Canadian Orebodies Announces Non-Brokered Private Placement

Canadian Orebodies Inc. (TSXV: CO) (the
"Company") is pleased to announce that it is undertaking a non-brokered
private placement (the "Offering") to raise up to $5,000,000 through
the sale of units of securities of the Company.

The Offering will be comprised of units ("Units") and flow-through
units ("Flow-Through Units"). The Units will be priced at $0.18 per
Unit with each Unit consisting of one common share of the Company
(each, a "Common Share") and one-half of one Common Share purchase
warrant of the Company (each such whole Common Share purchase warrant,
a "Warrant"). Each Warrant will be exercisable into one Common Share
for a period of 18 months from closing at an exercise price of $0.30
per share beginning on the date of the closing of the Offering. The
Flow-Through Units will be priced at $0.20 per Flow-Through Unit with
each Flow-Through Unit consisting of one Common Share issued on a
"flow-through" basis and one half of one Warrant. The expiry date of
the Warrants may be accelerated, at the option of the Company, if the
closing price of the Common Shares on the TSX Venture Exchange exceeds
$0.40 for a period of twenty consecutive trading days commencing on the
date that is four months and one day after the closing of the Offering
by giving notice to the holders thereof, in which case the Warrants
will expire on the twentieth business day after the date on which such
notice is given by the Company.

The Company will pay cash finders' fees to eligible finders for an
aggregate amount of 6% of the gross proceeds and grant non transferable
options (each, a "Finders Option") to purchase an aggregate of up to 6%
of the units of the Company (each, a "Finders Unit") placed by each
eligible finder. Each Finders Option entitles the holder thereof to
purchase one Finders Unit for a period of 18 months from the date of
issuance at the underlying price of the Unit. Each Finders Unit will be
comprised of one Common Share and one half of one Common Share purchase
warrant (each such whole Common Share purchase warrant, a "Finders Unit
Warrant"). Each Finders Unit Warrant will entitle the holder thereof to
purchase one Common Share at an exercise price of $0.30 per Common
Share for a period of 18 months from the Closing Date.

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

The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this press release.