Ferro Announces Corporate Update

Ferro Iron Ore Corp. (TSX VENTURE:RRO) reports the departure of Mr. Craig
Lindsay from his position as Chief Executive Officer and Director of Ferro. Mr.
Lindsay has tendered his resignation from the company as he intends to focus on
other opportunities. Ferro is in final negotiations with a new Chief Executive
Officer and expects to provide an update in due course.


The management and board of Ferro would like to thank Mr. Lindsay for his
service and the contributions he has made to the company.


About Ferro Iron Ore Corp.:

As announced on November 6, 2012, Ferro Iron Ore Corp. (formally, Galena Capital
Corp.) recently secured the right to acquire a highly prospective Mongolian Iron
ore exploration license (No. 14491X) (the "Exploration License"). The
Exploration License is located in North Central Mongolia in the heart of a
proven mineralization corridor contiguous to the largest operating iron mine
(Eruu Gol Mine) in the country with rail, road, power and water in very close
proximity. It is along strike with other significant exploration projects
including the Haranga Bayantsogt, Tumur Tolgoi and Tumurtei deposits. The
licensed area is roughly 1000km from steel mills in Northern China accessible by
the railway, with surplus capacity, running in front of the property. Although
the company awaits completion of a 43-101 technical report, two historical
diamond drill holes show significant iron intercepts including 59% Fe over 55.2
metres from 10.8 metres below surface. There is also surface exposure of branded
iron skarn in trenching. The company looks to supply inland steel mills in
northern China currently utilizing either very high cost domestic ores or
expensive imported ores railed hundreds of kilometers from port given the
significant grade and logistics cost advantages.


ON BEHALF OF FERRO IRON ORE CORP.

Mark Lotz, Director and CFO 

Regulatory Statements

This press release contains "forward looking information" within the meaning of
applicable Canadian securities legislation. Forward looking information
includes, but is not limited to, statements with respect to the departure of
officers and directors. Generally, forward looking information can be identified
by the use of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or variations
of such words and phrases or state that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially different from those
expressed or implied by such forward-looking information, including but not
limited to: general business, economic, competitive, geopolitical and social
uncertainties; the actual results of exploration activities; regulatory risks;
risks inherent in foreign operations; and other risks of the oil and gas
industry. Although the Company has attempted to identify important factors that
could cause actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that such
information will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward looking information. The
Company does not undertake to update any forward-looking information, except in
accordance with applicable securities laws. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Ferro Iron Ore Corp.
Mark Lotz
Director and CFO
(604) 683 - 7588
(604) 683 - 7589 (FAX)
www.ferroironore.com