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Ferro Strengthens Management Team and Board of Directors

TORONTO, ONTARIO -- (Marketwire) -- 02/05/13 -- Ferro Iron Ore Corp. (TSX VENTURE:RRO) reports the appointment of Paul Bozoki as Chief Financial Officer, Neil Said as Corporate Secretary and the addition of George Faught, Chirvani Abdoullaev and Alastair Neill to the company's Board of Directors, effective immediately.

Mr. Bozoki is a Chartered Accountant, holds an MBA and has over fifteen years of accounting, tax and corporate finance experience. Since October 2010, Mr. Bozoki has served as Chief Financial Officer of Black Iron Inc., a TSX-listed junior resource company developing an iron ore project in Ukraine. In addition, from March 1, 2012, Mr. Bozoki has served as Chief Financial Officer of Cap-Ex Ventures Ltd., a TSX Venture Exchange listed junior resource company developing an iron ore project near Schefferville, Quebec. Mr. Bozoki began his career at Ernst & Young LLP where he spent six years auditing clients predominately in the mining industry.

Mr. Said is a corporate securities lawyer who works as a legal consultant to various TSX and TSX Venture listed companies in the mining and oil & gas industries. He previously worked as a securities lawyer at a large Toronto corporate law firm, where he worked on a variety of corporate and commercial transactions. Mr. Said obtained a Juris Doctor from the Faculty of Law at the University of Toronto and he received a Bachelor of Business Administration (Honours) with a minor in Economics from Wilfrid Laurier University.

The appointments of Mr. Bozoki and Mr. Said follow the resignation of Mr. Mark Lotz as Chief Financial Officer and Corporate Secretary.

George Faught is a chartered accountant with over 25 years of senior management experience. He currently serves as a director of a number of public companies in the resource sector and has worked as an officer of publicly traded companies in the natural resources sector including Aberdeen International Inc., a global resource investment corporation, North American Palladium Ltd., a mid-tier platinum group metal producer, Hudson Bay Mining & Smelting Co. Ltd., an integrated base metals producer and William Resources Inc., an international gold producer.

Alastair Neill is the former VP/GM, Rare Earth Division and VP Business Development for AMR (now Neo-Material Technologies) and Executive Vice President of Dacha Strategic Metals Inc. Mr. Neill is one of the leading experts in rare earth elements and he has over 15 years of experience in the resources sector. He holds a master of business administration from York University and a Bachelor of Engineering in material science from the University of Western Ontario.

Chirvani Abdoullaev received a degree in petroleum geology in the USSR from the State Academy of Oil and Gas in Moscow and worked for the Ministry of Natural Gas in the Soviet Union in Kazakhstan, Uzbekistan, Yakutia, Turkmenistan and for the Bulgarian National Oil Company. Mr. Abdoullaev also spent two years in the Canadian oil patch as a geophysicist with Seis-Pro & Consultants until its acquisition by Schlumberger. Following his graduation from the University of Toronto with a MBA degree in 1996, Mr. Abdoullaev started a career as an Equity Analyst covering Canadian oil and gas stocks and emerging markets metals and mining stocks. Most recently Mr. Abdoullaev spent three years in Moscow as a senior oil and gas analyst with Alfa Bank and later in Prague with Wood and Company covering Russian oil and gas and oil field services companies.

The appointments of Mr. Faught, Mr. Neill and Mr. Abdoullaev to the Board of Directors of Ferro follow the resignations of Mr. Mark Lotz and Mr. Shane Yamamoto as directors of the company.

About Ferro Iron Ore Corp.:

As announced on November 6, 2012, Ferro Iron Ore Corp. (formally, Galena Capital Corp.) recently secured the right to merge a highly prospective Mongolian Iron ore exploration license (No. 14491X) (the "Exploration License"). The Exploration License is located in North Central Mongolia in the heart of a proven mineralization corridor contiguous to the largest operating iron mine (Eruu Gol Mine) in the country with rail, road, power and water in very close proximity. It is along strike with other significant exploration projects including the Haranga Bayantsogt, Tumur Tolgoi and Tumurtei deposits. The licensed area is roughly 1000km from steel mills in Northern China accessible by the railway, with surplus capacity, running in front of the property. Although the company awaits completion of a 43-101 technical report, two historical diamond drill holes show significant iron intercepts including 59% Fe over 55.2 metres from 10.8 metres below surface. There is also surface exposure of banded iron skarn in trenching. The company looks to supply inland steel mills in northern China currently utilizing either very high cost domestic ores or expensive imported ores railed hundreds of kilometers from port given the significant grade and logistics cost advantages.

ON BEHALF OF FERRO IRON ORE CORP.

Paul Bozoki, Chief Financial Officer

Regulatory Statements

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, statements with respect to the departure and appointment of officers and directors. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the oil and gas industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contacts:
Ferro Iron Ore Corp.
Paul Bozoki
Chief Financial Officer
pbozoki@forbesmanhattan.com

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