South Darlot Gold Project: Phase 2 Soil Sample Programme

VANCOUVER, Nov. 02, 2022 - Central Iron Ore Ltd. (CIO - TSX.V) ("CIO" or "the Company") is pleased to announce they have commenced the Phase 2 soil sampling programme at the South Darlot Gold Project.

CIO is pleased to announce that it has commenced the second phase of soil sampling on tenements M37/631 and M37/632 to expand upon the successful Phase 1 programme announced in June 2022. This programme identified five coincident gold-copper-lead in soil anomalies on or about the Emperor Structure and along strike of the Endeavour Mineral Resource. In addition to the gold anomalism, two lithium targets were identified characterised by the presence of elevated Li and other elements associated with LCT pegmatites (Rb, Cs, Be, Ta).

The Phase 2 programme consists of 3,870 soil samples to be collected on the same tight sample density of 20mN x 30mE (Figure 1) and will target potential mineralised systems with a similar size footprint of the Endeavour and Mermaid prospects located on M37/631.

Figure 1 The three Zones (A, B and C) of the Phase 2 Soil Sampling Programme with Au (ppb) anomalies from the Phase 1 programme is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/77c767f5-bc01-4c08-8795-98742905f477

Central Iron Ore Ltd.

SOUTH DARLOT GOLD PROJECT (Western Australia)

The Company's South Darlot Gold Project area is located approximately 320km northwest of Kalgoorlie in Western Australia and includes:

• The British King Mine which is 100% beneficially owned by the Company and which is National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI43-101") compliant. The British King Mine is 5km southwest of Red 5 Limited's Darlot Mine. The British King Mine is currently in care and maintenance. The Company has commenced action in the Supreme Court of Western Australia to have the caveats removed.
  
  
• A number of tenements which are subject to a joint venture with subsidiaries of Red 5 Limited ("Red 5"), details of which are set out below, in which CIO has earned a 70% interest.
  

Figure 2 Locality map of the South Darlot project is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/afb51cc9-09cd-4987-9ca4-cc6a3365549f

RED 5 JV Project (Formerly Barrick Joint Venture Project)

The tenements set out in the table below ("Red 5 JV Tenements") are the subject of a joint venture between a fully owned subsidiary of the Company and subsidiaries of Red 5 Limited ("Red 5 JV") and are situated southwest of Red 5's Darlot gold mine and are contiguous with CIO's current holdings in the area. The Red 5 JV Tenements are detailed below.

Table 1: List of South Darlot tenements

QUALIFIED PERSON

Mr. Andrew Bewsher who is a Member of the Australian Institute of Geoscientists and has compiled the information within this report relating to soil geochemical distributions. Mr. Bewsher 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 NI 43-101.

On behalf of the Board of Directors
Central Iron Ore Ltd.

"Brett Hodgins"
____________________________
Brett Hodgins, President/CEO

For further information, please contact:
www.centralironorelimited.com

Investor and Media Inquiries:
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Email: info@centralironore.com

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

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