Canadian Orebodies Inc announced the results of the initial independent National Instrument 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%.

Mr Gordon McKinnon president and CEO of Canadian Orebodies said that "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. 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.