TORONTO, ONTARIO--(MARKET WIRE)--May 8, 2008 -- Canadian Orebodies Inc. (the "Company") (CDNX:CO.V - News) is pleased to announce that it has completed a brokered private placement (the "Financing") for aggregate gross proceeds of $2,997,000 through the sale of 8,988,000 units of securities of the Company (each, a "Unit") at a price of $0.25 per Unit and 2,500,000 "flow-through" units of the Company (each, a "Flow-Through Unit") at a price of $0.30 per Unit. Pope & Company Limited, which acted as agent (the "Agent") was engaged to sell the Units and Flow-Through Units offered under the Financing on a best efforts basis.

Each Unit is comprised of one common share of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant of the Company (each such whole Common Share purchase warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share for a period of 24 months from the closing of the Financing (the "Closing Date") at an exercise price of $0.40 per Common Share during the 12-month period beginning on the Closing Date ("Year 1") and $0.50 per Common Share for the 12-month period thereafter ("Year 2"), provided, however, that the expiry date of the Warrants may be accelerated, at the option of the Company, if the closing price of the Common Shares on the TSX Venture Exchange or such other exchange, market or trading or quotation facility in Canada exceeds $0.50 in Year 1 or $0.60 in Year 2 for a period of 20 consecutive trading days, commencing any time after the date that is four months and one day after the Closing Date, by giving notice to the holders thereof, in which case the Warrants will expire on the twentieth business day after the date on which such notice is given by the Company.

Each Flow-Through Unit is comprised of one Common Share issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) and one-half of one Warrant.

Gordon McKinnon, President & CEO of the Company stated: "We are thoroughly encouraged by the overwhelming demand for our company's initial financing. I believe the speed at which Pope & Company expedited the closing, as well as the participation of key industry investors, speaks to the excitement surrounding the Company's exploration focus, land package and joint venture partners in the McFauld's Lake Ring of Fire in Northern Ontario. With the funds from the Financing in place, we now focus our efforts on the Company's premier projects in the Ring of Fire."

The Company paid the Agent and members of the selling group a total cash commission equal to 8% of the aggregate proceeds of the Financing and granted them non-transferable warrants (each, an "Agent Warrant") to purchase an aggregate of up to 1,148,800 units of the Company (each, an "Agent Unit"). Each Agent Warrant entitles the holder thereof to purchase one Agent Unit for a period of 24 months at an exercise price of $0.25. Each Agent Unit will be comprised of one Common Share and one-half of one Common Share purchase warrant (each such whole Common Share purchase warrant, an "Agent Unit Warrant"). Each Agent Unit Warrant will entitle the holder thereof to purchase one Common Share for a period of 24 months from the Closing Date at an exercise price of $0.40 per Common Share during Year 1 and $0.50 per Common Share during Year 2.

The securities issued by the Company in connection with this offering are subject to a statutory hold period which expires on September 9, 2008.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

     Contacts:
     Canadian Orebodies Inc.
     Gordon McKinnon
     President & CEO
     (705) 268-9000