Hon. Lawrence Cannon P.C. Accepts Appointment as Canada’s Ambassador to France

OCEANIC IRON ORE CORP.

Ste. 3083 – 595 Burrard Street Vancouver, BC V7X 1L3 Tel: 604 566 9080 Fax: 604 566 9081

May 11, 2012 TSX Venture Exchange: FEO OTCQX : FEOVF

PRESS RELEASE

HON. LAWRENCE CANNON P.C. ACCEPTS APPOINTMENT AS CANADA’S AMBASSADOR TO FRANCE

Vancouver, BC, May 11, 2012 - Oceanic Iron Ore Corp. (the “Company”) announces that the Hon. Lawrence Cannon P.C. has resigned from the Board of Directors of the Company, effective May 10, 2012 as he has accepted an appointment as Canada’s ambassador to France. Mr. Cannon joined the Company’s Board of Directors in 2011.

Mr. Steven Dean, Chairman and CEO of the Company said “On behalf of the Company, I would like to sincerely thank Mr. Cannon for his insight and guidance towards the development of our project. He has tremendous experience in government at both the Federal and Provincial levels and his counsel on how we should approach development of infrastructure, in particular for our Hopes Advance Bay project, has been invaluable. We wish him well in his new and important role in representing Canada in France”.

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

On behalf of the Board of Directors

"Steven Dean"

Chairman and Chief Executive Officer +1 604 566 9080

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.