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Canadian Orebodies acquires Goodchild Lake gold property in Ontario

Canadian Orebodies Inc. purchased the Goodchild Lake mining property that covers a highly prospective landholding in the middle of its Black Raven gold project in Ontario.

The property consists of 25 claim units covering about 400 hectares, expanding the company's landholdings in the area to over 20,000 hectares.

Orebodies bought the claims from the court-appointed receiver of Century Mining Corp. for C$40,000, the assumption of Century's 3% net smelter returns royalty obligation on the property, and settling of a portion of the receiver's expenses.

In connection with the deal, Orebodies and Teck Resources Ltd. agreed to terminate certain rights Teck had related to the property in exchange for a 0.5% net smelter returns royalty.

The company also entered into an agreement with the existing NSR holders on the property to vary the terms on which the royalty may be bought down.

In exchange for the issuance of 40,000 shares of the company, Orebodies can purchase up to two-thirds of the royalty for C$1.5 million.

"The Goodchild Lake acquisition covers a highly prospective property that hosts numerous high grade historical showings. Due to the bankruptcy proceedings these claims have not seen any follow up exploration in over a decade and a half," Orebodies President and CEO Gordon McKinnon said.