Oceanic Iron Ore Corp. provided a corporate update on progress in respect of the Company's Hopes Advance project. Between January 7, 2017 and January 18, 2017 executives of the Company held various meetings with Power China International and Power China Huadong Engineering Corporation Ltd. (Power China), aimed at future financing and off take agreements, following the expected receipt of the Engineering, Procurement and Construction proposal (EPC Proposal) presently being prepared by Power China with the support of SNC-Lavalin. Power China has undertaken preliminary discussions with various lenders, and discussions have also occurred, jointly involving Oceanic and Power China, with reputable off takers in China that possess BBB+ or greater international credit ratings.