Oceanic provides corporate update

— Photo courtesy Oceanic Iron Ore Corp.

Oceanic Iron Ore Corp. (“Oceanic”, or the “Company”) is pleased to provide a corporate update on progress in respect of the Company’s Hopes Advance project, as well as an update on management changes within the Company.

Since the Company announced the receipt of an Engineering Procurement and Construction proposal “EPC Proposal” originating from Power Construction Corporation of China’s subsidiary company Power China Huadong Engineering Company. (“Power China”), which was supported by SNC-Lavalin Inc., the Company continues its discussions with Power China in respect of commencing a Front End Engineering Design (“FEED”) program where additional detail can be undertaken and applied in support of the future requirements for project financing for the Hopes Advance Project.  Any further updates on such discussions will be provided as required.

Appointment of Interim CEO

The Company also announces that Alan Gorman has resigned as President, CEO and Director of the Company to pursue other interests.  The Company also announces that Mr. Bing Pan, formerly a consultant to the Company, and an ongoing key contributor to the Company, has accepted the position of Interim CEO.

Mr. Pan is the senior partner of Sinocan Consultant Hong Kong Limited (“Sinocan”), a consulting firm specializing in assisting Canadian companies with strategic partnership, business development, and merger and acquisition opportunities in China.

Mr. Pan has over 20 years of experience in corporate strategy, business development, consulting & advisory services in the technology, alternative energy, carbon credit and natural resources industries in China and North America.  Mr. Pan has served as a director of the board of TSXV listed Cadillac Ventures and as an advisor of the board of TSXV listed Northern Freegold.

Mr. Pan obtained his MBA degree from Richard Ivey School of Business and his Bachelor’s of Science from South China University of Technology.

Mr. Alan Gorman, President and CEO, commented: ”It is with very mixed feelings that I have taken the decision to resign my role at Oceanic in order to pursue some additional interests. Oceanic's Hopes Advance project remains a quality iron ore deposit in North America as described by the NI 43-101 PFS and further supported by the submission of the recent EPC Proposal by Power China, with support from SNC-Lavalin, and I retain full confidence that it will continue to progress through to construction. I acknowledge the counsel and wisdom of my fellow directors in providing a standard of corporate governance and a full range of ideas that in my assessment has been unparalleled in the sector for a company of Oceanic's market capitalization.

We have successfully established a network of contacts within the People's Republic of China that continues to offer possibility, and particularly so in the Company's association with Power China as the project's next step evolves to a Front End Engineering Design phase; an appropriate and prudent approach for a project of the scale and logistical intricacies of Hopes Advance. Within that context discussions continue to evolve and meeting continue to be held in China at the present moment, represented by Oceanic, in pursuit of the FEED funding on terms that are accretive to the Company's shareholders.

I continue to have confidence in the attributes of Hopes Advance and expect that the Company will succeed through to development."

Mr. Steven Dean, Executive Chairman of the Company said “The directors are very appreciative of Alan Gorman’s contributions to the Company and more particularly the progression of the Hopes Advance Project in his 5 years with the Company.  Mr. Gorman has led the charge in making significant progress with potential strategic partners to advance the project to the next step and will be missed by the Oceanic team.  On behalf of management and the directors of Oceanic, I wish him well in his future endeavors”.

OCEANIC IRON ORE CORP. (www.oceanicironore.com)