Canadian Orebodies Inc.

Canadian Orebodies Inc.

April 03, 2009 15:45 ET

Orebodies Arranges Debt Settlement

TORONTO, ONTARIO--(Marketwire - April 3, 2009) - Canadian Orebodies Inc. (TSX VENTURE:CO) (the "Company") announces that it has reached an agreement with MacDonald Mines Exploration Ltd. ("MacDonald") and Matrix Aviation Solutions Inc. ("Matrix") to settle debts in the aggregate amounts of $112,500 and $70,000, respectively. The amounts relate to exploration services, camp and helicopter costs rendered during the Company's exploration programs in the 'Ring of Fire' area of the James Bay Lowlands, in Northern Ontario. Both MacDonald and Matrix have agreed to settle the debt in exchange for the issuance of common shares in the capital of the Company ("Common Shares") at a price of $0.075 per Common Share, for an aggregate issuance of 1,500,000 and 933,333 Common Shares, respectively.

The completion of the shares for debt settlement is subject to the approval of the TSX Venture Exchange (the "Exchange"). The company intends to apply to the Exchange for the approval of the shares for debt settlement in due course.

Forward Looking Information:

Some of the statements and information contained herein may be forward-looking information which involve known and unknown risks and uncertainties, including statements respecting that suitable targets for drilling will be identified. Without limitation, statements regarding potential mineralization and resources, proposed exploration activities, and future plans and objectives of Orebodies are forward looking statements that involve various degrees of risk. The following are important factors that could cause Orebodies' actual results to differ materially from those expressed or implied by such forward looking statements: risks inherent in mineral exploration, risks associated with development, construction and mining operations, changes in the world wide price of mineral commodities, general market conditions and the uncertainty of access to additional capital. In particular, there can be no assurance that suitable targets for drilling will be identified or that the hoped for mineralization will be confirmed.

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