NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES


Canadian Orebodies Inc. (TSX VENTURE:CO) (the "Company") is pleased to announce
the closing of its previously announced brokered private placement offering led
by Marquest Capital Markets and Secutor Capital Management Corp. (collectively,
the "Agents") (see the Company's news release dated November 15, 2012) (the
"Offering"), pursuant to which an aggregate of 10,000,000 "flow-through" units
of securities of the Company (each, a "FT Unit") were sold at a price of $0.20
per Unit, raising gross proceeds of $2 million. Each FT Unit consists of one
common share and one-half of one common share purchase warrant (each whole
common share purchase warrant, a "Warrant"), each issued on a "flow-through"
basis pursuant to the Income Tax Act (Canada) (the "Act"). Each Warrant entitles
the holder to purchase one common share of the Company at a price of $0.30 for a
period of 18 months from the date of issue.


The aggregate gross proceeds raised from the sale of the FT Units under the
Offering will be used by the Company to incur expenditures associated with the
exploration and advancement of the Company's Haig Inlet Iron Project, which will
constitute "Canadian exploration expenses" (as defined in the Act) and which
will be eligible for renunciation to purchasers for the 2012 taxation year.


With respect to certain subscribers, the Agents were paid a cash commission
equal to 5% of the gross proceeds of the Offering, and with respect to the
remainder of the subscribers, the Agents were paid a cash commission equal to 6%
of the gross proceeds of the Offering. The Agents were also issued an aggregate
of 570,000 non-transferable warrants of the Company (each, a "Compensation
Option"). Each Compensation Option entitles the holder thereof to acquire one
unit (each, "Compensation Unit") at a price of $0.20 until June 4, 2014. Each
Compensation Unit consists of one common share and one-half of one common share
purchase warrant (each whole common share purchase warrant, a "Compensation
Warrant"). Each Compensation Warrant has the same terms as the Warrants.


The securities issued under the Offering are subject to a hold period expiring
on April 5, 2013.


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. Canadian Orebodies trades on the TSX Venture
Exchange under the symbol "CO".


For more information please visit www.canadianorebodies.com.

This news release contains forward-looking information which is not comprised of
historical facts. Forward-looking information involves risks, uncertainties and
other factors that could cause actual events, results, performance, prospects
and opportunities to differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this news release
includes, but is not limited to, the Company's anticipated use of proceeds and
renunciation. Factors that could cause actual results to differ materially from
such forward-looking information include, but are not limited to, general
business and economic uncertainties, future mineral prices and adverse market
conditions, as well as those risks set out in the Company's public documents
filed on SEDAR. Although the Company believes that the assumptions and factors
used in preparing the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such information, which only
applies as of the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The Company
disclaims any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or otherwise,
other than as required by law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Canadian Orebodies Inc.
Gordon McKinnon
President & CEO
(705) 268-9000
www.canadianorebodies.com


First Canadian Capital Corp.
Jason Monaco
(416) 742-5600
jmonaco@firstcanadiancapital.com


First Canadian Capital Corp.
Jamie Frawley
(416) 742-5600
jfrawley@firstcanadiancapital.com