Canadian Orebodies Announces Successful Completion of Summer Drill Program

Canadian Orebodies Inc. (TSX VENTURE:CO) ("Orebodies" or "the Company") is
pleased to announce the successful completion of the summer drill program at the
Haig Inlet Iron Project ("Haig Inlet"), located on the Belcher Islands in
Nunavut, Canada. In total, 6,469.6 meters (m) were drilled in 38 holes spanning
four separate target areas: Haig West, Haig South, the Haig North Extension, and
Kihl Bay. Resource and technical information gained from this program will be
used to generate an updated NI 43-101 compliant resource estimate by the first
quarter of 2013.


"This year's drill program was very successful in outlining the vast potential
that the Belcher Islands hold," said Gordon McKinnon, President & CEO of
Canadian Orebodies. "We traced the iron mineralization in a north-south
direction for 25km at Haig West, 8km at the Haig North Extension, and 10km at
Kihl Bay. Additionally we improved our understanding of the Haig South area,
where we already had a small inferred resource from last year's program."


Assays for the first 12 holes were released on October 10, 2012 and November 5,
2012, further assay results will be released when they are received.


Extension of November 19, 2012 Warrants

Canadian Orebodies also announces that it is extending the expiry date of
6,325,666 common share purchase warrants (the "Warrants") that were issued as
part of a private placement completed by the Company on November 19, 2010. The
expiry date of the Warrants has been extended by one year to November 19, 2013,
and the exercise price remains unchanged at $0.18.


Warrant holders are advised that replacement Warrant certificates will not be
issued and that the original Warrant certificates must be presented to Canadian
Orebodies in order to effect the exercise or transfer of such Warrants.


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 iron ore resource of 230 million tonnes at 35.17% Fe and an additional
inferred resource of 289 million tonnes at 35.47% Fe. Canadian Orebodies trades
on the TSXV under the symbol "CO".


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]