Oceanic Files NI 43-101 Technical Report in Respect of Hopes Advance Project

Oceanic Iron Ore Corp. (TSX VENTURE:FEO)(OTCQX:FEOVF) (the "Company") is pleased
to announce that it has filed a National Instrument 43-101 Technical Report on a
Pre-Feasibility Study ("PFS") in respect of the Company's Hopes Advance project.
The Technical Report is available on SEDAR (www.sedar.com) and on the Company's
website (www.oceanicironore.com).


The results of the PFS were announced in a press release dated September 19,
2012 and highlights of this press release are set out below. The PFS was
completed by Micon International Ltd. ("Micon") in conjunction with independent
consulting engineers and management. There are no material differences between
the results announced in the news releases and the results in the Technical
Report.




HIGHLIGHTS FROM THE PFS:

The PFS Delivers Positive Economic Results:

--  Optimal production case delivers robust economics: 
    --  Base case pre-tax NPV of $5.6 billion, pre-tax unlevered IRR of
        20.5% and levered IRR (60% debt finance) of 23.2% at a price of $100
        / tonne FOB for a 66.5% Fe concentrate; 
    --  Life of mine operating cost of approximately $30/tonne; 
    --  Initial production of 10 million tonnes of concentrate per annum
        commencing in 2017; 
    --  Expansion to production of 20 million tonnes per annum in 2027
        funded through operating cash flows, to coincide with availability
        of hydroelectric power; 
    --  Life of mine 31 years; 
    --  $2.85 billion initial capital cost inclusive of $0.93 billion
        indirect costs and contingency; 
    --  Scheduled expansion capital cost of $1.61 billion 2025 - 2026,
        including $0.49 billion indirect costs and contingencies; 
    --  Sustaining capital of $0.77 billion over life of mine. 

Additional Attributes of the Project:

--  Project implementation and development schedule independent of third
    party infrastructure: 
    --  Construction and operations to commence utilizing self-generated
        power; 
    --  Intention to connect to the Hydro Quebec grid in 2025 to support
        expansion (as reported in the Company's press release of September
        5, 2012). 

CAD $1.00 = USD $1.00

--  Projected lowest quartile operating cost per tonne resulting from "no
    rail" advantage, simple metallurgy and low waste / ore strip ratio (0.57
    : 1 in years 1 to 15 of production, 1.17 : 1 over life of mine). 

--  Pilot plant metallurgical testwork confirms product quality suitable for
    pellet or sinter feed: 
    --  66.5% Fe grade concentrate with low deleterious elements and silica
        content less than or equal to 4.5%; 
    --  High weight and Fe recoveries using a simple flow sheet. 

--  Construction of a marine facility in Hopes Advance Bay at Pointe
    Breakwater as proposed in the Company's Marine Facility and Shipping
    Logistics Study prepared by AMEC International in September 2011. 



Next Steps

With the PFS now delivered on schedule, the Company is focused on continuing to
fast-track the overall development of the Hopes Advance project. The next
significant milestones include:




--  Strategic Partnering and offtake agreements 
--  Pot Grate Pelletizing test work 
--  Completing a Feasibility Study 
--  Completing the environmental impact assessment and permitting 
--  Negotiate Stakeholder Impact and Benefits Agreement 



Eddy Canova, P.Geo. (Q403), the Exploration Manager 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, 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]
[phone] (FAX)


Oceanic Iron Ore Corp.
Alan Gorman
Chief Operating Officer
[phone]
[phone] (FAX)
[e-mail]


Oceanic Iron Ore Corp.
Stephen Roberts
Vice President - Investor Relations
[phone]
[e-mail]
www.oceanicironore.com