Central Iron Ore Ltd.: Drill Results of 7m at 27.1g/t Au Including 1m at 159 g/t Au at South Darlot Gold Project Confirm Hist...

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.


Central Iron Ore Ltd. (TSX VENTURE:CIO) ("CIO" or "the Company") is pleased to
announce that significant gold intercepts have been revealed through the
Company's recent drilling program at its South Darlot Gold Project. The results
from the first 14 holes, which included gold grades of up to 159 grams per tonne
(g/t) support historical and earlier work conducted on the project area. The
recent drilling program focused on the first 2 of the 31 gold targets identified
within the South Darlot Gold Project Area (being 24 targets located on tenements
that are the subject of the Barrick JV and 7 targets on 100% CIO owned
tenements). 


Highlights



Significant gold intercepts

--  4m at 50.3 g/t Au including 1m at 158 g/t Au from 43m.
--  7m at 27.1g/t Au including 1m at 159 g/t Au from 46m.
--  4m at 23.2 g/t Au including 1m at 81.8 g/t Au from 28m.

Endeavour Prospect

--  8 reverse circulation drill holes for 502m. 
--  1 geotechnical diamond hole tail for 52m.

Mermaid Prospect

--  6 reverse circulation drill holes for approximately 421m. 
--  1 geotechnical diamond hole tail for 42m.

Barrick Joint Venture

--  On completion of the drilling program spend the Company envisages that
    it will have earned a 51% interest in the Barrick JV tenements. CIO can
    earn an additional 19% interest (equal to a total interest of 70%) by
    spending an additional AUD$250,000.



Endeavour Prospect

The drilling at the Endeavour Prospect included 5 holes for resource definition,
2 holes for metallurgical test work and 1 diamond tail 1 hole for geotechnical
test work. A total of 554 metres were drilled at the Endeavour Prospect as part
of this program. The highlights of the drill results include:




--  4m at 50.3 g/t Au including 1m at 158 g/t Au from 43m. 
--  7m at 27.1g/t Au including 1m at 159 g/t Au from 46m. 
--  4m at 23.2 g/t Au including 1m at 81.8 g/t Au from 28m.



The drill results confirm and extend the results from historical drilling while
recent surface sampling and mapping infer further extensions. The significant
historical results for the Endeavour Prospect were:




--  4m at 70.6 g/t Au from 36m. 
--  8m at 23.6g/t Au from 34m.



The widths described are drill intersection lengths and the true widths have not
been estimated. The true widths will be estimated as part of the exploration
target process.


Note: To view the first figure associated with this release, please click the
following link: http://media3.marketwire.com/docs/cio1108a.pdf.


Geotechnical Data 

Diamond drilling at the Endeavour Prospect (END005) totalled 51.6m (40m
precollar) and intercepted the gold-hosting shear at 42m. Geotechnical rock mass
measurements have been attained from the drill core. In addition 148 orientated
discontinuity measurements were collected. Excellent drill core preservation
will ensure functional reuse of the drill core as the Endeavour Prospect
progresses.


Note: To view the second figure associated with this release, please click the
following link: http://media3.marketwire.com/docs/cio1108b.pdf.


Emperor Structure (2.5km strike length)

The recent drilling also confirmed a west-north-west (WNW) trending shear zone
named the Emperor Structure. It has been interpreted from a linear trend of
historical gold workings, gold occurrences within drill holes, as well as
observations from the diamond drill core and RC chips of the recent drilling at
the Endeavour Prospect. Interpretations generated from aeromagnetic and gravity
geophysics supports the view that the structure extends further to the WNW
ultimately causing a greater than 100m displacement of stratigraphy. The gives
the structure a 2.5km strike length, a direct association with gold endowment,
and a favourable geological setting to host significant gold accumulation.
Currently, vein-hosted gold mineralisation has been modelled at the A1 Prospect
and the Endeavour Prospect. Potential exists to explore for extensions of this
structure to the ESE as well as across strike.


