[Marinir] {Disarmed} Canadian Orebodies Announces Initial NI 43-101 Iron Resource Estimate for Haig Inlet

[Infostock]

 Click here
http://www.actonsoftware.com/acton/ct/1523/s-00b5-1202/Bct/l-0002/l-0002:15bcd/ct0_1/1
 to view this message in a browser window

http://www.canadianorebodies.com/s/Home.asp 

Canadian Orebodies Announces Initial NI 43-101 Iron Resource Estimate 
for Haig Inlet 

Canadian Orebodies Inc. (TSX VENTURE: CO 

http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=CO&region=C&lookup=symbol&snapshot=default 

) is pleased to announce the results of the initial independent National 
Instrument (NI) 43-101 Mineral Resource estimate using information from 
the 2011 drill program on the Haig Inlet Iron Ore Project, located on 
the Belcher Islands in Nunavut, Canada. The estimate was completed by G 
H Wahl & Associates Consulting, and resulted in an indicated iron ore 
resource of 230 million tonnes at 35.17% iron and an additional inferred 
resource of 289 million tonnes at 35.47%. 

"We are extremely excited about this initial resource estimate for Haig 
Inlet, which we believe represents a significant first step toward 
establishing the Belcher Islands as a new iron ore district in Canada," 
says Gordon McKinnon, President and CEO of Canadian Orebodies. "The 2011 
drill campaign provided us with an excellent base to build upon as we 
look forward to the 2012 field season." 

In the summer of 2011, Canadian Orebodies completed 9,119.2 meters (64 
holes) of drilling on the Haig Inlet Project. All 64 holes were focused 
on the hematite rich portions of the Kipalu Iron Formation, following up 
on the work previously carried out on Haig Inlet in the 1950's by 
Belcher Mining Corporation Ltd. In-pit mineral resources were delineated 
over an area of roughly 9 square kilometers and found to be flat lying. 
The mineralization extends to the north and south of the property, 
leaving potential for expansion through further drilling. Canadian 
Orebodies is particularly enthusiastic about the Haig Inlet Project 
because it is located adjacent to tidewater in Hudson Bay, which opens 
up the possibility for direct ocean shipping to global markets. 

This resource estimate has been completed in compliance with National 
Instrument 43-101 standards and the corresponding Technical Report will 
be filed under the Company's profile on SEDAR within 45 days of this 
news release. The resource estimate was completed by G Wahl, P. Geo., 
Principal of G H Wahl & Associates Consulting, who is a Qualified Person 
as defined by National Instrument 43-101. 

The current mineral resources statement for Haig Inlet is presented 
below. 

Area Mineral Resource Category Million Tonnes %Fe 

Haig North Indicated 230 35.17 

Haig North Inferred 155 35.55 

Haig South Inferred 134 35.37 

Haig North Total Indicated 230 35.17 

Haig North & South Total Inferred 289 35.47 

Resource Estimate Details 

The mineral resource estimate for the Haig Inlet Deposit is based on 
results from 64 diamond drill holes totaling 9,119.2m and is effective 
as of February 6, 2012. No cut-off was applied as the lowest grade 
(27%Fe) within the modeled iron formation lies well above the economic 
cut-off of 15%Fe. The mineral resources in this press release were 
estimated using the Canadian Institute of Mining, Metallurgy and 
Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, 
Definitions and Guidelines prepared by the CIM Standing Committee on 
Reserve Definitions and adopted by CIM Council. The quantity and grade 
of reported inferred mineral resources in this estimation are uncertain 
in nature and there has been insufficient exploration to define the 
inferred mineral resources as Indicated or Measured mineral resources 
and it is uncertain if further exploration will result in upgrading them 
to Indicated or Measured mineral resource categories. No known 
environmental, legal, or political risks have been identified. In terms 
of resource risk, future studies will need to assess in-pit hydrogeology 
as much of the deposit is proximal to surrounding water level. 

Mineral Resource parameters: 

1) A total of 179 specific gravity measurements were taken and used to 
generate a Fe based regression formula where density = (0.0378(i)Fe%) + 
2.2232. Waste rock was assigned a density of 2.65 g/cc. 

2) Resources were modeled in vertical sections. 3D shells were generated 
by linking the horizontal sections. Wireframes were constrained to the 
main high grade hematite rich iron formation unit. 

