CIO Central Iron Ore Ltd

Central Iron Ore Ltd. (TSX VENTURE:CIO) - 

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


Central Iron Ore Ltd. (the "Company" or "CIO") is pleased to announce that it
has, through its subsidiary Central West Resources Pty Ltd, entered into a farm
in and joint venture agreement with the Australian Stock Exchange listed Pacific
Ore Limited (ASX:PSF) ("Pacific") in respect of CIO's Perinvale North Iron Ore
Hub ("Perinvale North Hub") for AUD$15 million ("Joint Venture"). The Perinvale
North Hub consists of Exploration Licence 57/818 covering an area of 120km2 and
is located approximately 550km North East of Perth, Western Australia in the
Yilgarn Iron Ore Province ("YIOP").


Commercial terms 

The farm in and joint venture agreement entitles Pacific to earn up to a 90%
interest in the Joint Venture by funding expenditure on the Perinvale North Hub
in the following manner: 




--  Earn 51% by spending AUD$1.5 million within 2 years. 
--  Earn an additional 19% by spending a further AUD$3.5 million within 3.5
    years. 
--  Earn an additional 20% by spending a further AUD$10 million within 5
    years. 



CIO may elect to maintain its interest in the Joint Venture at each stage of the
farm in once Pacific has earned a 51% interest.


Yilgarn Iron Ore Project Area 

The Company now has a total of 10 tenements covering 652km(2) (refer table
below) that are located within the YIOP. The YIOP is considered highly
prospective, given its history of large-scale iron ore production, with the
Cliffs Natural Resources-owned Koolyanobbing operation (also formerly operated
by Portman Limited) currently producing at a rate of about 8Mtpa of Direct
Shipping Ore ("DSO"). The YIOP is increasingly being recognised as an attractive
location for the development of iron ore, given its proximity to rail and access
to ports. 




------------------------------------------------------
                                                 Area
Iron Ore Hub       Tenement        Status      (km(2))
------------------------------------------------------
Perinvale North      E57/818       Granted        120
                                                     
Perinvale South      E30/414       Granted         93
Perinvale South      E30/415       Granted         93
Perinvale South     P30/1084       Granted          1
                                                     
Diemals             E77/1749       Granted        111
Diemals             E77/1757       Granted        114
Diemals             E77/1758       Granted         39
Diemals             E77/1840   Application         27
                                                     
Windarling          E77/1820   Application         12
Windarling          E77/1737       Granted         42
------------------------------------------------------



The Company believes its greater YIOP tenement package provides a significant
platform for the exploration for iron ore and will provide a significant, 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 direct shipping ore within the above tenements to gain
an initial understanding of their respective resource potential. 


Mr Brett Hodgins, President and CEO, said, "We are extremely pleased by the farm
in and joint venture agreement with Pacific Ore Limited. This will allow CIO to
focus on exploration programs at more than one iron ore hub at a time. This
reinforces CIO's strategy 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, is a Qualified Person as defined in National Instrument
43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").


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. Such information includes, without limitation,
information regarding Iron Ore tenements. 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.

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