Oceanic Iron Ore Corp. (TSX VENTURE:FEO)(OTCQX:FEOVF) (the
"Company") is pleased to provide a project update and announce a
further set of assay results from both twinned and new exploration
holes conducted as part of its 2011 resource verification program
at the Hopes Advance project area.
Hopes Advance Assay Results
The 2011 drill program at Hopes Advance consisted of 115 holes
with 11,618 metres of NQ calibre drilling. At Hopes Advance, 67
historical drill holes were twinned in the Castle Mountain, Zone 2,
Zone 4, Iron Valley, McDonald Zone and Bay Zones "A", "B", "C",
"D", "E" and "F". In addition, 48 exploration drill holes were
completed at Castle Mountain, Zone 4, Iron Valley and Bay Zones
"B", "C", "D", "E" and "F". The Company also undertook 1,086 metres
of NQ drilling over 11 drill holes at Kayak Bay located in the
Roberts Lake Area.
As at September 21, 2011, the date the Company announced its NI
43-101 Compliant Resource for Hopes Advance, assay results on 79
drill holes in respect of Hopes Advance had not yet been reported
in full. The Company is today reporting assay results on 50 holes
(31 twinned and 19 exploration). Further drill holes are expected
to be reported in the coming weeks. Drill hole results from Kayak
Bay are also expected in the coming weeks.
Steven Dean, Chairman and CEO of the Company noted: "The
exploration drill holes that we are reporting today illustrate
significant potential upside for the Hopes Advance resource which
should become apparent when we release the updated resource
estimate for Hopes Advance in the coming months."
To view the map that sets out the geology of the Hopes Advance
area click on: http://media3.marketwire.com/docs/feo1.pdf
Twinned Drilling Results
The latest results from twinned holes demonstrate a good
correlation of iron formation thickness and total Fe (iron) grades.
For Bay Zones "B", "C", "D", "E" and "F", results from a number of
drill holes returned greater mineralized iron formation thicknesses
and improved grades compared to those reported historically.
Exploration Drilling Results
Results from the exploration drilling demonstrates excellent
continuity of mineralization at the Castle Mountain, Zone 4, Iron
Valley, Bay Zone "C", "D", "E" and "F" grids of the Hopes Advance
Area. At Castle Mountain, drill holes HA-11-067 and HA-11-079
demonstrate that mineralization continues an extra 150 m down dip
to the southeast. At Zone 4, drill holes HA-11-032 and HA-11-066
extend the mineralization an extra 300 m to the northwest. At Iron
Valley, exploration drill hole IV-11-011 demonstrates a thick
intersection of iron formation grading 33.4% total Fe over a true
width of 105.1 m. Holes at Bay Zones "D", "E" and "F" demonstrate
excellent continuity of the mineralization extending the
mineralization an extra 300 m to the south with drill holes
BF-11-005 (Bay Zone F), BE-11-001A, HA-11-049 (Bay Zone E), and
HA-11-052 a HA-11-054 (Bay Zone D).
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Corresponding Historic Drill Hole
2011 Results Results (1954 - 1957)
------------------------------------------ ---------------------------------
From To T.Width % Fe From To T.Width % Fe
DDH (m) (m) (m) total DDH (m) (m) (m) total
------------------------------------------ ---------------------------------
Castle Mountain
------------------------------------------ ---------------------------------
HA-11-067(i) 32.80 94.60 59.67 36.3
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HA-11-068 30.20 45.80 14.92 32.8
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HA-11-068 51.30 56.30 4.78 34.9 P-97 47.24 53.34 5.83 36.9
------------------------------------------ ---------------------------------
HA-11-068 79.60 121.00 39.59 33.9
------------------------------------------ ---------------------------------
HA-11-074A 52.40 111.00 58.03 31.5 P-96 51.82 87.66 35.49 33.7
------------------------------------------ ---------------------------------
HA-11-075 36.00 68.00 31.69 32.4 P-95 36.58 65.53 28.64 32.2
------------------------------------------ ---------------------------------
HA-11-078(i) 47.40 61.40 13.39 30.2
------------------------------------------ ---------------------------------
HA-11-079(i) 56.00 89.00 32.92 29.7
------------------------------------------ ---------------------------------
HA-11-080(i) 39.20 90.80 50.82 28.4
------------------------------------------ ---------------------------------
HA-11-081(i) 45.70 55.73 9.88 27.0
------------------------------------------ ---------------------------------
Zone 2
------------------------------------------ ---------------------------------
HA-11-020 14.50 91.00 75.34 36.3 E-150 15.24 83.21 65.95 36.2
------------------------------------------ ---------------------------------
HA-11-021 33.00 138.00 98.67 32.0 E-158 30.48 107.90 72.75 35.7
------------------------------------------ ---------------------------------
HA-11-022 2.00 56.27 53.45 33.22 E-159 0.00 57.91 54.42 33.6
------------------------------------------ ---------------------------------
HA-11-033 2.57 25.00 22.09 30.6 E-164 13.72 18.29 4.29 31.2
------------------------------------------ ---------------------------------
Zone 4
------------------------------------------ ---------------------------------
HA-11-024 2.00 35.10 31.82 30.9 R-102 0.91 35.05 32.82 30.6
------------------------------------------ ---------------------------------
HA-11-031B 30.60 60.00 29.04 32.3 R-130 18.90 48.77 29.50 35.3
------------------------------------------ ---------------------------------
