Oceanic Files NI 43-101 Technical Report in Respect of Resource Estimate Update at Hopes Advance

Oceanic Iron Ore Corp. (the "Company") (TSX VENTURE:FEO)(OTCQX:FEOVF) is pleased
to announce that it has filed a National Instrument 43-101 Technical Report on
the mineral resource estimate update in respect of the Company's Hopes Advance
project, in Ungava Bay, Quebec. 


The 43-101 mineral resource estimate update was announced in a press release
dated April 2, 2012. There are no material differences between the results
announced in the news release and the results in the Technical Report. The
Updated In-Pit Mineral resource estimate for Hopes Advance is set out in Table 1
below.




Table 1 - Updated In-Pit Mineral Resource Estimate for Hopes Advance (at a
 25% Fe cut-off)                                                          
                                                                          
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                                                               Concentrate
Classification                    Tonnes         Fe (%)             Tonnes
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Measured                     720,765,000          32.4         279,806,000
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Indicated                    547,518,000          32.3         211,516,000
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M+I                        1,268,283,000          32.3         491,322,000
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Inferred                     193,403,000          32.9          75,112,000
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1.  Mineral resources which are not mineral reserves do not have
    demonstrated economic viability. The estimate of mineral resources may
    be materially affected by environmental, permitting, legal, title,
    socio-political, marketing, or other relevant issues. 
2.  The mineral resources presented here were estimated using a block model
    with parent blocks of 50 m by 50 m by 15 m sub-blocked to a minimum size
    of 25 m by 25 m by 1 m and using ID3 methods for grade estimation. A
    total of 10 individual mineralized areas were identified and each
    estimated into a separate block model. Given the continuity of the iron
    assay values, no top cuts were applied. All resources are reported using
    an iron cut-off of 25% within Whittle optimization pit shells and a
    mining recovery of 100%. 
3.  The quantity and grade of reported inferred resources in this estimation
    are uncertain in nature and there has been insufficient exploration to
    define these inferred resources as an indicated or measured mineral
    resource and it is uncertain if further exploration will result in
    upgrading them to an indicated or measured mineral resource category. 
4.  The mineral resources in this press release were estimated using the
    Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM
    Standards on Mineral Resources and Reserves, Definitions and Guidelines
    prepared by the CIM Standing Committee on Reserve Definitions and
    adopted by CIM Council November 27, 2010.



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.


The full National Instrument 43-101 Technical Report is available on the
Company's website (www.oceanicironore.com) and on SEDAR (www.sedar.com).


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 "Risk Factors" in the Company's Filing Statement
dated November 22, 2010 (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 Toronto Stock 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.