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Re:   Monday, February 06, 2012
      Canadian Orebodies Announces Initial NI 43-101 Iron Resource
      Estimate for Haig Inlet
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TORONTO, Feb 6, 2012 -- Canadian Orebodies Inc. (TSX VENTURE:CO)
("Canadian Orebodies") is pleased to announce the results of the
initial independent National Instrument (NI) 43-101 Mineral Resource
estimate using information from the 2011 drill program on the Haig
Inlet Iron Ore Project, located on the Belcher Islands in Nunavut,
Canada. The estimate was completed by G H Wahl & Associates Consulting,
and resulted in an indicated iron ore resource of 230 million tonnes at
35.17% iron and an additional inferred resource of 289 million tonnes at
35.47%.

"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."

In the summer of 2011, Canadian Orebodies completed 9,119.2 meters (64
holes) of drilling on the Haig Inlet Project. All 64 holes were focused
on the hematite rich portions of the Kipalu Iron Formation, following
up on the work previously carried out on Haig Inlet in the 1950's by
Belcher Mining Corporation Ltd. In-pit mineral resources were
delineated over an area of roughly 9 square kilometers and found to be
flat lying. The mineralization extends to the north and south of the
property, leaving potential for expansion through further drilling.
Canadian Orebodies is particularly enthusiastic about the Haig Inlet
Project because it is located adjacent to tidewater in Hudson Bay,
which opens up the possibility for direct ocean shipping to global
markets.

This resource estimate has been completed in compliance with National
Instrument 43-101 standards and the corresponding Technical Report will
be filed under the Company's profile on SEDAR within 45 days of this
news release. The resource estimate was completed by G Wahl, P. Geo.,
Principal of G H Wahl & Associates Consulting, who is a Qualified
Person as defined by National Instrument 43-101.

The current mineral resources statement for Haig Inlet is presented
below.

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Area                          Mineral Resource        Million            %Fe
                                      Category         Tonnes              
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Haig North                           Indicated            230          35.17
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Haig North                            Inferred            155          35.55
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Haig South                            Inferred            134          35.37
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Haig North                     Total Indicated            230          35.17
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Haig North & South              Total Inferred            289          35.47
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Resource Estimate Details

The mineral resource estimate for the Haig Inlet Deposit is based on
results from 64 Diamond drill holes totaling 9,119.2m and is effective
as of February 6, 2012. No cut-off was applied as the lowest grade
(27%Fe) within the modeled iron formation lies well above the economic
cut-off of 15%Fe. The mineral resources in this press release were
estimated using the Canadian Institute of Mining, Metallurgy and
Petroleum (CIM), CIM Standards on Mineral Resources and Reserves,
Definitions and Guidelines prepared by the CIM Standing Committee on
Reserve Definitions and adopted by CIM Council. The quantity and grade
of reported inferred mineral resources in this estimation are uncertain
in nature and there has been insufficient exploration to define the
inferred mineral resources as Indicated or Measured mineral resources
and it is uncertain if further exploration will result in upgrading
them to Indicated or Measured mineral resource categories. No known
environmental, legal, or political risks have been identified. In terms
of resource risk, future studies will need to assess in-pit
hydrogeology as much of the deposit is proximal to surrounding water
level.

Mineral Resource parameters:

1) A total of 179 specific gravity measurements were taken and used to
generate a Fe based regression formula where density = (0.0378(i)Fe%) +
2.2232. Waste rock was assigned a density of 2.65 g/cc.
2) Resources were modeled in vertical sections. 3D shells were
generated by linking the horizontal sections. Wireframes were
constrained to the main high grade hematite rich iron formation unit.
3) The database for the Haig Inlet North and South Deposit comprised a
total of 9,119.2m (64 DDH) of drilling with samples assayed by SGS
using XRF methods.
4) Average thickness of the high grade portion of the Kipalu Iron
Formation unit was 15m across the 9 square kilometers drilled.
5) The grade estimation was completed using ordinary kriging
interpolation and validated with drill hole - block grade comparisons
and inverse distance methods.
6) Indicated mineral resources include all mineralized blocks within an
optimized pit shell, within the mineralized solid boundary, within a
250m centered drill grid.
7) Inferred mineral resources include all mineralized blocks within an
optimized pit shell and within the variogram range.
8) Whittle pit optimization software was used to define a pit shell
used to constrain the resource estimate. Input assumptions included 50
degree pit slope, average mining cost of $2.75/tonne, processing cost
of $10/tonne of ore, general and administrative costs of $1/tonne,
process recovery of 60% and metal price of $140/dmt unit. Pit
optimization was completed by R. Carapetian (P. Eng.)

Quality Assurance and Quality Control

The scientific and technical information in this press release has been
reviewed and approved by G H Wahl, P.Geo, an Independent Qualified
Person as defined by National Instrument 43-101, and by Henry Hutteri,
P. Geo, Project Manager for Canadian Orebodies who are Qualified
Persons as defined by National Instrument 43-101. The exploration
program was directly supervised by Mr. H. Hutteri, P. Geo. Canadian
Orebodies procedures for handling drill core comprise of splitting
marked core intervals on site and sealing samples in pails and
transporting samples by charter to SGS laboratories in Sudbury for
sample preparation. The pulps are then forwarded to the SGS facility in
Lakefield for Borate Fusion Whole Rock X-Ray Fluorescence analysis and
selected trace elements ICP analysis. SGS procedures commenced with
weighing of samples and measurement of gravimetric moisture followed by
drying at 105 degrees C. This was followed by a coarse crush of up to
3-kg of sample to 75% passing 9 mesh or 2-mm. Samples were the riffle
split and 250 grams were pulverized to 200 mesh or 75- micron. A
pycnometer was used to generate density values. Loss on Ignition (LOI)
was measured at 1000 degrees C while sulphur as SO3 was measured by
Leco.

Standards were inserted at a rate of 1 in 21 while duplicate pulps were
submitted to ALS Chemex in Vancouver as independent checks at a rate of
1 in 30. All standard results were well within 1 standard deviation and
independent duplicates returned correlation coefficients above 99%
indicating acceptable accuracy and precision of assaying. Both
laboratories are accredited for the XRF assay method. These QA/QC
procedures and results indicated that the results form a reliable basis
for resource estimation.

About the Company

Canadian Orebodies Inc. 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 Project, located on the Belcher Islands in Nunavut. Canadian
Orebodies trades on the TSX Venture Exchange under the symbol "CO".

For more information please contact:

Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
(705) 268-9000
http://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.

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Copyright (c) 2012 CANADIAN OREBODIES INC. (CO)  All rights reserved.
For more information visit our website at
http://www.CanadianOrebodies.com/ or mailto:info@canadianorebodies.com
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