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Canadian Orebodies to Vend 100% Interest of Ring of Fire Properties
Apr. 14, 2010 08:58PM PST
Battery MetalsCanadian Orebodies Inc. (TSX VENTURE:CO) reported that the company has entered into a Letter of Intent with Hawk Uranium Inc. (TSX VENTURE:HUI) whereby Hawk will acquire 100% legal and beneficial interest in Orebodies eight 100% owned properties, and 100% interest in Orebodies seven 50% owned properties (subject to a 5% 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).
Canadian Orebodies Inc. (TSX VENTURE:CO) reported that the company has entered into a Letter of Intent with Hawk Uranium Inc. (TSX VENTURE:HUI) whereby Hawk will acquire 100% legal and beneficial interest in Orebodies eight 100% owned properties, and 100% interest in Orebodies seven 50% owned properties (subject to a 5% 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:
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.
Click here to access the entire press release