Canadian Orebodies Announces Final Set of Drill Results from Haig Inlet Iron Ore Project

TORONTO, ONTARIO–(Marketwire – Jan. 5, 2012) –Canadian Orebodies Inc. (TSX VENTURE:CO) (“Orebodies”) is pleased to announce the final set of drill results from the summer drill program at the Haig Inlet Iron Ore Project (“Haig Inlet”), located on the Belcher Islands in Nunavut, Canada. Assay results have now been received for the last eighteen holes drilled at Haig Inlet, and highlights include:

• Hole CO11-26 assayed 29.8% Fe over 32.2m, including 35.4% over 12.0m;
• Hole CO11-53, the only hole drilled on Haig South, assayed 29.3% Fe over 46.3m, including 34.0% Fe over 14.0m;
• The company remains on track to release an initial NI 43-101 compliant resource estimate during Q1/2012.

In this set of assays, the thickness of the iron formation ranges from 32.2m to 59.6m and averages 47.9m, while average grades over these intervals range from 27.0% Fe to 29.8% Fe and average 28.8% Fe.