Big news out !! Oceanic Iron Ore Corp. (TSX VENTURE: FEO)(OTCQX: FEOVF) (the "Company", "Oceanic") has received the results of an updated resource estimate prepared by Micon International Limited ("Micon") under the direction of Eddy Canova, the Company's Director of Exploration and a Qualified Person, in respect of the Hopes Advance Project Area ("Hopes Advance").
In-Pit Mineral Resources:
-- 1.268 billion tonnes of measured and indicated in-pit resource at 32.3 % total iron with a 38.7 % crude to concentrate weight recovery at a total iron cut-off of 25% increasing the resource by 250% above the November 2011 published resource -- 720.7 million tonnes of measured in-pit resource at 32.4 % total iron with a 38.8 % crude to concentrate weight recovery at a total iron cut- off of 25% -- 547.5 million tonnes of indicated in-pit resource at 32.3 % total iron with a 38.6 % crude to concentrate weight recovery at a total iron cut- off of 25% -- 193.4 million tonnes of inferred in-pit resource at 32.9 % total iron with a 38.8 % crude to concentrate weight recovery at a total iron cut- off of 25% -- Updated resource is based on 67 twinned and 43 exploration step - out holes drilled between March and October 2011 -- Results from step-out holes suggest that mineralization extends in a number of deposit areas, in particular Castle Mountain, Iron Valley, and Bay Zone. -- Represents a substantial increase in volume and confidence in quality of Hopes Advance resource when compared to initial resource estimate published in November 2011
Steven Dean, Chairman and CEO added: "The updated in - pit resource estimate increases both the size and quality of the resource base at Hopes Advance and