Canadian Orebodies Announces Brokered Private Placement

NOT FOR DISSEMINATION TO THE UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES


Canadian Orebodies Inc. (TSX VENTURE:CO) (the "Company") is pleased to announce
it has engaged Marquest Asset Management Inc. and Secutor Capital Management
Corp. (the "Lead Agents") to conduct a brokered private placement offering of
securities of the Company (the "Offering") to raise gross proceeds of up to
$3,500,000 through the sale of flow-through units (the "FT Units") at a price of
$0.20 per FT Unit and through the sale of non flow-through units (the "Units")
at a price of $0.18 per Unit.


Each FT Unit will consist of one (1) common share of the Company issued on a
"flow-through" basis and one-half (1/2) of one common share purchase warrant
(each such whole common share purchase warrant, a "Warrant") also to be issued
on a "flow-through" basis. Each Unit will consist of one (1) common share of the
Company and one-half (1/2) of one Warrant. Each Warrant entitles its holder to
purchase one non-flow through common share at a price of $0.30 per share for a
period of eighteen (18) months from the date of issue.


The proceeds of the Offering will be used primarily for costs associated with
the exploration and advancement of the Company's Haig Inlet Iron Project and for
general working capital purposes.


In connection with the Offering, the Company will pay to the Lead Agents a fee
equal to 6% of the gross proceeds of the Offering and issue non-transferable
compensation options ("Compensation Options") to the Lead Agents equal to 6% of
the total number of FT Units and Units sold in the Offering, excluding the
portion of gross proceeds attributable to subscribers identified on a
"President's List". Each Compensation Option is exercisable to acquire one (1)
Unit at the price of $0.18 per share for a period of eighteen months from the
date of issue. It is expected that insiders of the Company will be subscribing
for securities in the Offering, on the same terms as arm's length investors.


All securities to be issued in connection with the Offering are subject to a
hold period of four months and one day from the date of issuance. Closing of the
Offering is conditional on the receipt of all required regulatory approvals,
including the approval of the TSX Venture Exchange.


About Canadian Orebodies Inc.

Canadian Orebodies is a Canadian-based mineral exploration company with a
portfolio of properties in Nunavut and Ontario. Canadian Orebodies' primary
focus is on advancing and developing its Haig Inlet Iron Ore Project, located on
the Belcher Islands in Nunavut. The Haig Inlet Iron Project is host to an
indicated mineral resource of 230 million tonnes at 35.17% Fe and an additional
inferred mineral resource of 289 million tonnes at 35.47% Fe. Canadian Orebodies
trades on the TSXV under the symbol "CO".


This press release has been prepared under the supervision of Mr. George Wahl
(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. Wahl has
verified the technical data disclosed in this press release.


For more information please visit www.canadianorebodies.com.

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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Canadian Orebodies Inc.
Gordon McKinnon
President & CEO
[phone]
www.canadianorebodies.com


First Canadian Capital Corp.
Jason Monaco
Investor Relations
[phone]
[e-mail]


First Canadian Capital Corp.
Jamie Frawley
Investor Relations
[phone]
[e-mail]