Oceanic Iron Ore Corp.

Oceanic Iron Ore Corp.

May 06, 2011 08:00 ET

Oceanic Iron Ore Corp. Announces Appointment of AMEC to Produce Marine Facility Study

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2011) - Oceanic Iron Ore Corp. (the "Company") is pleased to announce the appointment of AMEC Limited (AMEC) to produce a marine facility study (the "Study") which will define the requirements for onshore infrastructure, port facilities and ocean transportation logistics in respect of the Company's Ungava Bay iron ore properties (the "Properties").

AMEC will work closely with the Fednav Group, a leader in international shipping, in defining transport and logistics requirements in relation to the marine facility. Findings from the Study will be incorporated into the Company's Scoping Study which is targeted for release later this year.

Steven Dean, Chairman and CEO of Oceanic noted: "AMEC is one of the world's leading engineering groups. They have extensive experience in the design and development of northern ports and marine infrastructure, and we believe this extensive experience will help to ensure a thorough analysis of our port and shipping options."

Company Overview

Oceanic Iron Ore Corp. is an exploration and development company focused on the development of the Ungava Bay iron ore properties. The Properties comprise three groups of deposits (Roberts Lake area, Morgan Lake area and Hopes Advance Bay area) which cover over 300 km strike of Lake Superior Type iron formation along the northern extension of the Labrador Trough in the Nunavik region of northern Quebec. The Properties are the subject of a National Instrument 43-101 technical report prepared by Micon International Limited ("Micon") of Toronto, Ontario, which is available for review on the Company's website (www.oceanicironore.com) and on SEDAR (www.sedar.com).

Historic Resources

DepositHistoric Resource
(million tonnes
)Head IronExploration
Roberts Lake Area1,251.6*35.9% (Sol Fe)975,115
Morgan Lake Area611.8*22.2%
(Mag Fe)**
Hopes Advance Area819.5*35.5% (Sol Fe)18512,935
Total2,682.9*32.7% (Avg Fe)32721,711
* These are historical resource estimates that do not comply with the current Canadian Institute of Mining, Metallurgy and Petroleum Resources (CIM) Definition Standards on Mineral Resources and Mineral Reserves as required by National Instrument 43-101 (NI 43-101) Standards of Disclosure for Mineral Projects. A Qualified Person has not done sufficient work to upgrade or classify these historical resource estimates as current NI-43-101 compliant mineral resources. The issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon. The Roberts Lake historic resource was reported in 1970 from drilling in the late 1950s, the Morgan Lake historic resource was reported in 1957 and 1964, and the Hopes Advance historic resource was reported in 1958. Further information in respect of these historic resources is outlined in a 43-101 technical report prepared by Micon dated Oct. 29, 2010, available on SEDAR.
** Sol Fe is soluble iron, Mag Fe is magnetic portion only.

Eddy Canova, P.Geo., the Exploration Manager for the Company and a Qualified Person as defined by NI 43-101, has reviewed and is responsible for the technical information contained in this news release.

Oceanic Iron Ore Corp. (www.oceanicironore.com)

On behalf of the Board of Directors

Steven Dean, Chairman and Chief Executive Officer

This news release includes certain "Forward-Looking Statements" as that term is used in applicable securities law. All statements included herein, other than statements of historical fact, including, without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of Oceanic Iron Ore Corp. ("Oceanic", or the "Company"), are forward-looking statements that involve various risks and uncertainties. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "scheduled", "believes", or variations of such words and phrases or statements that certain actions, events or results "potentially", "may", "could", "would", "might" or "will" be taken, occur or be achieved. There can be no assurance that such statements will prove to be accurate, and actual results could differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions that management believes are reasonable at the time they are made. In making the forward-looking statements in this presentation, the Company has applied several material assumptions, including, but not limited to, the assumption that: (1) there being no significant disruptions affecting operations, whether due to labour/supply disruptions, damage to equipment or otherwise; (2) permitting, development, expansion and power supply proceeding on a basis consistent with the Company's current expectations; (3) certain price assumptions for iron ore; (4) prices for availability of natural gas, fuel oil, electricity, parts and equipment and other key supplies remaining consistent with current levels; (5) the accuracy of current mineral resource estimates on the Company's property; and (6) labour and material costs increasing on a basis consistent with the Company's current expectations.

Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" in the Company's Filing Statement dated November 22, 2010 (a copy of which is publicly available on SEDAR at www.sedar.comunder the Company's profile) and elsewhere in documents filed from time to time, including MD&A, with the Toronto Stock Exchange and other regulatory authorities. Such factors include, among others, risks related to the ability of the Company to obtain necessary financing and adequate insurance; the economy generally; fluctuations in the currency markets; fluctuations in the spot and forward price of iron ore or certain other commodities (e.g., diesel fuel and electricity); changes in interest rates; disruption to the credit markets and delays in obtaining financing; the possibility of cost overruns or unanticipated expenses; employee relations. Accordingly, readers are advised not to place undue reliance on Forward-Looking Statements. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise Forward-Looking Statements, whether as a result of new information, future events or otherwise.

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
    604 566 9080
    604 566 9081 (FAX)