Oceanic Announces Results of Process and Product Optimization Study

Oceanic Iron Ore Corp. (TSX VENTURE:FEO)(OTCQX:FEOVF) ("Oceanic", or the
"Company") announces that it has received the results of its study ("Study") for
the optimization of product and process for its Hopes Advance project from
Met-Chem Canada Inc. ("Met-Chem") with the associated laboratory test work
completed by SGS Mineral Services Lakefield ("SGS").


Oceanic initiated the Study earlier this year to provide the Company with a
comprehensive understanding of the full range of the process and product
capabilities for the Hopes Advance project in order to ensure the broadest base
for future off-take product agreements, including the maximization of potential
premiums.


The Study illustrates the flexibility and marketability of the Hopes Advance
project across a range of potential strategic partners and potential off-take
customers.


In particular, the Study concludes that with minor alterations to the grinding
process, as well as some minor changes to the downstream material handling
system, the Hopes Advance project is capable of producing 2.4 million tonnes per
annum of its initial 10 million tonnes per annum output (4.8 million tonnes per
annum post expansion) of sinter quality product, at a 5.5% silica target. The
total percentage of sinter product could potentially be optimized further if
future customers have a higher silica tolerance in their blast furnace
operations.


Previous pilot plant test work determined that, based on the particle size
distribution before optimization, Hopes Advance ores are capable of
concentration to produce sinter feed in addition to pellet feed. 


As previously indicated, Oceanic's Hopes Advance concentrates are clean, high
grade concentrates which have a low work index. 85% of the iron ore concentrate
will be produced by low cost spiral gravity separation, while the remaining 15%
will be produced by low intensity magnetic separation. The product will average
66.6% Fe, less than 4.5% Si for pellet feed and 5.5% Si for sinter feed, and
very low values on other trace elements in both cases. The results of the Study
for Sinter production are summarized as follows:


Table 1 - Product Results for Sinter Production for the Hopes Advance Project



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Element                        Base. %             Max. %            Min. %
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Fe Total                          65.5                 67                65
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SiO2                               5.5                  6                  
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MnO                               0.16               0.35                  
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Al2O3                             0.01               0.02                  
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C(t)                               0.1                0.2                  
---------------------------------------------------------------------------
CaO                               0.27                0.3                  
---------------------------------------------------------------------------
Cr2O3                             0.01               0.02                  
---------------------------------------------------------------------------
Cu                      less than 0.01               0.01                  
---------------------------------------------------------------------------
Hg                   less than 0.00003            0.00003                  
---------------------------------------------------------------------------
K2O                     less than 0.01               0.01                  
---------------------------------------------------------------------------
MgO                               0.08               0.15                  
---------------------------------------------------------------------------
Na2O                              0.05                0.1                  
---------------------------------------------------------------------------
P2O5                              0.01               0.02                  
---------------------------------------------------------------------------
S                                 0.03               0.05                  
---------------------------------------------------------------------------
TiO2                    less than 0.01               0.01                  
---------------------------------------------------------------------------
V2O5                    less than 0.01               0.01                  
---------------------------------------------------------------------------
LOI                               0.25                0.5                  
---------------------------------------------------------------------------



The results of the current Study supplement the conclusions reached in the
Company's Pre-Feasibility study published in November, 2012.


Alan Gorman, President/ COO indicated: "We are pleased with the results of this
Study and the work performed by Met-Chem and SGS. This latest Study provides the
Company with a more comprehensive understanding of the full range of product and
process capabilities and is relevant to current discussions with potential
strategic partners focused on sinter production capabilities. This Study
provides Oceanic with the supporting data and conclusions to aid in the due
diligence process by potential strategic partners and future off-takers."


Eddy Canova, P.Geo., 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.


About Oceanic:

Oceanic is a feasibility stage company 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. In November 2012, the Company published the
results of the pre-feasibility study completed in respect of the flagship Hopes
Advance project outlining a base case pre-tax NPV of $5.6 bn over a 30 year mine
life, supported by a NI 43-101 proven and probable reserve of approximately 1.36
bn tonnes 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.


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,
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.





FOR FURTHER INFORMATION PLEASE CONTACT: 
Oceanic Iron Ore Corp.
Steven Dean
Chairman and Chief Executive Officer
[phone]
604 566 9081 (FAX)


Oceanic Iron Ore Corp.
Alan Gorman
President and Chief Operating Officer
[phone]
514 289 1188 (FAX)
www.oceanicironore.com