Oceanic Receives Letter of Intent from the Ministry of Finance and Economy of the Quebec Government for Investment in Hopes A...

Oceanic Iron Ore Corp. ("Oceanic" or the "Company")(TSX
VENTURE:FEO)(OTCQX:FEOVF) announces receipt of a Letter of Intent ("LOI")
originating from the Ministry of Finance and Economy of the Government of Quebec
with respect to its interest in participating in a minority stake investment in
Oceanic's Hopes Advance project, subject to additional future approvals of the
Government of Quebec.


The government's financial contribution will originate from the province's
Mining and Oil Capital fund ('fund") which has been allocated a budget of $ 750
million for investment in the non-renewable natural resources sector. The fund
was announced in November 2012 as part of the 2013-2014 budget speech of the
Government of Quebec. Oceanic views the Quebec Government's LOI as a critical
step in securing a senior strategic partner and in obtaining future financing
for the project's initial capital expenditures estimated at $ 2.85 billion.


In addition to the project's favorable operating costs and projected returns,
the Hopes Advance project will provide a stable economic base and job creation
in the Nunavik region of northern Quebec. The Hopes Advance project will also
construct important infrastructure in northern Quebec, including port
facilities.


In November 2012, an independent evaluation of the economic benefits of the
Hopes Advance project, led by KPMG Secor, projected the creation of added
economic value of $ 1.9 billion for Quebec in addition to job creation estimated
at 22 000 person years, providing employment benefits to other regions in the
province as well as the Inuit population of Nunavik.


The Letter of Intent from the Ministry of Finance and Economy indicates that the
terms of the financial contribution will be further defined as the Company
reaches agreement with a senior strategic partner for the project.


Steven Dean, Chairman and CEO, commented: "We are very pleased to announce that
the Ministry of Finance and Economy of the Government of Quebec has confirmed
its interest in a project level investment. This expression of support for
Oceanic's Hopes Advance project demonstrates that the development of the North
remains a Quebec government priority. Moreover, the support of the Ministry of
Finance and Economy will strengthen our ability to engage with and demonstrate
the intent of the Quebec government to potential strategic partners as part of
their due diligence that assesses, among other considerations. geopolitical and
regulatory risks. We thank the Ministry of Finance and Economy of the Government
of Quebec for its strong support and their appreciation of the significant
economic benefits associated with Oceanic's Hopes Advance project."


About Oceanic:

Oceanic is a feasibility stage company focused on the development of its 100%
owned Hopes Advance, Morgan Lake and Roberts Lake iron ore development projects
located on the coast in the Labrador Trough in Quebec, Canada. The Company is
led by a highly experienced management team that has managed, operated developed
and/or sold over $20 bn in assets. In November 2012, the Company published the
results of the pre-feasibility study completed in respect of the flagship Hopes
Advance project outlining a base case pre-tax NPV of $5.6 bn over a 30 year mine
life, supported by a NI 43-101 proven and probable reserve of approximately 1.36
bn tonnes and a life of mine operating cost of approximately $30/tonne, making
it one of the lowest cost development projects globally. The pre- feasibility
study is available for review on the Company's website (www.oceanicironore.com)
and SEDAR (www.sedar.com). Further information in respect of the Morgan Lake and
Roberts Lake projects, both of which have been explored historically and which
have defined historical resources, is also available on the Company's website.


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.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Oceanic Iron Ore Corp.
Steven Dean
Chairman and Chief Executive Officer
[phone]
604 566 9081 (FAX)


Oceanic Iron Ore Corp.
Alan Gorman
President and Chief Operating Officer
[phone]
514 289 1188 (FAX)
www.oceanicironore.com