Oceanic Iron Ore Corp.: Assay Results Return 32.6% Fe Total Over 92.9m; Results Trend with Historical Data

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2011) - Oceanic Iron Ore Corp. (TSX VENTURE:FEO)(OTCQX:FEOVF) (the "Company") is pleased to announce the third set of assay results from its 2011 resource verification program. The results of the new assays continue to correlate well to those reported historically.

This latest set of results is based on twinned drill holes in the Castle Mountain, Zone 4, and Bay Zone "F" grids of the Hopes Advance Area. Further results from these grids as well as Zone 2, Iron Valley and additional Bay Zone grids are expected to be reported in the coming weeks, as will results from targeted "step-out" drill holes which have been completed.

Comparison of Drill-Hole results – Current to Historic

2011 Results						Corresponding Historic Drill Hole Results (1954 – 1957)
DDH	From	To	T.Width	% Fe total		DDH	From	To	T.Width	% Fe Soluble
	(m)	(m)	(m)				(m)	(m)	(m)
Castle Mtn
HA-11-009A	6.00	20.00	13.79	31.9	%	P68	3.51	26.52	21.62	35.1	%
HA-11-009A	42.50	78.00	34.96	32.2	%	P68	46.53	99.67	49.84	29.7	%
HA-11-010	39.20	128.70	84.10	31.6	%	P70	39.62	89.00	48.63	35.5	%
HA-11-011	48.43	119.00	69.86	32.4	%	P67	45.72	93.27	46.83	34.4	%
HA-11-012	4.40	70.00	63.65	29.2	%	P90	4.97	79.25	73.15	29.2	%
Zone 4
HA-11-025	1.00	48.00	44.93	37.5	%	R104	1.52	48.77	45.17	36.6	%
HA-11-026	24.45	75.20	50.74	34.4	%	R120	27.43	68.58	41.15	35.3	%
HA-11-029	27.30	62.00	34.36	28.7	%	R131	4.57	70.10	64.89	28.9	%
HA-11-030	24.90	94.20	66.62	32.7	%	R132	15.24	71.63	54.21	35.0	%
Bay Zone "F"
HA-11-038	1.56	105.84	92.91	32.6	%	H148	0.00	86.56	77.12	34.8	%

Results have shown iron mineralization outcrops at the surface and continues at depth with a gentle downward dip demonstrating excellent potential for very low waste to iron stripping ratios. Furthermore, certain drill hole intersections demonstrate greater iron mineralization thicknesses than originally expected from the historical drill holes as the historical holes appear to have stopped in a lower unit of mineralisation with a slightly lower (but economic) iron grade. Drill holes HA-11-010, HA-11-011, HA-11-026, HA-11-30 and HA-11-038 have iron mineralization thicknesses varying between 9.6 m (HA-11-026) and as much as 35.5 m (HA-11-010) with total mineralized widths up to 92.9 m (HA-11-038).

Holes that have been reported to date continue to show low levels of sulphur and phosphorous.

The drilling is of NQ caliber with sample lengths being collected upto a maximum length of two meters. Assay samples collected are sent to ALS Chemex for Whole Rock analysis by lithium borate fusion and XRF (oxides), Ferrous iron by H2SO4 – HF and acid digestion and titrimetric finish, and Total Sulphur by LECO method.

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.com under 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.