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Oceanic provides corporate update

Oceanic Iron Ore Corporation update on progress regarding the Company’s Hopes Advance project.

Critical path Environmental Impact Assessment work has progressed during 2014. All of the terrestrial baseline work will be completed before the end of August 2014. WSP Canada Inc (formerly Genivar) scientists and environmentalists will have completed all of the data collection work associated with the land based parameters associated with the project, including compiling inventories of flora and fauna, fish, etc. in the area impacted by the project. This completes a significant portion of the project assessment work. The outstanding components include marine baseline data inventories and additional human consultations with affected stakeholders.

The Company has completed all of its 2014 claims work commitments related to the Hopes Advance property. In addition the required claims work commitments on its Morgan and Roberts Lake concessions have also been completed. All of the Company’s claims are maintained in good standing with no further work requirements pending during the current calendar year. In accordance with previous disclosure Oceanic is minimizing expenditures related to new exploration until Hopes Advance is financed and constructed.

The Company continues to progress its strategic partnering initiatives. A top ten global steel producer has been pursuing extensive detailed due diligence related to the Hopes Advance project. Oceanic Management is encouraged with progress to date as we benefit from a focus by prospective investors toward low cash cost development stage projects with a number of marginal and higher cost projects and producers seeing their activities curtailed.

Mr Alan Gorman president and COO of Oceanic Iron Ore said that “We are pleased with the progress being realized in respect of the Company’s Hopes Advance environmental impact assessment and are happy to report that Oceanic has met its obligations required to maintain its assets in good standing. We are encouraged with the progress being made by a capable global steel producer with respect to its due diligence investigations related to the project.”

He said that “These have been detailed, comprehensive, and undertaken in a professional manner consistent with the highest industry standards. Management remains optimistic that discussions will progress to commercial negotiations. The project’s strengths, particularly its low cash operating costs and high quality product have been validated during the due diligence process and have been critical qualities that will aid the project in attracting investment.”

Source – Strategic Research Institute

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