VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 28, 2012) - Oceanic Iron Ore Corp. (TSX VENTURE:FEO)(OTCQX:FEOVF) ("Oceanic", or the "Company") announces that it has been advised by the Canadian Environmental Assessment Agency ("CEAA" or the "Agency") that its Project Notice ("Notice" or "Project Description") has been accepted by the Agency under the new guidelines in accordance with the Canadian Environmental Assessment Act 2012.

The acceptance of the Project Notice by the CEAA advances the project to the public consultation stage in the overall assessment process.

Steven Dean, Chairman and CEO, commented, "We are pleased that the Canadian Environmental Assessment Agency has accepted our Hopes Advance Bay Project Description. This is a critical milestone in advancing the project to future construction and production."

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

On behalf of the Board of Directors

Steven Dean, Chairman and Chief Executive Officer

Neither 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.

Contact Information:

Oceanic Iron Ore Corp.
Steven Dean
Chairman and Chief Executive Officer
+1 604 566 9080
+1 604 566 9081 (FAX)
www.oceanicironore.com