December 12, 2012 at 08:00 AM EST
Oceanic Iron Ore Corp. Announces Receipt of Guidelines From Canadian Environmental Assessment Agency

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 12, 2012) - Oceanic Iron Ore Corp. ("Oceanic", or the "Company") (TSX VENTURE:FEO)(OTCQX:FEOVF) announces that it has received environmental impact statement guidelines for the Hopes Advance project from the Canadian Environmental Assessment Agency (the "Agency"). The guidelines are the next step in the federal process subsequent to the acceptance of project description by the Agency as announced by the Company on August 28th, 2012. Receipt of the guidelines, in accordance with the 2012 Environmental Assessment Act, provides the framework upon which additional environmental assessment work will be undertaken by the Company.

Alan Gorman, President and COO commented, "This is another progressive step in advancing the Hopes Advance Project to permitting and construction and is in keeping with our overall schedule."

OCEANIC IRON ORE CORP. (www.oceanicironore.com)

On behalf of the Board of Directors

Steven Dean, Chairman and Chief Executive Officer

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact:

Oceanic Iron Ore Corp.

Steven Dean

Chairman and Chief Executive Officer

+1 604 566 9080

+1 604 566 9081 (FAX)

www.oceanicironore.com

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