VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 18, 2012) - Oceanic Iron Ore Corp. ("Oceanic", or the "Company") (TSX VENTURE:FEO)(OTCQX:FEOVF) announces that it has been advised by the Canadian Environmental Assessment Agency (the "Agency") that the Company's Hopes Advance project will be reviewed under new guidelines in accordance with the Canadian Environmental Assessment Act 2012. The Company has been advised by the government authorities representing the Agency that while there is a requirement for resubmission of the Company's Project Notice, the overall completion dates should be maintained.

The Company views the legislation enacted by the federal government as positive as it streamlines the overall environmental assessment process and protracts the timelines that prevailed in the previous legislation. Moreover, the Company does not anticipate any delays in arriving at the end point in respect of its environmental assessment for its Hopes Advance project and anticipates a more fluid progression of this critical aspect of developing the project.

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

On behalf of the Board of Directors

Steven Dean, Chairman and Chief Executive Officer

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