Oceanic Receives Results of Shipping Optimization Study

Oceanic Iron Ore Corp. ("Oceanic" or the "Company") (TSX
VENTURE:FEO)(OTCQX:FEOVF) announces that it has received the results of its
previously announced Shipping Optimization Study (the "Study") led by AMEC.


This Study concludes with greater certainty that the Company's shipping
strategy, which will include direct shipments during ice free months from
Breakwater Point and transshipment during winter months, is technically feasible
and supports the cost projections contained in the Company's Preliminary Marine
Facility and Shipping Logistics Study announced September 22, 2011.


The Study includes the practical perspectives, experience, and inputs provided
by shipping and transshipment companies Fednav Limited ("Fednav") Canada
Steamship Lines ("CSL"), and Europees Massagoed Overslagbedtijf ("EMO") as well
as the port authorities of Rotterdam Netherlands, Nuuk Greenland, and St. Pierre
and Miquelon.


Fednav has successfully shipped bulk concentrates in the Canadian Arctic for in
excess of fifteen years on a year round basis serving the shipping needs of
Glencore Xstrata's Raglan mine, Vale's Voisey's Bay mine, and is scheduled to
commence shipments at Jilin Jien's Canadian Royalties mine. Some of these
projects are located further north than the Company's Hopes Advance project.


Thomas Paterson, Senior Vice President of Fednav commented: "Our extensive
experience operating in the Canadian Arctic allows us to conclude that shipping
from the Hopes Advance project can be accomplished year round. Fednav looks
forward to following up our budget estimate provided for this Study by
submitting a competitive proposal for Oceanic's Hopes Advance project at a
future date and would be pleased to participate in satisfying the project's long
term shipping needs."


The Study identifies three potential transshipment locations that all result in
similar average annual shipping costs for the Hopes Advance project. These are
Nuuk Greenland, Rotterdam Netherlands, and St. Pierre and Miquelon. Each of
these presents desirable attributes for transshipment. The actual transshipment
location will be determined in consultation with the Company's future strategic
partner and will be based on the negotiated commercial terms reached with the
applicable port authority and shipping companies at a later date when the
project's partner is in place and project financing and construction are
imminent. The selected option will be included in the Company's bankable
feasibility study.


In the context of current market pricing for Capesize vessels and fuel costs, as
well as insurance, port charges, commissions, etc. in addition to the costs
associated with dedicated polar class vessels and transshipment, the Study
projects estimated average annual shipping costs of approximately $31 per tonne
of product from Nuuk, $33 per tonne from Rotterdam and $32 per tonne from St.
Pierre and Miquelon with all shipping costs based on a shipment destination to
the port of Qingdao, China via the Cape of Good Hope. As a consequence, based on
the operating cost conclusions derived from the Company's Prefeasibility Study,
in all instances the resulting cash cost CFR China is projected at less than
$65/ tonne.


In the event that some future product is sold into Europe the average annual
shipping costs would decrease. 


Alan Gorman, President/COO indicated: "We are pleased with the results of this
independent Shipping Optimization Study led by AMEC. Further defining the
shipping considerations associated with the Hopes Advance project is a critical
development in respect of the Company's objective to secure a capable strategic
partner. The involvement of Fednav, CSL, EMO, and others, adds the experience of
these very reputable organizations and practical inputs that ensure product can
be shipped at the lowest possible cost on a year round basis.


At the current spot prices of approximately $135/tonne CFR (62% Fe) and taking
into account the likely premium to spot prices to be associated with Hopes
Advance product given its quality and grade, and given a CFR cash cost
(including shipping) of under $65/tonne, the Hopes Advance project is a low cost
high margin project. We believe that this is a compelling attribute that will
attract the required investment from a strong strategic partner in due course.
While we do not necessarily agree that iron ore prices will soften considerably
Hopes Advance's position as a low cost global producer qualifies it as an
attractive investment for steel producers who are committed to improving their
margins by lowering their costs for raw materials, as well as other potential
strategic partners who see the merits in a direct ownership stake in a long
life, high quality, low cost, iron ore asset."


