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Monday, August 29, 2011
Canadian Orebodies Provides Update On The Haig Inlet Iron Ore Drill Program
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TORONTO, Aug 29, 2011 -- Canadian Orebodies Inc. (TSXV: CO)
("Orebodies") is pleased to announce that it has completed over 5,600
meters (m) in 40 drill holes to date on Orebodies' Haig Inlet Iron Ore
Project, located on the Belcher Islands, Nunavut, Canada (the
"Property").

All 40 holes to date have been focused on the Kipalu Formation of
iron-bearing rocks, following up on the work previously carried out on
the Property in the 1950's by Belcher Mining Corporation Ltd ("BMC"),
in the central location around Haig Inlet. Of the 40 holes completed,
all have intersected iron oxide mineralization and the first 2 batches
of samples have been sent out for assay. Assay results for the first
set of holes will be released when they are received.
 
Orebodies continues drilling on the Property utilizing 3 Diamond
drills, with plans for the drilling to continue well into September for
as long as weather conditions allow, with the goal of establishing a NI
43-101 compliant resource estimate. The Property is appealing due to
the combination of its potential to host a large tonnage of iron ore
based on the historical resource estimate and the Property's proximity
to tidewater.

About the Property:
The Haig Inlet Iron Ore Project covers over 14,180 hectares on Flaherty
Island. A significant amount of exploration work, including numerous
widely-spaced Diamond drill holes, was carried out on the property
during the 1950's by Belcher Mining Corporation Ltd. ("BMC"). BMC's
exploration programs targeted the Kipalu Formation of iron-bearing
rocks containing laterally extensive magnetite (with subordinate
hematite) iron formations of the Superior type. The Property is host to
a significant unclassified historical resource estimate of 907 million
tonnes grading 27% iron as defined in the government publication,
"Northern Mineral Policy Series; NM1:  Mines and Important Mineral
Deposits of the Yukon and Northwest Territories, 1982* ".

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

For more information please contact:

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

Forward Looking Information:
Some of the statements and information contained herein may be
forward-looking information which involves known and unknown risks and
uncertainties, including statements respecting the Agreement. Without
limitation, statements regarding the potential acquisition of a 100%
interest in the NTI Agreement, statements regarding potential
mineralization and resources, proposed exploration activities and
future plans and objectives of Orebodies are forward looking statements
that involve various degrees of risk. The following are important
factors that could cause Orebodies actual results to differ materially
from those expressed or implied by such forward looking statements:
changes in the world wide price of mineral commodities, general market
conditions, the uncertainty of access to capital. In particular, there
can be no assurance that  a definitive joint venture agreement will be
entered into, that TSX Venture Exchange or  NTI approval of the
Agreement will be obtained, or that Orebodies will undertake any or all
of the issuances necessary to complete the acquisition of the 100%
interest in the NTI Agreement.

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Copyright (c) 2011 CANADIAN OREBODIES INC. (CO)  All rights reserved.
For more information visit our website at
http://www.canadianorebodies.com or email mailto:info@canadianorebodies.com
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