Canadian Orebodies Drills Widespread Tantalum Mineralization on Zigzag Property

Fri Mar 18, 2011 1:16pm EDT

* Reuters is not responsible for the content in this press release.

  TORONTO, ONTARIO, Mar 18 (MARKET WIRE) -- 
Canadian Orebodies Inc. (TSX VENTURE: CO) ("Orebodies") is pleased to
announce assay results which demonstrate a zone of strong tantalum values
over a 670 meter strike length from the initial drilling program on the
Tebishogeshik showing on its Zigzag Tantalum/Lithium and Rare Metals
property (the "Property") under option from Ultra Lithium Inc. (TSX
VENTURE: ULI) ("Ultra"). The Property is subject to an Option Agreement
with Ultra and the underlying property owners to acquire an 80% legal and
beneficial interest (subject to a 2% NSR retained by the Owners, 50% of
which can be purchased by Orebodies for $1,000,000).

Highlights


--  Hole CO-10-008 assayed 299.07 ppm Ta2O5 over 6.92 meters, which includes
    399.82 ppm Ta2O5 over 2.92 meters. 

--  Hole CO-10-007 assayed 197.29 ppm Ta2O5 and 1.08 % Li2O over 6.1 meters,
    which includes 240.18.29 ppm Ta2O5 and 1.49 % Li2O over 3.05 meters. 

--  Hole CO-10-010 assayed 237.68 ppm Ta2O5 over 3.65 meters. 

--  Zone of strong tantalum enrichment over a 670 meter strike length. 


    Zigzag Property Overview

    The Property in total consists of 129 claim units comprising 2,064
hectares, located approximately 60 km northeast of Armstrong, Ontario.
The property is host to 5 historical lithium and rare metal showings of
consequence.

    Historical highly anomalous tantalum and cesium values are notably
widespread on the property and indicate a high potential for zoned,
complex-type pegmatites enriched in tantalum and cesium. Complex-type
pegmatites are excellent targets for economic deposits of lithium,
tantalum, cesium and rubidium such as the Tanco pegmatite in Manitoba.

    Zigzag Drilling Overview

    There were a total of 8 short holes drilled on the Tebishogeshik showing
on the Zigzag property, totalling 484.6 meters during Orebodies initial
program. Each hole drilled intersected pegmatite which demonstrates
approximately 670 meters of strike length from hole CO-10-008 on the west
to CO-10-011 on the East end. Results from every hole, except CO-10-004,
demonstrate there is a zone of strong tantalum enrichment with highly
anomalous values for other rare metals. Due to the fact that CO-10-004
assayed uncharacteristically low in tantalum values it is being sent back
to the lab to be re-assayed.

    Gordon McKinnon, President & CEO commented "This initial drill program
was very successful in demonstrating that there is a significant tantalum
mineralization zone on the Zigzag property that extends for 670 meters
and remains open in all directions." Gordon McKinnon further commented
"It should be noted that tantalum prices have been increasing
significantly in the past year and are anticipated to remain at these
elevated levels for some time as numerous constraints continue to put
pressure on the tantalum market."

    TABLE 1 - HIGHLIGHTED DRILLING ASSAYS FOR TEBISHOGESHIK SHOWING


----------------------------------------------------------------------------
Channel #          From    To Width  Ta2O5 Li2O     Be     Cs     Nb      Rb
                    (m)   (m)   (m)  (ppm)  (%)  (ppm)  (ppm)  (ppm)   (ppm)
----------------------------------------------------------------------------
CO-10-005         10.73 21.10 10.37  86.92 0.27  36.07 132.40  32.65  803.35
----------------------------------------------------------------------------
  Including       10.73 14.48  3.75 192.79 0.45  79.05  71.93  58.91  870.93
----------------------------------------------------------------------------
CO-10-006         19.80 22.40  2.60 123.87 0.74 115.60  54.46  81.30 1201.54
----------------------------------------------------------------------------
CO-10-006         28.50 30.50  2.00 170.34 0.06 100.35  80.05 100.65  940.00
----------------------------------------------------------------------------
CO-10-007         12.45 18.55  6.10 197.29 1.08 114.07  56.55  69.33 1090.25
----------------------------------------------------------------------------
  Including       12.45 15.50  3.05 240.18 1.49 146.80  39.07  82.42  580.00
----------------------------------------------------------------------------
CO-10-008         11.50 18.42  6.92 299.07 0.40  35.83 123.97  67.30 1434.88
----------------------------------------------------------------------------
  Including       15.50 18.42  2.92 399.82 0.58  62.76 118.26  87.37 1522.74
----------------------------------------------------------------------------
CO-10-009         10.50 18.65  8.15 188.17 0.35 140.62  51.87  69.55 1079.26
----------------------------------------------------------------------------
CO-10-010         34.20 37.85  3.65 237.68 0.93  96.62  64.06 105.40 1102.19
----------------------------------------------------------------------------
CO-10-011         14.50 18.56  4.06 106.08 0.27 194.10  64.12  84.38 1618.28
----------------------------------------------------------------------------
CO-10-011         39.50 41.95  2.45 223.44 0.07 126.92 248.98  46.78  859.98
----------------------------------------------------------------------------


    (Widths above are the intercepted widths of the mineralized zone, true
widths are not known at this time.)

    Tantalum Information

    Tantalum is a specialty metal which is highly corrosion resistant and has
the highest ability to hold and release electricity. These
characteristics make it essential for electronic devices (tantalum
capacitors) and specialty applications such as jet engines. Several
events in the global market have caused the price of tantalum to increase
significantly as of late, mainly the fact that two of the largest
producers have shut down (Tanco deposit in Canada and Talison Tantalum in
Australia) which represents nearly half of the world market. These
shutdowns have led to a global supply that has fallen behind demand and
the market now requires additional production from new projects.

    Orebodies Zigzag property is very interesting for the fact that besides
high grade lithium, tantalum could have one of the most considerable
economic benefits as historically there have been a significant amount of
samples collected that demonstrate widespread, high grade results. Breaks
(2003) stated that individual analysis from the Tebishogeshik Lens 3
exceeded 80 wt % Ta2O5 and were amongst the highest documented in
lithium-rich pegmatite of Ontario.(i)

    (i)(historical in nature and not 43-101 compliant and therefore should
not be relied upon.)

    It should be noted that typically samples with higher tantalum values
tend to have low lithium values as is representative of sodic aplite and
albitite-rock units that represent significant host- rocks for tantalum
mineralization. This is demonstrated by the Tanco Mine in Manitoba and
the Wodgina and Greenbushes Mines of Western Australia. However, there
are samples with high lithium values that also carry strong anomalous
tantalum.

    A thorough quality control program is in effect which includes inserting
standards and blanks alternating every 25 samples. All samples were
submitted to ALS and analyzed using four acid digestion and ICP-MS. For
more information on assay methodology please visit the ALS Laboratory
Group. Website at http://www.alsglobalcom.

    This press release has been prepared under the supervision of Mr. Don
Hains (P.Geo.)., who is an independent consultant to the Company and a
"qualified person" (as such term is defined in National Instrument
43-101). Mr. Hains 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.

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

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