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Orebodies intersects disseminated to near massive sulphides with base metal mineralization at McFaulds Lake "Ring Of Fire" property

Last Update: 10/1/2008 9:20:00 AM

TORONTO, Oct. 1, 2008 (Canada NewsWire via COMTEX) -- Canadian Orebodies Inc. (TSXV: CO) ("Orebodies") is pleased to announce the discovery of an important base metal sulphide occurrence at its Caribou property located 35km southeast of the WSR-Metallex VDS (volcanogenic derived sulphide) discovery, announced May 22, 2008. The property consisting of 8 claims, 2,048 hectares, is owned 100% by Orebodies (subject to a 2% NSR, 1% each being held by Noront Resources and Temex Resources).

    
                             
SUMMARY OF DRILLING
                             
-------------------
    
TABLE 1 - CARIBOU PROPERTY TARGET 2-16
    
-------------------------------------------------------------------------
     
Hole
   
North-
  
East- North- Easting
  
Azimuth
   
Dip
  
Length
  
Observations
      
No.
    
ing
    
ing
    
ing
    
(UTM)
  
(degrees) (Deg-
  
(m)
            
local
  
local
  
(UTM)
                    
rees)
             
(m)
    
(m)
    
-------------------------------------------------------------------------
    
CO-08-04
  
200N
  
65W
  
547396
  
5880012
  
80
        
-50
  
141
  
70.6-88.3 diss.
                                          
(grid
               
iron, zinc
                                          
east)
               
sulphides
                                                              
88.3-88.7 near
                                                              
massive iron,
                                                              
zinc sulphides
    
-------------------------------------------------------------------------
    
CO-08-05
  
200N
  
65W
  
547396
  
5880012
  
80
        
-70
  
213
  
101.6-170.3
                                          
(grid
               
diss. iron,
                                          
east)
               
copper
                                                              
sulphides
                                                              
170.3-180.0
                                                              
semi-near
                                                              
massive iron,
                                                              
copper
                                                              
sulphides
                                                              
180.0-188.1
                                                              
diss. iron
                                                              
copper
                                                              
sulphides
    
-------------------------------------------------------------------------
    

Hole No. CO-08-04 was designed to test an Airborne conductor (2-16) that was traced horizontally for 600 meters in a north-south direction. The hole intersected disseminated to near massive sulphides containing disseminated sphalerite (zinc) from 70.7 to 88.7 (18.1) meters with iron sulphides (pyrite and pyrrhotite).

Hole No. CO-08-05 drilled beneath hole CO-08-04, intersected the sulphide zone from 101.6 to 188.0 (86.4) meters, this time containing minor chalcopyrite (copper) with iron sulphides (pyrite and pyrrhotite).

The holes at the Caribou Property were drilled to test an EM conductor with coincident magnetic signature. A portion of this conductor was surveyed on the ground with Max Min II EM where two distinct lenses were observed being 150m to 200m in length. The holes were drilled in the northern lens and further drilling of both EM conductors along with more detailed ground geophysics to better outline the lenses (including mise-a-la-masse resistivity methods) is recommended.

Notwithstanding the foregoing, visible observations are estimates only and pending assay results may not confirm visual observations in whole or in part. The dip and strike of the zone have not yet been determined and the true width cannot be determined at this time.

Drilling has been temporarily suspended as the company awaits assay results and has arranged further financing to proceed with more detailed drill testing on the Caribou Property. However, drilling still continues on Orebodies joint venture properties in conjunction with partners MacDonald Mines and Temex Resources, as announced Sept 24, 2008.

A second property, the Crossroads Property, was also diamond drilled to test Airborne EM anomalies 8-1 and 8-2, with two holes totalling 367.4 meters.

    
    
TABLE 2 - CROSSROADS PROPERTY TARGETS 8-1, 8-2 AND 8-3
    
-------------------------------------------------------------------------
     
Hole
   
North-
  
East- North- Easting
  
Azimuth
   
Dip
  
Length
  
Observations
      
No.
    
ing
    
ing
    
ing
    
(UTM)
  
(degrees) (Deg-
  
(m)
            
local
  
local
  
(UTM)
                    
rees)
             
(m)
    
(m)
    
-------------------------------------------------------------------------
    
CO-08-01
  
20N
  
400E
  
539146
  
5888505
  
190
      
-50
    
185
  
97.5-101.0
                                          
(grid
                
diss. - semi
                                          
south)
               
massive iron
                                                               
sulphides
                                                               
101.0-101.7
                                                               
semi-near
                                                               
massive iron
                                                               
sulphides
                                                               
101.7-114.0
                                                               
diss. iron
                                                               
sulphides
    
-------------------------------------------------------------------------
    
CO-08-02
  
95N
  
900E
  
539951
  
5890574
  
355
      
-50
  
182.4
  
No significant
                                          
(grid
                
mineralization
                                          
north)
    
-------------------------------------------------------------------------
    
CO-08-03
  
10N
  
300E
  
539386
  
5890337
  
348
      
-50/
  
18.0
  
Hole abandoned
                                          
(grid
    
-60
         
in overburden
                                          
north)
    
-------------------------------------------------------------------------
    

Hole No. CO-08-01 tested Anomaly 8.1 and encountered 16.5 meters of disseminated to near massive iron sulphides. Hole No. CO-08-02 intersected no significant mineralization in Anomaly 8-2. A third hole testing Anomaly 8-3 was lost in overburden at 18.0 meters.

Notwithstanding the foregoing, visible observations are estimates only and pending assay results may not confirm visual observations in whole or in part. The dip and strike of the zone have not yet been determined and the true width cannot be determined at this time.

Samples are currently being prepared for shipping to Activation Laboratories (an independent to the Company), in Thunder Bay, where strict quality control procedures are in place that will be administered by an independent Qualified Person.

Gordon McKinnon, Orebodies President and CEO stated "We are very encouraged by the results of our drilling to date. The presence of sulphides observed by our geologists is very positive and could be of substantial significance to the McFaulds area if the assay results returned are favourable".

The work program onsite is being directed under contract to R.S. Middleton (P.Eng.) who is an independent consultant to the Company and a "qualified person" (as such term is defined in National Instrument 43-101). R.S. Middleton has verified the data disclosed in this press release.

Forward-Looking Information:

Some of the statements and information contained herein may be forward-looking information which involves known and unknown risk and uncertainties, including statements respecting the visual potential of mineralization and resources and subsequent recommended work programs. Without limitation, 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: risk inherent in mineral exploration, risks associated with development, construction and mining operations, changes in the world wide price of mineral commodities, general market conditions and the uncertainty of access to additional capital. In particular, there can be no assurance that the visual potential for mineralization will be confirmed.

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

SOURCE: Canadian Orebodies Inc.

Gordon McKinnon, President & CEO, Canadian Orebodies Inc., (705) 268-9000,
www.canadianorebodies.com

Copyright (C) 2008 CNW Group. All rights reserved.