Oceanic Provides Corporate Update

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

June 14, 2017 TSX Venture Exchange: FEO

PRESS RELEASE

OCEANIC PROVIDES CORPORATE UPDATE

Vancouver, BC - Oceanic Iron Ore Corp. (“Oceanic”, or the “Company”) is pleased to provide a corporate

update on progress in respect of the Company’s Hopes Advance project, as well as an update on

management changes within the Company.

Since the Company announced the receipt of an Engineering Procurement and Construction proposal

“EPC Proposal” originating from Power Construction Corporation of China’s subsidiary company Power

China Huadong Engineering Company. (“Power China”), which was supported by SNC-Lavalin Inc., the

Company continues its discussions with Power China in respect of commencing a Front End Engineering

Design (“FEED”) program where additional detail can be undertaken and applied in support of the future

requirements for project financing for the Hopes Advance Project. Any further updates on such

discussions will be provided as required.

Appointment of Interim CEO

The Company also announces that Alan Gorman has resigned as President, CEO and Director of the

Company to pursue other interests. The Company also announces that Mr. Bing Pan, formerly a

consultant to the Company, and an ongoing key contributor to the Company, has accepted the position

of Interim CEO.

Mr. Pan is the senior partner of Sinocan Consultant Hong Kong Limited (“Sinocan”), a consulting firm

specializing in assisting Canadian companies with strategic partnership, business development, and

merger and acquisition opportunities in China.

Mr. Pan has over 20 years of experience in corporate strategy, business development, consulting &

advisory services in the technology, alternative energy, carbon credit and natural resources industries in

China and North America. Mr. Pan has served as a director of the board of TSXV listed Cadillac Ventures

and as an advisor of the board of TSXV listed Northern Freegold.

Mr. Pan obtained his MBA degree from Richard Ivey School of Business and his Bachelor’s of Science from

South China University of Technology.

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Mr. Alan Gorman, President and CEO, commented: ”It is with very mixed feelings that I have taken the

decision to resign my role at Oceanic in order to pursue some additional interests. Oceanic's Hopes

Advance project remains a quality iron ore deposit in North America as described by the NI 43-101 PFS and

further supported by the submission of the recent EPC Proposal by Power China, with support from SNC-

Lavalin, and I retain full confidence that it will continue to progress through to construction. I acknowledge

the counsel and wisdom of my fellow directors in providing a standard of corporate governance and a full

range of ideas that in my assessment has been unparalleled in the sector for a company of Oceanic's

market capitalization.

We have successfully established a network of contacts within the People's Republic of China that

continues to offer possibility, and particularly so in the Company's association with Power China as the

project's next step evolves to a Front End Engineering Design phase; an appropriate and prudent approach

for a project of the scale and logistical intricacies of Hopes Advance. Within that context discussions

continue to evolve and meeting continue to be held in China at the present moment, represented by

Oceanic, in pursuit of the FEED funding on terms that are accretive to the Company's shareholders.

I continue to have confidence in the attributes of Hopes Advance and expect that the Company will succeed

through to development."

Mr. Steven Dean, Executive Chairman of the Company said “The directors are very appreciative of Alan

Gorman’s contributions to the Company and more particularly the progression of the Hopes Advance

Project in his 5 years with the Company. Mr. Gorman has led the charge in making significant progress

with potential strategic partners to advance the project to the next step and will be missed by the Oceanic

team. On behalf of management and the directors of Oceanic, I wish him well in his future endeavors”.

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

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;

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(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 February 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.