Canadian Orebodies Finalizes Deal to Vend 100% Interest of Ring of Fire Properties

Canadian Orebodies Inc. (TSX VENTURE:CO) reported that following the execution of a Letter of Intent with Hawk Uranium Inc. (TSX VENTURE:HUI) announced in Orebodies press release dated April 13, 2010, Orebodies and Hawk have executed a purchase and assumption agreement whereby Hawk will acquire 100% legal and beneficial interest in Orebodies eight 100% owned properties (subject to a 10% NPI retained by Orebodies), and 100% interest in Orebodies seven 50% owned properties (subject to a 10% NPI retained by Orebodies on the portion of those properties to be acquired by Hawk, which would be converted to a 0.15% net smelter returns royalty if Hawk’s interest in those properties is reduced to less than 10% and therefore converted to a net smelter returns royalty) held through a joint venture with Macdonald Mines Exploration Ltd. (TSX VENTURE:BMK) and Temex Resources Corp. (TSX VENTURE:TME).

The press release is quoted as saying:

This transaction provides Orebodies an opportunity to participate in the upside potential of any exploration success on the properties which Orebodies is vending, and also on those of which Hawk already owns. Orebodies in turn has expanded its exposure in the James Bay Lowlands ‘Ring of Fire’ without the associated costs, allowing Orebodies to focus on its promising Lithium/Rare Metals properties and pursue additional opportunities available to the Company.

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