Oceanic Files NI 43-101 Technical Report

January 31, 2020 TSX Venture Exchange: FEO

PRESS RELEASE

OCEANIC FILES NI 43-101 TECHNICAL REPORT

Vancouver, BC - Oceanic Iron Ore Corp. (TSX-V: FEO) (“Oceanic”, or the “Company”) is pleased to announce that it has filed a National Instrument 43-101 ("NI 43-101") Technical Report entitled “Preliminary Economic Assessment of the Re-scoped Hopes Advance Property, Ungava Bay, Québec, Canada” with an effective date of December 19, 2019 (the “Technical Report”). The Technical Report is available for review on SEDAR (www.sedar.com) and on the Company’s website (www.oceanicironore.com).

The results of the Technical Report supporting Preliminary Economic Assessment for the Company’s Hopes Advance Project were originally presented in a news release dated December 19, 2019, which is also available for review on SEDAR and the Company’s website.

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

On behalf of the Board of Directors

"Steven Dean"

Chairman

+604 566-9080

Company Contact:

Chris Batalha CFO and Corporate Secretary +604 566-9080.

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.

Head Office Address:

3083-595 Burrard Street, PO Box 49298, Vancouver, BC, V7X 1L3