TORONTO, ONTARIO--(Marketwire -05/15/12)- Canadian Orebodies Inc. (TSX-V: CO) ("Canadian Orebodies" or the "Company") is pleased to announce its plans for the upcoming 2012 exploration season on the Belcher Islands, Nunavut. Beginning in June, the Company intends to evaluate a number of high priority exploration targets in the areas around Haig Inlet on the Belcher Islands. The company plans to conduct the exploration drilling this season in two phases: wide-spread exploration holes on 3 separate targets, followed by infill drilling on the areas which would be most amenable to developing an open-pit mineral resource.

"This summer's exploration program will form part of a defining year for the Company and the Haig Inlet project, as we continue toward our goal of establishing the Belcher islands as Canada's next iron ore district," said Gordon McKinnon, President and CEO of Canadian Orebodies. "We are targeting 3 very large and highly prospective areas to show the wide spread iron formations on the Belcher Islands. The goal for this year is to establish a new deposit to be brought into a 43-101 resource, all while we advance the Haig Inlet deposit through our planned technical studies."

Three Large Untested Targets to be Drilled - Goal of Establishing New Deposit

The company has identified three large untested target areas that have been selected for drilling during the 2012 exploration program. Each target was selected for having the highest potential to host near surface iron mineralization that may be amenable to open pit mining.

Target 1: Haig West Property

Exploration in the 1950s by the Belcher Mining Corporation Ltd. included a number of regional magnetic surveys which identified a continuous magnetic anomaly along the western shore of Flaherty Island. In the fall of 2011, Canadian Orebodies staked 13 claims to cover this geophysical target, which lies approximately 10km to the west of the Haig Inlet Project. The magnetic anomaly contained within this claim group extends approximately 29.4km in a north-south direction and is coincident with a single exposure of the Kipalu Iron Formation mapped in 1959. The Company plans to initiate exploration of the stratigraphy on western Flaherty Island in 2012 with a magnetic survey followed by widely-spaced drill holes.

Target 2: Kihl Bay Anticline

The second target is located to the northeast of Haig Inlet and is comprised of relatively closely spaced anticlines and synclines plunging north. The Company believes the anticlines may elevate the Kipalu Iron Formation stratigraphy proximal to surface, as these folds are well defined by the Aster satellite imagery work completed by Wickert in 2007. Although the iron formation is not exposed in this area, Orebodies is excited about the possibility for significant additional iron mineralization near surface.

Target 3: Haig North Extension

The third target for further exploration is the northward extension of the Kipalu Iron Formation, which runs north for an additional 17km from the northern most 2011 drill holes. Only two areas of iron formation outcrop have been examined along this trend. One occurs near the extreme north end of the property and another near the northwestern most 2011 drill holes. Exposures in both areas are comprised of Fe-rich argillite and dip towards the east. The Company plans to drill widely-spaced holes along this 17km trend.

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Canadian Orebodies Announces 2012 Exploration Program on the Belcher Islands