Oceanic Announces Salary Reductions, and Granting of Stock Options and Restricted Share Units

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

December 02, 2015 TSX Venture Exchange: FEO

PRESS RELEASE

OCEANIC ANNOUNCES SALARY REDUCTIONS, AND GRANTING OF STOCK OPTIONS AND RESTRICTED SHARE UNITS

Vancouver, BC - Oceanic Iron Ore Corp. (“Oceanic” or the “Company”) announces that pursuant to the Company's Stock Option Plan, a total of 840,000 incentive stock options have been granted to directors, officers, employees and consultants of the Company. The options are exercisable at a price of $0.15 per share for a period of 10 years expiring on December 02, 2025.

The Company’s officers and directors have agreed to further reductions in salaries and management fees with effect from January 1, 2016 as an additional measure focused on the Company’s ongoing efforts to preserve cash and to further reduce overhead costs going forward until market conditions improve.

Within this context and pursuant to Oceanic’s Restricted Share Unit (“RSU”) plan, the Company’s compensation committee and board of directors has authorized the granting of 1,233,333 RSUs to officers and directors of the Company.

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

On behalf of the Board of Directors

"Steven Dean"

Executive Chairman +1 604 566 9080

For additional information contact:

Alan Gorman President, Director and Chief Executive Officer +1 514 289 1183

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.