Canadian Orebodies outlines 230m tonnes iron ore at Nunavut property

The Haig Inlet Iron Ore Project contains 230 million tonnes of iron ore at 35.17% iron, a new resource estimate shows.

Canadian Orebodies (TSX-V: CO), which lists on the Toronto Venture Exchange, made the results public today after compiling the results of its 2011 drill program.

The hematite-rich property also has an inferred resource of 289 million tonnes at 35.47% Fe.

"We are extremely excited about this initial resource estimate for Haig Inlet, which we believe represents a significant first step toward establishing the Belcher Islands as a new iron ore district in Canada," says Gordon McKinnon, President and CEO of Canadian Orebodies. "The 2011 drill campaign provided us with an excellent base to build upon as we look forward to the 2012 field season."

The company failed to impress the market on the the news, however. The stock closed at 28 cents Monday, down 6.67%.

Image of the Haig camp is by Canadian Orebodies Inc.