Canadian Orebodies Inc.
TSX VENTURE : CO

Canadian Orebodies Inc.

April 13, 2011 13:45 ET

Canadian Orebodies Inc Obtains Approval of Disinterested Shareholders

TORONTO, ONTARIO--(Marketwire - April 13, 2011) - Canadian Orebodies Inc. (TSX VENTURE:CO) ("Orebodies") is pleased to announce that the shareholders of Orebodies have approved the entering into a non-arm's length Purchase Agreement (the "Agreement") to acquire up to a 100% legal and beneficial interest (subject to a 3% GOR retained by the Vendors, of which 1/3rd can be purchased by Orebodies for a maximum of $3,000,000) in the Inuit Owned Lands Mineral Exploration Agreement (the "NTI Agreement") with Nunavut Tunngavik Incorporated ("NTI") which covers the Haig Inlet Iron Ore Project, located on the Belcher Islands, Nunavut, Canada (the "Property"), originally announced on February 14, 2011.

At a special meeting of shareholders held earlier today, Orebodies disinterested shareholders approved entering into the Agreement, with 99.9% of the votes cast in favour.

Closing of the transaction remains, subject to, among other items, the approval of the TSX Venture Exchange and NTI.

Forward Looking Information:

Some of the statements and information contained herein may be forward-looking information which involves known and unknown risks and uncertainties, including statements respecting the Agreement. Without limitation, statements regarding the potential acquisition of a 100% interest in the NTI Agreement, statements regarding potential mineralization and resources, proposed exploration activities and future plans and objectives of Orebodies are forward looking statements that involve various degrees of risk. The following are important factors that could cause Orebodies actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, the uncertainty of access to capital. In particular, there can be no assurance that a definitive joint venture agreement will be entered into, that TSX Venture Exchange or NTI approval of the Agreement will be obtained, or that Orebodies will undertake any or all of the issuances necessary to complete the acquisition of the 100% interest in the NTI Agreement.

Contact Information