Oceanic Iron Ore Corp. Announces Fast Track Preparation of Pre-Feasibility Study Underway

Oceanic Iron Ore Corp. (the "Company") (TSX VENTURE:FEO)(OTCQX:FEOVF) is pleased
to announce that the fast track preparation of the Pre-Feasibility study in
respect of the Company's Hopes Advance Project, being led by Micon International
Limited ("Micon") and Montreal based Met-Chem Canada Inc. ("Met-Chem"), is
underway.


The team from Micon, which prepared the Company's Preliminary Economic
Assessment published in November 2011, is leading the overall project management
for the Pre-Feasibility study given their extensive knowledge of the Hopes
Advance Project.


Met-Chem is leading the engineering component on the Pre-Feasibility Study,
focusing on processing plant, infrastructure and metallurgical support. Met-Chem
is a renowned provider of technical services to the mining and mineral
processing sector worldwide and has performed numerous pre-feasibility and
feasibility studies in the iron ore space, in particular in Quebec.


The Company is also continuing to work with Golder Associates of Montreal to
progress the environmental and social components important for the development
of the Hopes Advance Project and AMEC International in relation to marine
facility and port logistics.


The Company expects that the Pre-Feasibility Study will be published in Q3 2012.

Steven Dean, Chairman and CEO of Oceanic noted: "With the addition of Met-Chem,
Oceanic has an extremely strong technical team taking advantage of the key
strengths of each firm for the fast track preparation of the Pre-Feasibility
Study. The study will build on the findings of the PEA published in November
2011 and further illustrate the technical and economic feasibility of developing
of the Hopes Advance Project."


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.