FEO Oceanic Iron Ore Corp

Oceanic Iron Ore Corp. (the "Company") (TSX VENTURE:FEO)(OTCQX:FEOVF) is pleased
to announce that it has received support from Makivik Corporation in its
submission to the Quebec government relating to its infrastructure requirements
for the Company's Ungava Bay project under the government's Plan Nord. Oceanic
and Makivik are in agreement that a hydro power transmission line servicing the
Ungava Bay region and a year round deep sea port near Aupaluk will benefit both
parties and is a key priority.


In its submission to the government, Mr. Pita Aatami, President of Makivik
Corporation said that, "Our relationship with Oceanic has been very successful
so far and I would like, on behalf of Makivik and on behalf of the Inuit of
Nunavik to entirely support the Oceanic initiative. Makivik would greatly
appreciate if these projects could be included in the Plan North first phase of
implementation."


The Makivik Corporation was formed in 1975 to administer Inuit rights, interests
and the financial compensation received from the James Bay and Northern Quebec
Agreement (JBNQA). Makivik's objectives include advancing the welfare,
education, prosperity and way of life of the Inuit people and to protect,
promote and preserve Inuit values and traditions.


Mr. Steven Dean, Chairman and CEO of Oceanic said, "Electrification of the north
with low cost clean hydro power is critical to the responsible sustainable
development of the North. A power line to service the Inuit communities in this
part of the Nunavik region and to supply the necessary power to support the
development of Oceanic's Ungava Bay project as well as other private sector
projects on a timely basis should be given the highest priority."


Mr. Dean also said that, "Oceanic's Ungava Bay project has a clear advantage and
less barriers to production as it will not need rail and associated
infrastructure to get its product to market. Our objective is to build in
cooperation with the provincial, federal and local government a year round deep
sea port near Aupaluk. Projects in other parts of the world are racing to fill
the supply need and with the support of government, northern Quebec and the
Ungava Bay project will be well placed to benefit through participating in this
new supply window by securing long term contracts for its iron ore product. Our
project stands to bring significant potential economic well-being and prosperity
for the north, particularly through job creation."


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

On behalf of the Board of Directors

Steven Dean, Chairman and Chief Executive Officer

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; (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 "Risk Factors" in the
Company's Filing Statement dated November 22, 2010 (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 Toronto Stock
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.

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