’s resources may go far beyond the current 519 Mt.

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 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.

The Haig Inlet iron ore property originally covered 2,685 ha of Inuit-owned land; 14,527 ha of Inuit-owned land were added in September 2012. In 2011, Canadian Orebodies staked claims that cover 22,691 hectares of municipal land.