3) The database for the Haig Inlet North and South Deposit comprised a 
total of 9,119.2m (64 DDH) of drilling with samples assayed by SGS using 
XRF methods. 

4) Average thickness of the high grade portion of the Kipalu Iron 
Formation unit was 15m across the 9 square kilometers drilled. 

5) The grade estimation was completed using ordinary kriging 
interpolation and validated with drill hole - block grade comparisons 
and inverse distance methods. 

6) Indicated mineral resources include all mineralized blocks within an 
optimized pit shell, within the mineralized solid boundary, within a 
250m centered drill grid. 

7) Inferred mineral resources include all mineralized blocks within an 
optimized pit shell and within the variogram range. 

8) Whittle pit optimization software was used to define a pit shell used 
to constrain the resource estimate. Input assumptions included 50 degree 
pit slope, average mining cost of $2.75/tonne, processing cost of 
$10/tonne of ore, general and administrative costs of $1/tonne, process 
recovery of 60% and metal price of $140/dmt unit. Pit optimization was 
completed by R. Carapetian (P. Eng.) 

Quality Assurance and Quality Control 

The scientific and technical information in this press release has been 
reviewed and approved by G H Wahl, P.Geo, an Independent Qualified 
Person as defined by National Instrument 43-101, and by Henry Hutteri, 
P. Geo, Project Manager for Canadian Orebodies who are Qualified Persons 
as defined by National Instrument 43-101. The exploration program was 
directly supervised by Mr. H. Hutteri, P. Geo. Canadian Orebodies 
procedures for handling drill core comprise of splitting marked core 
intervals on site and sealing samples in pails and transporting samples 
by charter to SGS laboratories in Sudbury for sample preparation. The 
pulps are then forwarded to the SGS facility in Lakefield for Borate 
Fusion Whole Rock X-Ray Fluorescence analysis and selected trace 
elements ICP analysis. SGS procedures commenced with weighing of samples 
and measurement of gravimetric moisture followed by drying at 105 
degrees C. This was followed by a coarse crush of up to 3-kg of sample 
to 75% passing 9 mesh or 2-mm. Samples were the riffle split and 250 
grams were pulverized to 200 mesh or 75- micron. A pycnometer was used 
to generate density values. Loss on Ignition (LOI) was measured at 1000 
degrees C while sulphur as SO3 was measured by Leco. 

Standards were inserted at a rate of 1 in 21 while duplicate pulps were 
submitted to ALS Chemex in Vancouver as independent checks at a rate of 
1 in 30. All standard results were well within 1 standard deviation and 
independent duplicates returned correlation coefficients above 99% 
indicating acceptable accuracy and precision of assaying. Both 
laboratories are accredited for the XRF assay method. These QA/QC 
procedures and results indicated that the results form a reliable basis 
for resource estimation. 

About the Company 

Canadian Orebodies Inc. is a Canadian-based mineral exploration company 
with a portfolio of properties in Nunavut and Ontario. Canadian 
Orebodies' primary focus is on advancing and developing its Haig Inlet 
Iron Project, located on the Belcher Islands in Nunavut. Canadian 
Orebodies trades on the TSX Venture Exchange under the symbol "CO". 

For more information please contact: 

Gordon McKinnon, President & CEO 

Canadian Orebodies Inc. 

(705) 268-9000 

www.canadianorebodies.com 

http://www.canadianorebodies.com 

Forward Looking Information: 

This press release contains 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. 

--------------------------------------------------------------------------------
*********************************************************************
Disclaimer: KCrew Communications was paid to distribute this Infostock bulletin.
KCrew Communications may or may not own securities in this particular company.
THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!
You are on this mailing list because you registered for Infostock.
You may opt out at any time using the unsubscribe feature at the bottom of this email.
For more information about this service, please see http://www.infostockbiz.com
http://www.infostockbiz.com

KCrew Communications Inc. at 1.866.465.3616
Suite 1250 - 789 West Pender St., Vancouver, BC Canada V6C1H2.
This email complies with the US Federal CAN-SPAM Act of 2003
*********************************************************************

If you do not wish to receive futher emails Click Here
http://www.actonsoftware.com/acton/rif/1523/s-00b5-1202/-/l-0002:15bcd/l-0002/zout
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://www.polarhome.com/pipermail/munindo/attachments/20120206/a2759986/attachment.html>