Oceanic's 2012 Field Program Identifies Potential Extensions to Existing Reserves

Oceanic Iron Ore Corp. (the "Company") (TSX VENTURE:FEO)(OTCQX:FEOVF) announces
that it has received assay results related to its 2012 field program.


The 2012 field program included sampling and mapping activities as part of the
Company's requirements for claim maintenance.


During the 2012 field season a total of 151 samples were collected in the
vicinity of the Hopes Advance Bay deposits. The five areas that were sampled and
mapped focused on extensions to existing deposits and identification of
additional regional exploration targets. Results have been received for 128
samples and of the 128 samples, 100 assayed above 25% Fe. The average of samples
assayed that returned grades above 25% Fe averaged between 35% and 37% Fe. 


The results of the 2012 program are encouraging and provide areas for further
delineation in order to extend known deposits, as well as additional future
exploration targets.


Alan Gorman, Chief Operating Officer commented: "We are pleased with the results
of our 2012 claim maintenance program, as it indicates that the resource has
expansion potential which will be further explored when appropriate."


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.