Oceanic Provides Notice to Sino-Canada of Repayment of Convertible Debenture IN Common Shares

November 17, 2017 TSX Venture Exchange: FEO

PRESS RELEASE

OCEANIC PROVIDES NOTICE TO SINO-CANADA OF REPAYMENT OF CONVERTIBLE DEBENTURE IN

COMMON SHARES

Vancouver, BC - Oceanic Iron Ore Corp. (TSX-V: FEO) (“Oceanic”, or the “Company”) announces that

pursuant to the terms of a convertible debenture issued by the Company to Sino-Canada Natural

Resources Fund I (“Sino-Canada”) on May 23, 2013 and amended under an Amendment Agreement dated

for reference on September 18, 2015 (the “Debenture”), Oceanic has provided formal notice to Sino-

Canada that the Company will repay the remaining principal and interest balance of the Debenture, by

way of issuance of 16,734,703 common shares of the Company from treasury, in lieu of cash, on

November 23, 2017 being the maturity date of the Debenture.

The amount to be repaid of $2,043,307.26 comprises a principal balance owing of $2,025,329 plus accrued

and unpaid interest up to the maturity date of $17,978.26. As dictated by the terms of the Debenture,

the conversion price is based on the volume weighted average share price during the 20 trading days

ending on the day before the Company provided notice of its intent to repay the Debenture in common

shares of the Company, being $0.1221.

The repayment of accrued and unpaid interest charges remains subject to regulatory approval.

Further updates will be provided in due course.

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

On behalf of the Board of Directors

"Steven Dean"

Chairman

+604 566-9080

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

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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 "Risks and

Uncertainties " in the Company’s MD&A filed August 23, 2017 (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 TSX Venture 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.