Canadian Orebodies Inc.
TSX VENTURE : CO

Canadian Orebodies Inc.

March 11, 2010 09:00 ET

Canadian Orebodies Samples Up to 3.66% Li20 and Other High Grade Lithium/Rare Metals

TORONTO, ONTARIO--(Marketwire - March 11, 2010) - Canadian Orebodies Inc. (TSX VENTURE:CO) ("Orebodies") is pleased to announce assay results from grab samples taken from 5 of its Lithium/Rare Metals properties all located in Ontario. The properties are owned 100% by Orebodies (subject to a 2% NSR, 50% of which can be purchased by Orebodies for $1,000,000).

Highlights

    • Grab H467577 on the Falcon Property assayed
     
      o 2.82% Li20
      1,820 ppm Rb
      153 ppm Be
      218 ppm Cs
      60.8 ppm Nb
      41.2 ppm Ta
    • Grab H467583 on the Despard Property assayed
     
      o 3.66% Li20
      570 ppm Rb
      18.4 ppm Be
      185 ppm Cs
      97.6 ppm Nb
      >100 ppm Ta
    • Grab H181060 on the Greenbush Property assayed
     
      o 1.96% Li20
      750 ppm Rb
      171 ppm Be
      170.5 ppm Cs
      105 ppm Nb
      48.9 ppm Ta

Lithium and Rare Metals Properties Overview

Grab samples collected during Orebodies work program late last year have yielded high grade lithium from 3 of Orebodies lithium/rare metals properties. Results from the work done on the properties indicate there are several zones of strong lithium enrichment which contain significant quantities of rare metals (rubidium, tantalum, beryllium, niobium, cesium and gallium). Gordon Mckinnon, President and CEO commented "We are very encouraged by these initial assays from our grab samples and are anxious to begin a work program this spring to follow up on these results". 

Orebodies is in the process of compiling further assay results which are being received from channel sampling that was also completed on the Falcon Property and will be released upon completion.

About the Properties:

Falcon lake and Despard Property:

The Falcon Lake property (60 claim units) and the Despard property (16 claim units) are both located in the general area of Linear Metals Corp. (TSX:LRM) Seymour Lake Lithium/Tantalum/Beryllium Property, approximately 60 km northeast of Armstrong, Ontario.

TABLE 1 – ASSAYS FOR FALCON LAKE PROPERTY

Sample #  Li20         (%) Rb (ppm) Be (ppm) Cs (ppm) Ga (ppm) Ta (ppm) Nb (ppm)
H467577 2.82 1,820 153 218 78 41.2 60.8
H467585 2.45 1,940 245 190 63.4 28.8 61.2
H467578 2.30 2,580 126.5 339 75.8 76.1 53.9
H467586 2.26 1,640 118 109 64.9 20.8 54.7
H467576 1.5 3,420 143.5 175 57.1 33.7 68.4
H467561 1.43 2,790 333 175.5 65.3 46.9 74.4
H467562 1.11 2,900 144.5 94.9 48.9 65 75.2
H467556 1.00 3,750 167 420 59.9 58.3 53.9

TABLE 2 – ASSAYS FOR DESPARD LAKE PROPERTY

Sample # Li20        
(%)
Rb
(ppm)
Be
(ppm)
Cs
(ppm)
Ga
(ppm)
Ta
(ppm)
Nb
(ppm)
H467583 3.66 570 18.4 185 113 >100 97.6
H467584 3.06 1,010 100.5 336 105.5 97.5 39.7

Greenbush Property:

The Greenbush property consists of 15 claim units and is located approximately 113 km northwest of Armstrong, Ontario in a relatively unexplored area.

TABLE 3 – ASSAYS FOR GREENBUSH LAKE PROPERTY

Sample # Li20        
(%)
Rb
(ppm)
Be
(ppm)
Cs
(ppm)
Ga
(ppm)
Ta
(ppm)
Nb
(ppm)
H181060 1.96 750 171 170.5 36.2 48.9 105
H181064 1.58 228 70.8 48.3 36 25.4 53.8
H181059 1.19 580 139 156 25.6 21.3 32.9
H181061 0.85 3,110 159 490 24.7 36.1 109

Assay results for Vegan and Niemi South property

The Vegan and Niemi South properties are both located approximately 150 km northeast of Thunder Bay in an area which is host to numerous known Lithium deposits and REE bearing pegmatites including those held by Lithium One Inc. (TSX VENTURE:LI) and TNR Gold Corp. (TSX VENTURE:TNR). Access was difficult to these properties and the historic deposits were not located in the short time the exploration crew had before snow cover ended the possibility of further surface mapping and sampling. However, 20 grab samples were taken from the properties which yielded anomalous values of Li20 and other rare metals. More work is planned on these properties in the spring which will consist of further mapping and sampling to locate and verify the historic deposits indicated in the Ontario Department of Mines, Geological Report No. 31, Georgia Lake Area, by E.G. Pye, 1965.

All samples were submitted to ALS and analyzed using four acid digestion and ICP-AES and ICP-MS. For more information on assay methodology please visit the ALS Laboratory Group. Website at http://www.alsglobal.com.

This press release has been prepared under the supervision of Neil Pettigrew M.Sc. P.Geo. of Fladgate Exploration Consulting Corporation, who is an independent consultant to the Company and a "qualified person" (as such term is defined in National Instrument 43-101). Mr. Pettigrew has verified the technical data disclosed in this press release.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.

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