NOT FOR DISSEMINATION INTO THE UNITED STATES OF AMERICA OR DISTRIBUTION TO U.S.
NEWSWIRE SERVICES


Canadian Orebodies Inc. (TSX VENTURE:CO) (the "Company") is pleased to announce
that it has closed on its first tranche of a non-brokered private placement (the
"Financing") for aggregate gross proceeds of $3,010,000 through the sale of
7,055,556 units of securities of the Company (each, a "Unit") at a price of
$0.18 per Unit and 8,700,000 "flow-through" units of the Company (each, a
"Flow-Through Unit") at a price of $0.20 per Flow-Through Unit.


Each Unit is comprised 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 the closing of
the Financing (the "Closing Date") at an exercise price of $0.30 per share. Each
Flow-Through Unit is comprised of one Common Share issued on a "flow-through"
basis pursuant to the Income Tax Act (Canada) 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 20 consecutive trading days commencing on the date that is four
months and one day after the Closing Date 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 paid cash finders' fees in the aggregate amount of $26,400 and
granted non-transferable options (each, a "Finders Option") to purchase an
aggregate of up to 132,000 units of the Company (each, a "Finders Unit"). Each
Finders Option entitles the holder thereof to purchase one Finders Unit for a
period of 18 months from the Closing Date at an exercise price of $0.18. 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 securities issued by the Company in connection with this offering are
subject to a statutory hold period which expires on October 29, 2012.