Oceanic Iron Ore Corp. announced the results of a National Instrument 43-101 ("NI 43-101") Preliminary Economic Assessment prepared by BBA Engineering Ltd. in respect of the Company's Hopes Advance Project. objective of the PEA was to rescope the Project profile and production scale using Measured and Indicated Mineral Resources estimated within three of the 10 defined deposits in order to reduce the up-front capital required to bring the Project to commercial production. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Key differences in this Study compared to the 2012 PFS include the following:Significantly lower initial capital expenditure; Reduced production scale to accommodate the aforementioned lower capital expenditure; Seasonal shipping of concentrate versus year-round shipping in the 2012 PFS, reducing Port infrastructure capital costs and eliminating winter shipping risks; Construction of a more cost-effective module based barge-mounted power plant versus a land based plant and reliance on Hydro Quebec connections in the 2012 PFS. Although the Company is not reliant on third party infrastructure, there exists the potential for future power operating cost savings in the event a transmission line connection is established with Hydro Québec; Base case FOB selling price of USD $82/t, versus US $100/t in the 2012 PFS; and The assumed exchange rate used in the current Study was US $0.75 = CAD$1.00, versus a US $1.00 = CAD $1.00 exchange rate in the 2012 PFS.