Oceanic Iron Ore Corp.: Preliminary Review of Proposed Changes to Quebec's Mining Tax Regime Suggests No Material Impact on H...

Oceanic Iron Ore Corp. ("Oceanic", or the "Company") (TSX
VENTURE:FEO)(OTCQX:FEOVF) announces that it has undertaken a preliminary
evaluation of the announced changes to the Quebec mining tax regime and has
concluded that the proposed changes do not materially affect the economics of
its Hopes Advance project, based on the assumptions made in the Company's
Pre-feasibility Study released last fall. 


The Company's assessment, based on the proposed regime, after applying the
additional tax credits associated with processing, suggests that the after tax
project Net Present Value (8%) will decrease by approximately 2.7% or $86
million to $3.1 billion, and the resulting decrease of the project's Internal
Rate of Return is estimated at 0.2%.


As of the current date the government's proposal has not passed into law in the
Legislative Assembly. 


Alan Gorman, President/ COO indicated: "The economics of Hopes Advance are very
robust with the lowest projected cash operating costs in the province. As a
consequence this announcement really has no impact on our plans for developing
the project and certainly is not material.


Despite significant recent volatility in the markets, the iron ore price and
outlook continue to be positive relative to our projected operating costs and
should these proposed taxation measures ultimately be passed into law we do not
expect any impact on our discussions with potential strategic partners."


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
President and Chief Operating Officer
[phone]
[e-mail]


Oceanic Iron Ore Corp.
Irfan Shariff
CFO
[phone]
[e-mail]
www.oceanicironore.com