Central Iron Ore Ltd.: Settlement with Red 5 Limited

VANCOUVER, Dec. 14, 2021 - Central Iron Ore Ltd. (CIO - TSX.V) ("CIO" or "the Company") is pleased to announce that a settlement has been reached with Red 5 Limited.

Red 5 Joint Venture

After long negotiation Red 5 Limited and Central Iron Ore Ltd.'s subsidiary South Darlot Mines Pty Ltd (SDM) has reached a settlement with Darlot Mining Company Pty Ltd (Darlot) pursuant to which it was agreed that SDM has earned an additional 19% interest in M37/1045, M37/709, M37/631 and M37/552 (taking its interest from 51% to 70%) pursuant to a 2011 farm-in agreement. It was also agreed under the Settlement Deed and Joint Venture Agreement entered into by the parties that Darlot is holding a 70% interest in a portion of two additional tenements, M37/421 and M37/632, on trust for SDM.

We are most pleased with this outcome and will now commence further development and exploration on these tenements.

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

This mine, which was 49% owned by the Company, and which is National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI43-101") compliant is 5km southwest of Red 5 Limited's Darlot Mine and is currently in care and maintenance. Under the terms of Tenement Acquisition Agreement dated 30 October 2014 regarding the sale of British King by CIO to BK Gold Mines Pty Limited, the British King Mine has now reverted to 100% beneficial ownership by CIO. CIO is registered on title for 49% and has received signed transfer forms from BK Gold Mines Pty Limited to Central Iron Ore Ltd. for the transfer of a further 51% interest as agreed.

The registration of unencumbered title of that 51% interest is being delayed by Silverstream SE22, who provided funding to BK Gold Mines Pty Limited to fund their acquisition under the Tenement Acquisition Agreement. Silverstream SE22 has refused to remove the caveats which prevents registration of the transfers. CIO maintains that such refusal has no legal foundation and is evaluating its options which includes commencing legal proceedings.

South Darlot Gold Project

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/2c0d2872-c4e7-42d7-b43c-5ce33d4e3ac9

https://www.globenewswire.com/NewsRoom/AttachmentNg/d8a08a8c-4d4d-4e68-88f6-54f0c6b4384b

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 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.

Qualified Person's Statement

Mr Andrew Bewsher is a Member of the Australian Institute of Geoscientists and has compiled the information within this report relating to mineralisation. 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:
Direct: +61 2 9397 7555

Email:info@centralironore.com

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.

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.