CO

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.



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



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".


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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