UPDATE: Oceanic Iron Reports Significant Assays from Hopes Advance Project; Shares Steady at 27 cents

Oceanic Iron Ore Corp. (FEO.V) announced today 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.

Steven Dean, Chairman and CEO, said: "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."

FEO shares are now unchanged at 27 cents, about 7 cents above year low, but have reached as high as 28 cents today.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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