TORONTO, July 8 /CNW/ - Canadian Orebodies Inc. (TSXV: CO) ("Orebodies")
is pleased to announce that it has entered into a Letter of Intent ("LOI")
with East West Resource Corporation ("East West") to purchase an 80% legal and
beneficial interest in 96 claim units comprising 1,536 hectares in the James
Bay Lowlands near the Norton Lake 43-101 Ni-Cu-Co-PGE deposit.
In order to complete the purchase, Orebodies is required to pay to East
West $10,000 cash, issue to East West an aggregate amount of 280,000 common
shares of Orebodies and to commission a VTEM airborne survey on the property.
East West will hold a 20% carried interest in the property until a Bankable
Feasibility study is produced.
Orebodies is pleased to be partnering with East West and is excited about
adding more Ni-Cu potential projects to its portfolio.
Closing of the transaction remains subject to the approval of the TSX
Venture Exchange and execution of a definitive purchase agreement.
Forward Looking Information:
Some of the statements and information contained herein may be
forward-looking information which involve known and unknown risks and
uncertainties, including statements respecting the proposed acquisition of the
claim units pursuant to the purchase. Without limitation, statements regarding
the potential purchase from East West 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 the definitive purchase agreement will be entered
into, that TSX Venture Exchange approval of the purchase will be obtained, or
that Orebodies will undertake any or all of the payments or issuances
necessary to complete the purchase.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Gordon McKinnon, President & CEO, Canadian
Orebodies Inc., (705) 268-9000