About Oceanic:

Oceanic is focused on the development of its 100% owned Hopes Advance, Morgan
Lake and Roberts Lake iron ore development projects located on the coast in the
Labrador Trough in Quebec, Canada. The Company is led by a highly experienced
management team that has managed, operated developed and/or sold over $20 bn in
assets. The Company published a technical report entitled "Oceanic Iron Ore
Corp. - NI 43-101 Technical Report on a Prefeasibility Study Completed on the
Hopes Advance Bay Iron Deposits Ungava Bay Region, Quebec, Canada - NTS 24M/08,
24N05" dated November 2, 2012, outlining a base case pre-tax NPV of $5.6 bn
(post-tax NPV of $3.2 bn) over a 30 year mine life, supported by a NI 43-101
proven and probable reserve of approximately 1.36 bn tonnes with a grade of
32.2% Fe (comprising 763 million tonnes of proven reserves with a grade of 32.3%
Fe and 596 million tonnes of probable reserves with a grade of 32.1% Fe) and a
life of mine operating cost of approximately $30/tonne, making it one of the
lowest cost development projects globally. The pre-feasibility study is
available for review on the Company's website (www.oceanicironore.com) and SEDAR
(www.sedar.com). Further information in respect of the Morgan Lake and Roberts
Lake projects, both of which have been explored historically and which have
defined historical resources, is also available on the Company's website.


Eddy Canova, P.Geo., OGQ(403), the Director of Exploration for the Company and a
Qualified Person as defined by NI 43-101, has reviewed and is responsible for
the technical information contained in this news release.


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

On behalf of the Board of Directors

Steven Dean, Chairman and Chief Executive Officer

This news release includes certain "Forward-Looking Statements" as that term is
used in applicable securities law. All statements included herein, other than
statements of historical fact, including, without limitation, statements
regarding potential mineralization and resources, exploration results, and
future plans and objectives of Oceanic Iron Ore Corp. ("Oceanic", or the
"Company"), are forward-looking statements that involve various risks and
uncertainties. In certain cases, forward-looking statements can be identified by
the use of words such as "plans", "expects" or "does not expect", "scheduled",
"believes", or variations of such words and phrases or statements that certain
actions, events or results "potentially", "may", "could", "would", "might" or
"will" be taken, occur or be achieved. There can be no assurance that such
statements will prove to be accurate, and actual results could differ materially
from those expressed or implied by such statements. Forward-looking statements
are based on certain assumptions that management believes are reasonable at the
time they are made. 

In making the forward-looking statements in this presentation, the Company has
applied several material assumptions, including, but not limited to, the
assumption that: (1) there being no significant disruptions affecting
operations, whether due to labour/supply disruptions, weather, damage to
equipment or otherwise; (2) permitting, development, expansion and power supply
proceeding on a basis consistent with the Company's current expectations; (3)
certain price assumptions for iron ore; (4) prices for availability of natural
gas, fuel oil, electricity, parts and equipment and other key supplies remaining
consistent with current levels; (5) the accuracy of current mineral resource
estimates on the Company's property; and (6) labour and material costs
increasing on a basis consistent with the Company's current expectations.
Important factors that could cause actual results to differ materially from the
Company's expectations are disclosed under the heading "Risks and Uncertainties"
in the Company's MD&A filed August 29, 2012 (a copy of which is publicly
available on SEDAR at www.sedar.com under the Company's profile) and elsewhere
in documents filed from time to time, including MD&A, with the TSX Venture
Exchange and other regulatory authorities. Such factors include, among others,
risks related to the ability of the Company to obtain necessary financing and
adequate insurance; the economy generally; fluctuations in the currency markets;
fluctuations in the spot and forward price of iron ore or certain other
commodities (e.g., diesel fuel and electricity); changes in interest rates;
disruption to the credit markets and delays in obtaining financing; the
possibility of cost overruns or unanticipated expenses; employee relations.
Accordingly, readers are advised not to place undue reliance on Forward-Looking
Statements. Except as required under applicable securities legislation, the
Company undertakes no obligation to publicly update or revise Forward-Looking
Statements, whether as a result of new information, future events or otherwise. 


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. 



FOR FURTHER INFORMATION PLEASE CONTACT: 
Oceanic Iron Ore Corp.
Steven Dean
Chairman and Chief Executive Officer
[phone]
[phone] (FAX)


Oceanic Iron Ore Corp.
Alan Gorman
President and Chief Operating Officer
[phone]
[phone] (FAX)
www.oceanicironore.com