RRO Wolf Resource Development Corporation

Ferro Iron Ore Corp. (TSX VENTURE:RRO) reports that it has terminated the
definitive agreement entered into with shareholders of Continent Treasure
Limited to effect a business combination and obtain a 77.5% interest in
Mongolian exploration license No.14491X (the "Exploration License"). Ferro has
also terminated the definitive agreement to effect a business combination with
Blue Eagle Trading Limited to acquire the additional 22.5% interest in the
Exploration License (the business combinations with CTL and Blue Eagle together
defined as the "Proposed Business Combinations"). Please see the Ferro press
release dated November 6, 2012 for more details on the Proposed Business
Combination. 


Ferro identified several violations and breaches of covenants, representations
and warranties contained in the definitive agreements (the "Definitive
Agreements") related to the Proposed Business Combinations. Pursuant to the
terms of the Definitive Agreements, Ferro submitted a letter to CTL and Blue
Eagle identifying certain breaches of the covenants, representations and
warranties contained in the Definitive Agreements and requested that they be
cured. CTL and Blue Eagle failed to cure the breaches during the 10 day period
allotted in the Definitive Agreements. As a result, the board of directors of
Ferro determined it was necessary to terminate the Definitive Agreements, and
both CTL and blue Eagle have acknowledged and accepted the termination. 


Alastair Neill, Director of Ferro commented on the termination: "We are
disappointed that the situation has necessitated this decision, but believe that
terminating the two definitive agreements is in the best interests of all our
shareholders and other stakeholders in Ferro."


Private Placement Financing

Further to the termination of the Proposed Business Combinations, Ferro also
announces the termination of its $1,000,000 private placement financing
previously announced on December 6, 2012. Ferro will consider a new private
placement financing in the future. 


Appointment of Chief Executive Officer

Ferro also reports the appointment of Alastair Neill as Chief Executive Officer,
effective immediately. 


Alastair Neill is the former VP/GM, Rare Earth Division and VP Business
Development for AMR (now Molycorp, Inc.) 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.


Advance Notice Policy

Ferro has adopted a new policy that requires advance notice to the company for
nominations of directors other than by management, through a requisition for a
meeting or by way of a shareholder proposal. 


Among other things, the policy fixes a deadline by which holders of record of
common shares of Ferro must submit director nominations to the company prior to
any annual or special meeting of shareholders and sets forth the information
that a shareholder must include in the notice to Ferro for the notice to be in
proper written form.


In the case of an annual meeting of shareholders, notice to Ferro must be made
not less than 30 nor more than 65 days prior to the date of the annual meeting,
provided that in the event that the annual meeting is to be held on a date that
is less than 50 days after the date on which the first public announcement of
the date of the annual meeting was made, notice may be made not later than the
close of business on the tenth day following such public announcement.


In the case of a special meeting of shareholders (which is not also an annual
meeting), notice to Ferro must be made not later than the close of business on
the 15th day following the day on which the first public announcement of the
date of the special meeting was made.


The new policy is intended to: (i) facilitate an orderly and efficient annual
general or special meeting process; (ii) ensure that all shareholders receive
adequate notice of the director nominations and sufficient information regarding
all director nominees; and (iii) allow shareholders to register an informed vote
after having been afforded reasonable time for appropriate deliberation. 


The policy is effective immediately and will be placed before Ferro's
shareholders for approval at the company's annual general and special meeting of
shareholders scheduled to be held on May 30, 2013. 


The full text of the policy is available under Ferro's profile at www.sedar.com. 

About Ferro Iron Ore Corp.:

Ferro Iron Ore Corp. (formally Galena Capital Corp.) continues to review a
number of opportunities in the Iron Ore exploration and development sector to
add further shareholder value to its existing 51% interest in the Iron Horse
Property located in the Skeena and Liard Mining Divisions of British Columbia. 


ON BEHALF OF FERRO IRON ORE CORP.

Alastair Neill, Chief Executive 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 termination or
cancellation of the Definitive Agreements, the termination of its private
placement financing, the appointment of new officers, the adoption of the
advance notice policy and the future plans or intentions of Ferro. 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. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Ferro Iron Ore Corp.
Alastair Neill
(416) 861-1685
asneill@forbesmanhattan.com

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