CIO Central Iron Ore Ltd

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.


Central Iron Ore Ltd. (TSX VENTURE:CIO) ("CIO" or "the Company") is pleased to
announce an exploration target of 510 to 850 million tonnes on the Perinvale
South Iron Ore Hub and iron ore update.


HIGHLIGHTS



Perinvale South Iron Ore Hub (Walling Rock Project - E30/414 - CIO 100%)

--  Initial exploration target has been estimated to be between 510 and 850
    million tonnes of iron mineralisation at an expected grade of 30%-43%
    Fe. 
--  Regolith mapping and rock-chip sampling completed. 
--  Airborne magnetic survey completed. 
--  Detailed mapping and rock-chip sampling completed. 
--  Targeted flora survey completed. 
--  Programme of Work lodged for first phase drilling program. 
--  250% increase in tenure to 1,150km2 at the Perinvale South Iron Ore hub.

Perinvale South Iron Ore Hub (Perinvale South Project - E30/415 - CIO 100%)

--  Regolith mapping and rock-chip sampling completed. 

Diemals Iron Ore Hub (CIO 100%)

--  Regolith mapping and rock-chip sampling completed at E77/1749 and
    E77/1757.

Perinvale North Iron Ore Hub (CIO 100%; Pacific Ore Limited earning 90%)

--  Regolith mapping and rock-chip sampling completed at E57/818.



The estimates of exploration target sizes mentioned in this announcement should
not be misunderstood or misconstrued as estimates of mineral resources as
defined in National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101"). The potential quantity and grade of the exploration
targets are conceptual in nature and there has been insufficient exploration to
define a mineral resource and it is uncertain if further exploration will result
in the determination of a mineral resource.


Yilgarn Iron Ore Project Area

The Company now has a total of 15 iron ore tenements covering 1,588km2 that are
located within the Yilgarn Iron Ore Province ("Yilgarn IOP") in Western
Australia, of which nine tenements are granted and six tenements are pending
applications. The Yilgarn IOP is considered highly prospective, given its
history of large-scale iron ore production, with the Cliffs Natural
Resources-owned Koolyanobbing operation (formerly operated by Portman Limited)
currently producing at a rate of approximately 8Mtpa of Direct Shipping Ore
("DSO"). The Yilgarn IOP is increasingly being recognised as an attractive
location for the development of iron ore, given its proximity to rail and access
to ports. 


Perinvale South Iron Ore Hub

Exploration Target (Walling Rock Project - E30/414)

3D and 2D magnetic modelling of recently flown helimagnetic survey data over
CIO's 100% owned Walling Rock Project has indicated a potential exploration
target estimate of between 510Mt to 850Mt (with a 25% range). Of this 30Mt to
75Mt is potentially enriched near surface mineralisation above the primary
bedrock mineralisation.


The exploration target for primary BIF and potential near surface enriched
material has been estimated based on a number of assumptions and limitations
which include, among other things:




--  The strike length of the modelled magnetic anomalies represents ore
    grade BIF mineralisation. 
--  The geometry of the magnetic sources remain constant over their entire
    length. 
--  The model depth extent has been fixed to 200m. 
--  The thickness of the potential enriched near surface material has been
    calculated as the difference between ground level as defined by the
    aeromagnetic survey DTM and the depth to the top of the model at the
    model centre, capped at 25m where required. No correction or adjustment
    has been made for variations between the ground level and the top of the
    model along strike. 
--  100% recovery and no dilution. 
--  The specific gravity of the BIF and enriched material is 3.2t/m3. 
--  It does not take into account the depth to top or effect of dip of the
    models and how this may impact potential mining viability.



Regolith Mapping and rock chip sampling (Walling Rock Project - E30/414)

Detailed regolith mapping and rock-chip sampling has been completed. A total of
16 rock chip samples were taken during the mapping (8 regolith samples and 8 BIF
samples) with a peak iron grade of 37.93 % Fe. The mapping confirmed the
occurrence of banded iron formation (BIF) with true thickness of up to 100m. The
sampling also confirmed the presence of BIF enriched in Fe by surficial
weathering processes. Areas for future sampling programs have been identified.


