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Press release from Marketwire

Oceanic Iron Ore Corp.: Hon. Lawrence Cannon P.C. Accepts Appointment as Canada's Ambassador to France

Friday, May 11, 2012

Oceanic Iron Ore Corp.: Hon. Lawrence Cannon P.C. Accepts Appointment as Canada's Ambassador to France14:40 EDT Friday, May 11, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 11, 2012) - Oceanic Iron Ore Corp. (TSX VENTURE:FEO)(OTCQX:FEOVF) (the "Company") announces that the Hon. Lawrence Cannon P.C. has resigned from the Board of Directors of the Company, effective May 10, 2012 as he has accepted an appointment as Canada's ambassador to France. Mr. Cannon joined the Company's Board of Directors in 2011.Mr. Steven Dean, Chairman and CEO of the Company, said, "On behalf of the Company, I would like to sincerely thank Mr. Cannon for his insight and guidance towards the development of our project. He has tremendous experience in government at both the Federal and Provincial levels and his counsel on how we should approach development of infrastructure, in particular for our Hopes Advance Bay project, has been invaluable. We wish him well in his new and important role in representing Canada in France."OCEANIC IRON ORE CORP. (www.oceanicironore.com)On behalf of the Board of DirectorsSteven Dean, Chairman and Chief Executive OfficerFOR FURTHER INFORMATION PLEASE CONTACT: Steven DeanOceanic Iron Ore Corp.Chairman and Chief Executive Officer+1 604 566 9080+1 604 566 9081 (FAX)www.oceanicironore.comNeither 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.