Oceanic Provides Corporate Update

Ste. 700– 1000 rue Sherbrooke W Ste. 3083 – 595 Burrard Street Montréal, QC H3A 3G4 Vancouver, BC V7X 1L3 Tel: 514 289 1183 Tel: 604 566 9080 Fax: 514 289 1188 Fax: 604 566 9081

December 15, 2016 TSX Venture Exchange: FEO

PRESS RELEASE

OCEANIC PROVIDES CORPORATE UPDATE

Montréal, QC - Oceanic Iron Ore Corp ("Oceanic" or the "Company") announced today that Alan Gorman, President and CEO of the Company has taken a temporary leave of absence for health reasons effective December 15, 2016. At the request of the Board, Mr. Steven Dean, Executive Chairman, will assume the role of President and CEO and will work with management during this period.

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

On behalf of the Board of Directors

"Steven Dean"

Executive Chairman

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.

For additional information contact:

Chris Batalha CFO and Corporate Secretary +604.566.9080