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Press release from Marketwire

Oceanic Awards Completion of Environmental Impact Study Work to GENIVAR

Tuesday, September 11, 2012

Oceanic Awards Completion of Environmental Impact Study Work to GENIVAR08:00 EDT Tuesday, September 11, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2012) - Oceanic Iron Ore Corp. ("Oceanic" or the "Company") (TSX VENTURE:FEO)(OTCQX:FEOVF) announces that it has awarded the completion of its Environmental Impact Assessment ("EIA") and permitting work to Quebec based GENIVAR Inc.GENIVAR has led or been involved with the EIA and permitting of most major mining projects that have been brought into production in the province of Quebec during the course of the past five years. These include, among others, Osisko's Canadian Malartic mine, the Bloom Lake mine in the Labrador trough, and Canadian Royalty's Nunavik Nickel project north west of Hopes Advance.Oceanic has been taking a fast track approach to the Company's Hopes Advance Bay project and Genivar has indicated that it anticipates that permitting of the project is achievable during the first half of 2014 which would allow Oceanic to meet its current construction and production schedule.Alan Gorman, Chief Operating Officer, indicated: "We are pleased to have GENIVAR as part of our consulting team. Their impressive track record in Quebec with environmental impact and permitting work will help ensure that the Hopes Advance project is permitted on schedule."Andre-Martin Bouchard, Vice President Environment, GENIVAR, added: "We are pleased that Oceanic has placed its confidence in GENIVAR. We are confident that Oceanic's schedule objectives are reasonable and achievable. We believe that with Oceanic's advantage of being decoupled from the existing rail and port infrastructure in the Labrador trough, and its independence in respect of its own infrastructure, that it is uniquely distinct in respect of the infrastructure required to transport iron ore and is probably the next new iron ore project that will reach commercial production in the northern portion of the trough."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)ORStephen RobertsOceanic Iron Ore Corp.Vice President - Investor Relations+1 604 609 6130sr@oceanicironore.comwww.oceanicironore.comORAndre-Martin BouchardGENIVAR INC.Vice President, Environment+1 514 343 0773 ext. 5114www.genivar.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.