Oceanic Iron Ore Corp.: Assay Results Return 39.9% Fe Total Over 36 Metres and 39.4% Over 46 Metres
01 Setembro 2011 - 9:00AM
Marketwired
Oceanic Iron Ore Corp. (TSX VENTURE: FEO)(OTCQX: FEOVF)(PINK
SHEETS: FEOVF) (the "Company") is pleased to announce the fourth
set of assay results from its 2011 resource verification program.
The results of the new assays continue to correlate well to those
reported historically.
The latest results from twinned holes in Castle Mountain and
Zones 2 and 4 are set out below. The Company remains on track to
release a resource estimate and preliminary economic assessment in
respect of the Hopes Advance project area by October of this
year.
Comparison of Drill-Hole results - Current to Historic
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Corresponding Historic Drill Hole
2011 Results Results (1954 - 1957)
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T. T.
From To Width % Fe From To Width % Fe
DDH (m) (m) (m) total DDH (m) (m) (m) Soluble
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Castle Mtn
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HA-11-013 6.25 76.60 67.28 31.0% P69 6.10 77.72 68.49 31.2%
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HA-11-014 32.10 73.00 40.28 34.2% P94 33.53 91.44 57.03 32.6%
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HA-11-015 9.40 39.40 29.54 29.6% P79 9.14 38.10 28.52 31.2%
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HA-11-016 20.80 44.00 22.85 33.4% P75 22.86 44.20 21.02 34.6%
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HA-11-017 14.20 46.10 31.42 31.4% P78 15.24 50.29 34.52 32.4%
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Zone 2
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HA-11-018 39.60 76.00 35.85 39.9% E136 10.67 59.44 47.11 33.4%
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HA-11-018 100.70 165.40 63.72 33.6%
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HA-11-019 13.30 44.00 30.66 32.3% E153 16.76 96.13 79.26 29.8%
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HA-11-019 63.90 115.20 46.49 29.9%
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Zone 4
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HA-11-023 1.25 48.15 46.19 39.4% R101 1.22 45.72 43.82 36.6%
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HA-11-027 4.70 38.00 31.29 36.7% R122 8.84 39.62 28.92 34.3%
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HA-11-028 39.10 67.00 25.87 36.3% R123 27.43 53.34 24.02 33.1%
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Assays for Holes 18 and 19 identify a lower unit of iron
formation which is likely to add to the historical resource. Holes
that have been reported to date continue to show low levels of
sulphur, silica and phosphorous. The drilling is of NQ caliber with
sample lengths being collected up to a maximum length of two
meters. Assay samples collected are sent to ALS Chemex for Whole
Rock analysis by lithium borate fusion and XRF (oxides), Ferrous
iron by H2SO4 - HF and acid digestion and titrimetric finish, and
Total Sulphur by LECO method.
Eddy Canova, P.Geo., the Exploration Manager for the Company and
a Qualified Person as defined by NI 43-101, has reviewed and is
responsible for the technical information contained in this news
release.
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.
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.
Contacts: Oceanic Iron Ore Corp. Steven Dean Chairman and Chief
Executive Officer +1 604 566 9080 604 566 9081 (FAX)
www.oceanicironore.com
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