Exploration Update

VANCOUVER, Jan. 26, 2024 - Central Iron Ore Ltd. (CIO - TSX.V) ("CIO" or "the Company") is pleased to announce this Exploration Update.

South Darlot Joint Venture

Soil Sampling Programmes
Two geochemical soil sampling programs were undertaken to test for low level gold anomalism on tenements M37/421 and M37/632. A total of 209 samples were collected and dispatched to LabWest Laboratories in Perth for Ultrafine+ geochemical assay. Results for the sampling are yet to be evaluated.

Drilling
A multi target Reverse Circulation (RC) drill campaign was completed across six target areas not influenced by native title clearance on tenements M37/631 and M37/632. Forty-six holes for a total of 2,644 metres was completed over three weeks. Results for the drilling are still pending.

Mermaid
Ten reverse circulation resource delineation drillholes for 782 metres were completed. The purpose of these holes was to extend the current mineralised outline both at depth and laterally. This round of drilling further consolidated the Mermaid resource.

New Targets
Following data collation and interpretation during Quarter 3, twenty-seven shallow reverse circulation drillholes for 1,246 metres were completed across the historical mining areas of Sylvia, Kyneton, Weebo, Weebo North and Rose. Initial interpretation of the RC chips has been promising with quartz lodes extending below historical mining.

Soils Targets
Targeted drilling across the centres of two of the soil geochemical anomaly targets not influenced by Native Title Clearance was completed. Nine reverse circulation drillholes for 616 metres were drilled, initial interpretation of the RC chips has been promising with quartz lodes being intercepted.

Native Title Clearance
Native title clearance for a selection of the soil sampling targets is ongoing. Following the completion of likely required heritage surveys, the intent is to drill in the next 3 to 6 months.

British King
Preparation and planning for the whole project has commenced.

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 the RC drilling programme. 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.

"David Deitz"
____________________________
David Deitz, Director/CEO

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

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Email: info@centralironorelimited.com

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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.

ABN: 32 072 871 133