HA-11-032(i) 51.00 77.90 25.97 32.8
------------------------------------------ ---------------------------------
HA-11-066(i) 24.90 55.60 30.40 35.5
------------------------------------------ ---------------------------------
Iron Valley
------------------------------------------ ---------------------------------
HA-11-034(ii) 28.50 86.40 55.93 32.2
------------------------------------------ ---------------------------------
HA-11-035(ii) 22.75 80.40 55.68 32.8
------------------------------------------ ---------------------------------
HA-11-036(ii) 9.50 76.00 66.34 31.5
------------------------------------------ ---------------------------------
IV-11-001(ii) 15.10 66.00 50.70 31.9
------------------------------------------ ---------------------------------
IV-11-004A(ii) 16.37 81.50 64.87 31.9
------------------------------------------ ---------------------------------
IV-11-007(i) 59.60 92.10 32.01 31.9
------------------------------------------ ---------------------------------
IV-11-010(ii) 12.30 45.70 28.93 26.1
------------------------------------------ ---------------------------------
IV-11-011(i) 29.66 135.19 105.11 33.4
------------------------------------------ ---------------------------------
Bay Zone F
------------------------------------------ ---------------------------------
HA-11-041(i) 50.70 174.50 107.21 33.2
------------------------------------------ ---------------------------------
HA-11-043 13.70 23.40 9.55 34.0 H-118 30.48 39.62 9.00 33.6
------------------------------------------ ---------------------------------
HA-11-043 28.70 101.20 71.40 28.2 H-118 44.20 91.44 46.52 29.8
------------------------------------------ ---------------------------------
BF-11-001(i) 6.50 28.05 19.53 26.3
------------------------------------------ ---------------------------------
BF-11-001(i) 42.10 56.80 13.32 33.8
------------------------------------------ ---------------------------------
BF-11-002(i) 88.10 126.00 34.35 33.4
------------------------------------------ ---------------------------------
BF-11-002(i) 72.56 127.80 50.06 29.0
------------------------------------------ ---------------------------------
BF-11-005(i) 61.30 207.90 132.86 30.5
------------------------------------------ ---------------------------------
Bay Zone E
------------------------------------------ ---------------------------------
HA-11-047 19.30 75.40 45.95 32.5 H-113 19.81 82.30 51.19 32.4
------------------------------------------ ---------------------------------
HA-11-048 4.30 114.80 84.65 31.5 H-89 0.00 91.44 70.05 34.1
------------------------------------------ ---------------------------------
HA-11-049(i) 48.40 184.40 127.80 32.0
------------------------------------------ ---------------------------------
BE-11-001A(i) 61.30 132.10 66.53 32.8
------------------------------------------ ---------------------------------
Bay Zone D
------------------------------------------ ---------------------------------
HA-11-050 19.90 85.40 59.36 30.8 H-87 21.34 82.30 55.25 31.5
------------------------------------------ ---------------------------------
HA-11-051 13.40 88.70 59.34 32.2 H-84 15.24 88.39 57.64 32.1
------------------------------------------ ---------------------------------
HA-11-052(i) 25.20 98.00 70.30 32.3
------------------------------------------ ---------------------------------
HA-11-053 24.40 66.20 34.24 34.3 H-83 16.76 74.68 47.45 32.9
------------------------------------------ ---------------------------------
HA-11-054(i) 40.30 106.80 61.66 32.8
------------------------------------------ ---------------------------------
Bay Zone C
------------------------------------------ ---------------------------------
HA-11-055 31.00 95.00 58.00 36.0 H-58 35.05 88.48 48.42 27.4
------------------------------------------ ---------------------------------
HA-11-056A 37.70 133.00 92.02 33.2 H-57 36.58 66.48 28.87 33.2
------------------------------------------ ---------------------------------
HA-11-058 1.50 30.00 23.35 29.8 H-53 62.48 76.20 11.24 27.0
------------------------------------------ ---------------------------------
HA-11-059(i) 56.00 97.58 36.01 33.2
------------------------------------------ ---------------------------------
HA-11-060 2.50 44.00 36.98 33.1 H-51 25.91 74.68 43.45 31.8
------------------------------------------ ---------------------------------
Bay Zone B
------------------------------------------ ---------------------------------
HA-11-061 22.40 67.00 41.05 35.5 H-21 19.81 70.10 46.29 31.0
------------------------------------------ ---------------------------------
HA-11-062 2.50 34.00 28.55 35.2 H-17 6.10 33.53 24.86 34.0
------------------------------------------ ---------------------------------
HA-11-063 11.80 124.00 97.17 35.9 H-12 48.77 83.82 30.35 34.0
------------------------------------------ ---------------------------------
Bay Zone A
------------------------------------------ ---------------------------------
HA-11-064 15.90 41.00 24.24 36.6 H-07 15.24 30.48 14.72 38.5
------------------------------------------ ---------------------------------
McDonald
------------------------------------------ ---------------------------------
MC-11-001(i) 23.70 47.00 21.90 30.4
------------------------------------------ ---------------------------------
MC-11-045 4.40 56.00 48.49 32.6 C-45 1.52 54.86 50.12 36.5
------------------------------------------ ---------------------------------
MC-11-060 14.10 26.45 11.61 21.8 C-64 15.24 25.91 10.03 21.3
------------------------------------------ ---------------------------------
(i) Indicates exploration drillholes.
