Oceanic Announces Shipping Optimization Study

Oceanic Iron Ore Corp. ("Oceanic" or the "Company") (TSX
VENTURE:FEO)(OTCQX:FEOVF) announces that it has commissioned a Shipping
Optimization Study (the "Optimization Study") to be led by AMEC and involving
end user shipping and stevedoring companies. The Study will supplement AMEC's
Marine Logistics report dated September 2011, the results of which were
summarized in the Company's Pre-Feasibility Study ("PFS") dated November 2,
2012.


AMEC has concluded that the Company's plan to ship year round to both Asia and
Europe using Cape-size vessels from its wholly owned port and processing
facility located at Ungava Bay is feasible. The Optimization Study has been
commissioned to focus on optimizing and further refining shipping approach and
incremental shipping costs, and will be a key component of the Company's
Feasibility Study.


The Optimization Study will evaluate the optimal transhipment approach for
future product deliveries to the Asian market and will refine views on
transshipment location, logistics and the incremental costs associated with
repositioning cargo from dedicated ice class vessels to market vessels at the
transhipment location. 


The Optimization Study will also further update and refine the logistics and
approach associated with direct shipments to the European market. 


At the completion of the Optimization Study, Oceanic will have established
appropriate guidance on a fully integrated shipping approach, the fleet mix of
dedicated ice class and market vessels, and incremental costs associated with
the shipment of production from Hopes Advance. It is anticipated that AMEC will
conclude the Study during the 3rd quarter of 2013.


Alan Gorman, President/ COO indicated: "This is another critical step forward in
the development of the Hopes Advance project. The involvement of end users in
collaboration with AMEC in refining the shipping considerations associated with
future production is integral to ensuring a practical and cost effective
approach to this important project transportation element."


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

On behalf of the Board of Directors

Steven Dean, Chairman and Chief Executive Officer

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