Ferro Announces Corporate Update

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2012) - Ferro Iron Ore Corp. (TSX VENTURE:RRO) reports the departure of Mr. Craig Lindsay from his position as Chief Executive Officer and Director of Ferro. Mr. Lindsay has tendered his resignation from the company as he intends to focus on other opportunities. Ferro is in final negotiations with a new Chief Executive Officer and expects to provide an update in due course.

The management and board of Ferro would like to thank Mr. Lindsay for his service and the contributions he has made to the company.

About Ferro Iron Ore Corp.:

As announced on November 6, 2012, Ferro Iron Ore Corp. (formally, Galena Capital Corp.) recently secured the right to acquire a highly prospective Mongolian Iron ore exploration license (No. 14491X) (the "Exploration License"). The Exploration License is located in North Central Mongolia in the heart of a proven mineralization corridor contiguous to the largest operating iron mine (Eruu Gol Mine) in the country with rail, road, power and water in very close proximity. It is along strike with other significant exploration projects including the Haranga Bayantsogt, Tumur Tolgoi and Tumurtei deposits. The licensed area is roughly 1000km from steel mills in Northern China accessible by the railway, with surplus capacity, running in front of the property. Although the company awaits completion of a 43-101 technical report, two historical diamond drill holes show significant iron intercepts including 59% Fe over 55.2 metres from 10.8 metres below surface. There is also surface exposure of branded iron skarn in trenching. The company looks to supply inland steel mills in northern China currently utilizing either very high cost domestic ores or expensive imported ores railed hundreds of kilometers from port given the significant grade and logistics cost advantages.

ON BEHALF OF FERRO IRON ORE CORP.

Mark Lotz, Director and CFO

Regulatory Statements

This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the departure of officers and directors. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the oil and gas industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.