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Oceanic Iron Ore Corp.

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Summary

Project:

Hopes Advance

Deposit:Hopes Advance
Location:Canada
Commodities:Iron
Date:12/19/2019
Report Code:NI43-101
Report Type:PEA
Project Stage:Pursuing Resource Increase/Upgrade
Report details:19-12-2019: Oceanic Iron Ore Corp. announces a PEA report for its Hopes Advance deposit at the Hopes Advance project. PEA results incl. post-tax NPV (8%) of USD$1.4B, IRR of 17%. Vancouver BC - Oceanic Iron Ore Corp. (“Oceanic”, or the “Company”) is pleas
Resources:(Resource, M+I): 1.388Mt @ 32.1% Fe
CP/QP:[Overall Report]: Derek Blais (BBA Inc.)
ABSTRACT:Vancouver BC - Oceanic Iron Ore Corp. (“Oceanic”, or the “Company”) is pleased to announce the results of a National Instrument 43-101 (“NI 43-101”) Preliminary Economic Assessment (the “Study”) prepared by BBA Engineering Ltd. (“BBA”) in respect of the Company’s Hopes Advance Project (the “Project”). A Pre-Feasibility Study was completed on the Project in 2012 (“2012 PFS”). The Company is not treating the economic results of the 2012 PFS or the related Mineral Reserve estimates as current. However,some of the scientific and technical information generated during the 2012 PFS is used as a basis for the Study. The 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 upfront capital required to bring the Project to commercial production. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

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