A1 Prospect Historical Results

The significant historical results for the A1 Prospect were:



--  1m at 19.2 g/t Au from 22m. 
--  2m at 4.3g/t Au from 37m.



The Company envisages that an exploration target will be completed for the
Endeavour prospect in the next few weeks.


Mermaid Prospect

The drilling at the Mermaid Prospect included 3 reverse circulation drill holes
for resource definition, 2 holes for metallurgical test work and 1 diamond tail
for geotechnical test work. A total of 463 metres will drilled at the Mermaid
Prospect as part of this program. The highlight drill results include




--  3m at 1.8g/t Au including 1m at 3.8 g/t Au from 66m. 
--  1m at 1.2 g/t Au from 57m. 
--  1m at 1.6 g/t Au from 51m. 
--  1m at 1.6 g/t Au from 56m. 
--  1.35m at 1.9 g/t Au from 86.15m.



The drill results confirm the structure identified from historical drilling and
recent surface sampling and mapping. The significant historical results for the
Mermaid Prospect were:




--  5m at 348.9 g/t Au including 1m at 1510g/t Au from 79m. 
--  3m at 13.0g/t Au from 11m. 
--  4m at 13.0g/t Au from 7.9m.



The widths described are drill intersection lengths and the true widths have not
been estimated. The true widths will be estimated as part of the exploration
target process.


Geotechnical Data 

Diamond drilling at the Mermaid Prospect (MER004) totalled 42.4m (59.9m
precollar) and intercepted the gold mineralised quartz vein at 85.8m.
Geotechnical rock mass measurements have been attained from the drill core. In
addition 99 orientated discontinuity measurements were collected. Excellent
drill core preservation will ensure functional reuse of the drill core as the
Mermaid Prospect progresses.


Mermaid Structure

The recent drilling confirmed the geometry and orientation of a vein-hosted gold
structure at the Mermaid Prospect. It has been interpreted that this structure
has very high gold intercepts that are not consistent throughout the structure
(this feature is commonly known as the "nugget effect"). Future exploration is
required to quantify this effect and exploration will continue to the west, to
focus on the interpreted intersection of the Mermaid structure and the Emperor
shear zone.




Summary of Drill Results 
---------------------------------------------------------------------------
                                                                      Grade
                                            AHD                Width   (g/t
Prospect    Hole Id     Easting Northing    (RL)  From     To     (m)    Au)
---------------------------------------------------------------------------
Endeavour   END0001     6905811   328131  446.2     46     53      7   27.1
---------------------------------------------------------------------------
including                                           46     47      1  159.0
---------------------------------------------------------------------------
Endeavour   END0002     6905825   328136  446.2     28     32      4   23.2
---------------------------------------------------------------------------
including                                           29     30      1   81.8
---------------------------------------------------------------------------
Endeavour   END0003     6905804   328145  446.3     43     47      4   50.2
---------------------------------------------------------------------------
including                                           44     45      4  158.0
---------------------------------------------------------------------------
Endeavour   END0004     6905822   328153  446.3                            
---------------------------------------------------------------------------
Endeavour   END0005     6905795   328163  446.3                            
---------------------------------------------------------------------------
Endeavour   END0006     6905837   328157  446.3                            
---------------------------------------------------------------------------
Endeavour   END0007     6905816   328169  446.3                            
---------------------------------------------------------------------------
Endeavour   END0008     6905831   328173  446.3                            
---------------------------------------------------------------------------
                                                                           
---------------------------------------------------------------------------
X Endeavour WDRC0101     328138  6905812    450     36     40      3   70.6
---------------------------------------------------------------------------
X Endeavour WDR1220      328138  6905807    450     34     42      8   23.6
---------------------------------------------------------------------------
                                                                           