(ii) Indicates twinned holes, but without sufficient historical data to
present in the table above.
Holes that have been reported to date continue to show low
levels of sulphur and phosphorous levels.
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.
Project Update
Since the September 2011 release of the NI 43-101 compliant
mineral resource estimate and preliminary economic assessment in
respect of the Hopes Advance project, the Company has continued to
fast-track the project on a number of fronts including:
-- Ongoing provincial and federal government and Inuit interaction in
regards to infrastructure under the Plan Nord;
-- Resource estimate update in respect of Hopes Advance, which is expected
to be published late Q1 2012;
-- Metallurgical testing on some 700 composite samples, expected to be
completed late Q1 2012;
-- Pilot plant testing and flowsheet development to commence in April 2012,
using 250 tonne bulk sample already delivered to Montreal, Quebec;
-- Preparation of pre-feasibility study to be published in late Q3 2012,
followed by a feasibility study within 12 months; and
-- Ongoing environmental review and consultation being led by Golder
Associates in Montreal.
The timing of the resource estimate update and pre-feasibility
study has been impacted by the under-capacity of the laboratories
responsible for producing assay and metallurgical test results
critical to the completion of both the resource estimate update and
the pre-feasibility study. This seems to be a structural issue
facing the industry generally and management is actively engaged
with its service providers to try to ensure timetables are
respected.
Financing
Given the expected delays to the timing of the resource estimate
update and pre-feasibility study, the Company has arranged a
non-brokered private placement of 5,750,000 units (the "Units") at
a price of $0.35 per unit to raise gross proceeds of $2,012,500 to
be used for continued development of the Project. Each unit
consists of one flow through common share in the capital of the
Company and one half of one share purchase warrant, with each whole
warrant entitling the holder to purchase one non-flow through
common share in the capital of the Company at a price of $1.00 for
a period of five years after closing. This financing represents the
maximum flow through eligible proceeds for the Company based on the
Company's expected eligible expenditures in 2012, and the Company
has moved to secure this funding at a premium to the current market
price.
The private placement is subject to the approval of the TSX
Venture Exchange.
About the Company
Oceanic is focused on the development of the Ungava Bay iron
properties. These properties comprise in excess of 3,000 claims
over three project areas, namely Hopes Advance, Morgan Lake and
Roberts Lake, which cover over 1,284 square kilometres along the
northern extension of the Labrador Trough in the Nunavik Region of
northern Quebec. The projects contain over 300 kilometres of iron
formation and all the deposits are located within 20 - 50 km of
tidewater.
On September 21, 2011 the Company announced an NI 43-101
compliant "In-Pit" Mineral Resource Estimate for Hopes Advance of
358,362,000 tonnes at 31.8% Fe indicated and 872,423,000 tonnes at
32.4% Fe inferred and on September 22, 2011, the Company announced
the completion of a Preliminary Economic Assessment ("PEA") in
respect of Hopes Advance, which under the Company's optimal
production scenario of 20 million tonnes per annum of concentrate,
achieves a pre-tax NPV of $10.4 billion, and pre-tax IRR of 34% at
an 8% discount rate.
Further information in respect of the NI 43-101 Resource
Estimate and the PEA is available in a technical report prepared by
Micon International Limited dated November 4, 2011 entitled
"Technical Report on the Mineral Resource Estimate and Results of
the Preliminary Economic Assessment Hopes Advance Bay Iron Deposits
Ungava Bay Region, Quebec, Canada" available for review on SEDAR
(www.sedar.com) and the Company's website
(www.oceanicironore.com).
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 +1 604 566 9081
(FAX)www.oceanicironore.com
Oceanic Iron Ore (PK) (USOTC:FEOVF)
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