Ste. 700– 1000 rue Sherbrooke W

Ste. 3083 – 595 Burrard Street

Vancouver, BC V7X 1L3

Tel: 604 566 9080

Fax: 604 566 9081

Ste. 700– 1000 rue Sherbrooke W

Montréal, QC H3A 3G4

Tel: 514 289 1183

Fax: 514 289 1188

February 1, 2017 TSX Venture Exchange: FEO

PRESS RELEASE

OCEANIC AND 154619 CANADA INC. FINALIZE SETTLEMENT OF 2016 ADVANCE ROYALTY PAYMENT

Montreal QC - Oceanic Iron Ore Corp. (“Oceanic”, or the “Company”) announces the issuance of 400,000

common shares of the Company from treasury as settlement of its $100,000 2016 advance royalty

payment to 154619 Canada Inc. (“154619”), a company controlled by Mr. Peter Ferderber.

The settlement of its advance royalty payment is pursuant to the terms of an amendment in respect of its

royalty agreement with 154619, originally announced on January 25, 2017. The price at which the

common shares were issued was $0.25.

The common shares issued by the Company in connection with the settlement of the 2016 advance royalty

payment are subject to a 4-month hold period as prescribed by the TSX Venture Exchange and applicable

securities laws.

Alan Gorman, President and CEO, commented “On behalf of management and directors, we thank Mr.

Ferderber for his unwavering support and wish him many more years marked by good health as Peter

celebrates the occasion of his 90th birthday this week”.

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

On behalf of the Board of Directors

"Alan Gorman"

President and CEO

For additional information contact:

Chris Batalha

CFO and Corporate Secretary +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

2

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 "Risks and

Uncertainties " in the Company’s MD&A filed November 24, 2016 (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.