Oceanic Announces Proposed Share Consolidation

Oceanic Iron Ore Corp. (TSX VENTURE:FEO)(OTCQX:FEOVF) ("Oceanic", or the
"Company") announces that it intends to consolidate its outstanding share
capital on the basis of 10 pre-consolidation shares for 1 post-consolidation
share. 


The consolidation is expected to provide the Company with a more compact and
conventional capital structure in the current market.


The Company currently has 196,618,231 common shares issued and outstanding, and
after the consolidation, the Company will have approximately 19,661,823 common
shares issued and outstanding. The Company does not expect to change its name in
conjunction with the consolidation.


The completion of the consolidation remains subject to TSX Venture Exchange
approval.


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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Oceanic Iron Ore Corp.
Steven Dean
Chairman and Chief Executive Officer
[phone]
www.oceanicironore.com