---------------------------------------------------------------------------
Mermaid     MER0001     6906086   327839  445.5     57     58      1    1.2
---------------------------------------------------------------------------
Mermaid     MER0002     6906082   327860  445.5     66     69      3    1.8
---------------------------------------------------------------------------
including                                           68     69      1    3.8
---------------------------------------------------------------------------
Mermaid     MER0003     6906098   327865  445.5     51     52      1    1.6
---------------------------------------------------------------------------
and                                                 56     57      1    1.6
---------------------------------------------------------------------------
Mermaid     MER0004     6906072   327875  445.6  86.15   87.5   1.35    1.9
---------------------------------------------------------------------------
and                                               88.5     89     .5    1.9
---------------------------------------------------------------------------
Mermaid     MER0005     6906094   327882  445.5                            
---------------------------------------------------------------------------
Mermaid     MER0006     6906110   327886  445.6                            
---------------------------------------------------------------------------
                                                                           
---------------------------------------------------------------------------
X Mermaid   WDRC0099     327858  6906077    450     79     84      5  348.9
---------------------------------------------------------------------------
X including                                                        1  1,510
---------------------------------------------------------------------------
X Mermaid   PDERB0002    327867  6906120    450     11     14      3   13.0
---------------------------------------------------------------------------
X Mermaid   WDRC0111     327829  6906100    450     31     35      4    7.9
---------------------------------------------------------------------------
                                                                           
---------------------------------------------------------------------------
X A1        BRC0093      327363  6906189    450     22     23      1   19.2
---------------------------------------------------------------------------
X A1        WDRC0033     327363  6906167    450     37     39      2    4.3
---------------------------------------------------------------------------
X indicates historical results
The widths described are drill intersection lengths 



Quality Control and Analytical Procedures

The Company has a rigorous QA/QC program in place to ensure best practices in
sampling and analysis of drill samples. Commercial standards, blanks and
duplicates were inserted in every batch of samples submitted for analysis in
accordance with industry practice. Gold analysis was carried out by ASL in
Kalgoorlie Western Australia, with a 30 g charge by Fire Assay with Atomic
Absorption finish method. ALS are certified and registered in each region with
global application of standard procedures and audits to maintain standard
practice throughout the laboratory network.


Summary

The Endeavour and Mermaid Prospects are a part of the Barrick JV properties. The
drilling program was carried out on mining lease 37/631. The importance of the
status of this being a granted mining lease should not be underestimated in a
development context as it gives CIO a significant cost and time advantage of the
order of 18 to 24 months.


The exceptional drill results from the Endeavour Prospect and the confirmation
of the Emperor shear zone provide CIO with a platform to rapidly explore and
exploit this target. The Company envisages that an exploration target will be
completed for Endeavour Prospect in the next few weeks.


Mr Brett Hodgins, President and CEO, said "We are delighted with the results
from the recent drilling program at our South Darlot Gold Project. Endeavour is
shaping up as a very important prospect for CIO. The high grade gold results,
combined with the prospect being on a granted mining lease, allow CIO to rapidly
add value to this asset.


I believe this to be an important moment for CIO with high grade gold discovered
close to surface, the identification of a structure which can be extended along
strike and the first stage of the Barrick JV farm-in almost complete. This
combined with our 31 targets and a large property holding of over 320km2
provides CIO with the platform to grow our gold resources rapidly."


SOUTH DARLOT GOLD PROJECT (Western Australia)

The South Darlot Gold Project area is approximately 320km northwest of
Kalgoorlie and includes:




--  The British King Mine which is 100% owned by the Company and NI43-101
    compliant. The British King Mine is 5km southwest of Barrick Gold
    Corporation Limited's Darlot Mine. The British King Mine is currently
    under care and maintenance.

--  100% CIO owned tenement package covering 324km2.

--  The Barrick JV tenements, in which CIO can earn an interest of up to
    70%.



Note: To view the third figure associated with this release, please click the
following link: http://media3.marketwire.com/docs/cio1108c.pdf.


100% CIO Owned South Darlot Gold Tenements

The Company's current 100% owned South Darlot Gold Project tenement package
covers 324km2.