Airborne Magnetic Survey (Walling Rock Project - E30/414)

A low-level high resolution airborne magnetic survey was conducted over the
central and eastern part of the Walling Rock project in the Perinvale South Iron
Ore hub. The survey involved 917 line-kilometres of flying with lines spaces at
100m. The data has been processed and reviewed by an independent geophysical
company.


Detailed Mapping Sampling Program (Walling Rock Project - E30/414)

A targeted sampling program was undertaken in December 2011 by Strategic
Resource Management Ltd. The program focused on sampling across the exposed BIF
ridges. Coarse grained magnetite was exposed at surface and the BIF ridges were
mapped along strike for 8km and up to 110m thick. A total of 37 rock chip
samples were collected with assay results ranging from a peak value of 43.11% Fe
to 30.18% Fe.


Flora Survey (Walling Rock Project - E30/414)

A Level 1 flora and fauna study was recently completed by Umwelt (Australia) Pty
Ltd. The survey was designed to identify records or any potential occurrence of
conservation significant flora and fauna. A desk top study and an infield survey
were completed in early February, 2012. The results of the study and survey were
that:




--  No conservation-significant flora was identified within the proposed
    drilling area. 
--  It is highly unlikely any future exploration activity will impact on
    species identified by the desktop review.



Perinvale South Iron Ore Hub Expanded Tenement Portfolio

The Perinvale South Iron Ore Hub now covers a total of 1,150km2. The Company
believes this expanded project provides a significant continuous platform for
the exploration of iron ore and will provide a new future phase of growth for
the Company.


The initial strategy and objective of the Company is to evaluate the occurrence
of both magnetite ore and DSO within the Perinvale South Iron Ore Hub and to
gain an initial understanding of their respective resource potential.


Mr Brett Hodgins, President and CEO, said "We are delighted that our Perinvale
South Iron Ore hub has the potential to host a large body of iron
mineralisation. This combined with our new tenements has formed a significant
land package at this iron ore hub. This combined with our funding reinforces
CIO's strategy to focus on future exploration programs to identify sufficient
DSO resources to support a start up project."


QUALIFIED PERSON

Mr. Andrew Spinks B.App.Sc, Grad.Dip (Mining), a member of AusIMM, and a
consultant geologist, a qualified person as defined in NI 43-101, has reviewed
and approved the technical content of this announcement.


The information in this announcement that relates to Geophysical Exploration
Results is based on information compiled by Mr Mathew Cooper (B.App.Sc
(Geophysics) Hons.) of Core Geophysics, who was engaged by CIO to provide
geophysical consulting services. Mr Cooper is a member of The Australian
Institute of Geoscientists and has sufficient experience which is relevant to
the style of mineralization and type of deposit under consideration and to the
activity which he is undertaking to qualify as a Competent Person as defined in
the 2004 Edition of the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves. Mr Cooper consents to the inclusion in this
announcement of the information which he provided in the form and context in
which it appears. 


On behalf of the Board of Directors

CENTRAL IRON ORE LTD.

Brett Hodgins, President/CEO

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information within the meaning of
Canadian securities laws. Although the Company believes that such information is
reasonable, it can give no assurance that such expectations will prove to be
correct. Forward-looking information is typically identified by words such as:
believe, expect, anticipate, intend, estimate, postulate and similar
expressions, or are those, which, by their nature, refer to future events. The
Company cautions investors that any forward-looking information provided by the
Company is not a guarantee of future results or performance, and that actual
results may differ materially from those in forward looking information as a
result of various factors, including, but not limited to, the state of the
financial markets for the Company's equity securities, the state of the market
for iron ore or other minerals that may be produced generally, recent market
volatility; variations in the nature, quality and quantity of any mineral
deposits that may be located, the Company's ability to obtain any necessary
permits, consents or authorizations required for its activities, to raise the
necessary capital or to be fully able to implement its business strategies and
other risks associated with the exploration and development of mineral
properties. The reader is referred to the Company's disclosure documents for a
more complete discussion of such risk factors and their potential effects,
copies of which may be accessed through the Company's page on SEDAR at
www.sedar.com.


ABN: 32 072 871 133

Note: To view the maps associated with this release, please click the following
link: http://media3.marketwire.com/docs/cio0210.pdf

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