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Press release from Marketwire

Oceanic Announces Hopes Advance Project to be Reviewed Under New Environmental Guidelines

Wednesday, July 18, 2012

Oceanic Announces Hopes Advance Project to be Reviewed Under New Environmental Guidelines09:23 EDT Wednesday, July 18, 2012VANCOUVER, 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 DirectorsSteven Dean, Chairman and Chief Executive Officer FOR 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.