TORONTO, May 17, 2012 -- Canadian Orebodies Inc. (TSXV:CO) is a junior natural resource exploration and development company with its flagship Haig Inlet iron ore project located on the Belcher Islands in Hudson Bay in Nunavut, Canada.

The Haig Inlet project is relatively unknown, but it already has more than 500 Mt @ 35% Fe in a NI 43-101 compliant mineral resource. Further, this resource will likely increase to more than 1 billion tonnes as a result of the planned exploration of three new targets in 2012-2013.

We are initiating coverage of Canadian Orebodies Inc. with a Speculative Buy rating, and a Target Price of $0.70.

This Press Release was prepared by eResearch and was not vetted by Canadian Orebodies Inc. Further, the Recommendation and Target Price contained in this Press Release and in the Initiating Report are strictly those of eResearch and, due to securities laws, are not endorsed by Canadian Orebodies Inc.

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Bob Weir, CFA
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(416) 703-6258 Ext 221
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