------------------------------------------------------------
Project               Tenement         Status      Area (km2)
------------------------------------------------------------
South Darlot           E37/882        Granted            141
------------------------------------------------------------
South Darlot          E37/1054        Granted             33
------------------------------------------------------------
South Darlot          E37/1085        Granted             24
------------------------------------------------------------
South Darlot          E37/1086        Granted              3
------------------------------------------------------------
South Darlot          E37/1106        Granted            123
------------------------------------------------------------
British King            M37/30        Granted            0.1
------------------------------------------------------------
British King          P37/7026        Granted            0.1
------------------------------------------------------------



For the South Darlot Gold Project, the Company's strategy and objective will be
to evaluate the gold prospectivity of the region, generate targets, expand the
tenement position and acquire all access approvals. The Company currently has 7
prospective targets identified on its 100% owned tenements and will
systematically evaluate these targets over the next 12 months.


Barrick Joint Venture Tenements

The Barrick JV tenements are situated southwest of Barrick's Darlot gold mine
and are contiguous with CIO's current holdings in the area which includes the
British King Mine which is 100% owned by CIO and which is NI43-101 compliant.
The tenements covered by the Barrick Joint Venture are detailed below.




------------------------------------------------------------
Project               Tenement         Status       Area (ha)
------------------------------------------------------------
Barrick JV             M37/421        Granted            381
------------------------------------------------------------
Barrick JV             M37/552        Granted            200
------------------------------------------------------------
Barrick JV             M37/631        Granted            776
------------------------------------------------------------
Barrick JV             M37/632        Granted            595
------------------------------------------------------------
Barrick JV             M37/709        Granted             98
------------------------------------------------------------
Barrick JV            M37/1045        Granted             90
------------------------------------------------------------
Barrick JV            P37/7364        Granted            197
------------------------------------------------------------
Barrick JV            P37/7365        Granted            200
------------------------------------------------------------
Barrick JV            P37/7366        Granted            113
------------------------------------------------------------
Barrick JV            P37/7367        Granted             45
------------------------------------------------------------



For the Barrick JV tenements, the strategy and objective of CIO will be to
evaluate the gold prospectivity and deliver on target generation and access. The
Company currently has 24 targets identified on the Barrick JV tenements and will
systematically evaluate these targets over the next 12 months. CIO has
prioritised the exploration on the Endeavour Prospect. 


The Company envisages that on the completion of the current drill program spend
it will have earned a 51% interest in the Barrick JV tenements. CIO can earn an
additional 19% interest (equal to a total interest of 70%) by spending and
additional AUD$250,000.


QUALIFIED PERSON

Mr Darryl Mapleson who is a Fellow of Australasian Institute of Mining and
Metallurgy has compiled the information within this report relating to
mineralisation. Mr Mapleson has sufficient experience relevant to the style of
mineralisation and type of deposit under consideration and to the activity
currently being undertaken to qualify as a Competent Person as defined in
National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI
43-101"). 


On behalf of the Board of Directors

CENTRAL IRON ORE LTD.

Brett Hodgins, President/CEO

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of
Canadian securities laws. Although the Company believes that such information is
reasonable, it can give no assurance that such expectations will prove to be
correct. Forward-looking information is typically identified by words such as:
believe, expect, anticipate, intend, estimate, postulate and similar
expressions, or are those, which, by their nature, refer to future events. The
Company cautions investors that any forward-looking information provided by the
Company is not a guarantee of future results or performance, and that actual
results may differ materially from those in forward looking information as a
result of various factors, including, but not limited to, the state of the
financial markets for the Company's equity securities, the state of the market
for iron ore or other minerals that may be produced generally, recent market
volatility; variations in the nature, quality and quantity of any mineral
deposits that may be located, the Company's ability to obtain any necessary
permits, consents or authorizations required for its activities, to raise the
necessary capital or to be fully able to implement its business strategies and
other risks associated with the exploration and development of mineral
properties. The reader is referred to the Company's disclosure documents for a
more complete discussion of such risk factors and their potential effects,
copies of which may be accessed through the Company's page on SEDAR at
www.sedar.com.


ABN: 32 072 871 133

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