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Announces Option to Acquire Wire Lake Property

Publié le 12 octobre 2016

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Re: Company News - Wednesday, October 12, 2016
Canadian Orebodies Announces Option to Acquire Wire Lake Property
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TORONTO, October 12, 2016 -- Canadian Orebodies Inc. (the "Company") is
pleased to announce the execution of an option agreement (the "Option
Agreement") with All-Terrain Track Sales & Services Ltd. (the "Vendor")
to acquire a 100% interest in 251 mineral claims located 15 kilometres
northeast of Marathon, ON, and generally referred to as the "Wire Lake
Property" (the "Property").

The Wire Lake Property

The Wire Lake Property consists of 251 claim units covering
approximately 4047 hectares that are located in the Hemlo Greenstone
Belt. The Property lies 29 kilometres to the northwest of the Hemlo
Gold Mine currently operated by Barrick Gold Corporation and 40
kilometres to the southeast of the past producing base metal mines near
Manitouwadge.

Gold was first discovered on the Property in 1985 and subsequent
exploration programs successfully encountered at least four zones of
gold mineralization (South Lake, Lucky Seven, Candlestick, and North
Hill Zones) over a 2.8 kilometre strike length. Gold mineralization at
Wire Lake has been described as being associated within a highly
altered and sheared zone of deformation known by previous workers as
the Wire Lake Shear Zone. To date, approximately only half of the
Property has seen any systematic exploration. Due to legal issues, now
resolved, the Property has remained dormant since the mid 1990's.

The Company is currently compiling all of the historical information,
the results from which will be used in targeting areas for future
exploration programs.

The Option Agreement

The Option Agreement calls for the Company to make cash payments to the
Vendor of $40,000 on signing and an additional $550,000 in aggregate
over the following five anniversary dates of the Option Agreement. In
addition, the Company issued 312,500 common shares to the Vendor. The
Vendor may elect, by written notice given to the Company prior to the
due date for any of the aforementioned cash payments, to receive, in
lieu of the cash payment, such number of the Company's common shares as
is equal to the applicable cash payment amount divided by the market
price of such shares at the date of issuance.

Upon completion of the Option Agreement, the Company will grant the
Vendor a 2.0% net smelter return ("NSR") royalty. The royalty agreement
provides that one-half of the 2.0% NSR royalty may be bought back by
the Company for a lump sum payment of $1,000,000.

About Canadian Orebodies Inc.

Canadian Orebodies is a Canadian-based mineral exploration company with
a portfolio of properties in Ontario and Nunavut. For more information
please contact:

Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
(416) 644-1747

Forward-Looking Statements

Certain information set forth in this news release may contain
forward-looking statements that involve substantial known and unknown
risks and uncertainties, including, but not limited to, exploration
results, potential mineralization, statements relating to mineral
resources, and the Company's plans with respect to the exploration and
development of its properties. These forward-looking statements are
subject to numerous risks and uncertainties, certain of which are
beyond the control of Canadian Orebodies, including, but not limited
to, the impact of general economic conditions, industry conditions,
volatility of commodity prices, risks associated with the uncertainty
of exploration results and estimates, currency fluctuations, dependency
upon regulatory approvals, the uncertainty of obtaining additional
financing and exploration risk. Readers are cautioned that the
assumptions used in the preparation of such information, although
considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on
forward-looking statements.

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