Drills 7 m of 27.1 g/t Gold Including 1 m at 159 g/t Gold at South Darlot

VANCOUVER, BRITISH COLUMBIA � (Marketwire � November 08, 2012), Central Iron Ore Ltd. (CIO � TSX.V) (�CIO� or �the Company) is pleased to announce that significant gold intercepts have been revealed through the Company�s recent drilling program at its South Darlot Gold Project.  The results from the first 14 holes, which included gold grades of up to 159 grams per tonne (g/t) support historical and earlier work conducted on the project area.  The recent drilling program focused on the first 2 of the 31 gold targets identified within the South Darlot Gold Project Area (being 24 targets located on tenements that are the subject of the Barrick JV and 7 targets on 100% CIO owned tenements).

Endeavour Prospect

• 8 reverse circulation drill holes for 502m.
• 1 geotechnical diamond hole tail for 52m.

Mermaid Prospect

• 6 reverse circulation drill holes for approximately 421m.
• 1 geotechnical diamond hole tail for 42m.

Barrick Joint Venture

• On completion of the drilling program spend the Company envisages that it will have earned a 51% interest in the Barrick JV tenements.  CIO can earn an additional 19% interest (equal to a total interest of 70%) by spending an additional AUD$250,000.

Summary

The Endeavour and Mermaid Prospects are a part of the Barrick JV properties.  The drilling program was carried out on mining lease 37/631.  The importance of the status of this being a granted mining lease should not be underestimated in a development context as it gives CIO a significant cost and time advantage of the order of 18 to 24 months.

The exceptional drill results from the Endeavour Prospect and the confirmation of the Emperor shear zone provide CIO with a platform to rapidly explore and exploit this target.  The Company envisages that an exploration target will be completed for Endeavour Prospect in the next few weeks.

Mr Brett Hodgins, President and CEO, said �We are delighted with the results from the recent drilling program at our South Darlot Gold Project.  Endeavour is shaping up as a very important prospect for CIO.  The high grade gold results, combined with the prospect being on a granted mining lease, allow CIO to rapidly add value to this asset.

I believe this to be an important moment for CIO with high grade gold discovered close to surface, the identification of a structure which can be extended along strike and the first stage of the Barrick JV farm-in almost complete.  This combined with our 31 targets and a large property holding of over 320km2 provides CIO with the platform to grow our gold resources rapidly.�



QUALIFIED PERSON

Mr Darryl Mapleson who is a Fellow of Australasian Institute of Mining and Metallurgy has compiled the information within this report relating to mineralisation.  Mr Mapleson has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity currently being undertaken to qualify as a Competent 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�
____________________________
Brett Hodgins, President/CEO


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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.