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Canadian Orebodies 6% Higher After Assays Indicate Consistent Iron Levels at Haig Inlet

Canadian Orebodies Inc (CO.V) shares are drifting lower after running to a 15% gain earlier in the day after the exploration company said initial assays from its Haig Inlet iron ore project in Nunavut are averaging 29.2% iron. The stock reached 30 cents a share this morning before slowly giving up those gains and is now trading at 27.5 cents, up 1.5 cents a share in moderate volume.

Results from 14 of the 40 holes drilled this summer at the Belcher Islands location were extremely uniform with only three hole containing less than 29% iron. Average width of the intercepts were just under 45 metres, starting at around 60 meters below the ground surface.

Infill drilling is now underway for preparation of resource estimates due out in early 2012.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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