South Darlot Gold Project: Commencement of RC Drilling Programme

VANCOUVER, Nov. 22, 2022 - Central Iron Ore Ltd. (CIO - TSX.V) ("CIO" or "the Company") is pleased to announce they have commenced an RC drilling programme at the South Darlot Gold Project.

RC Drilling

The RC drill programme targets two of the prospects located on M37/631 including Endeavour and Mermaid. A total of 15 holes for approximately 900 metres has been designed to test for extensions to the west and down dip of the existing mineralisation at Endeavour. The Endeavour deposit has an indicated and inferred mineral resource of 7,430 tonnes at 43.0 g/t Au for 10,220 ounces with a 160 g/t Au top cut at a $AUD 3,000 gold price (as per NI43-101 Independent Technical Report: South Darlot Project Western Australia prepared by Andrew Bewsher MAIG 28/9/2022 and reported in TSXV announcement: 28/9/2022).

A total of 15 shallow RC holes have been designed targeting short scale gold mineralisation at the Mermaid prospect. The holes attempt to locate gold mineralisation along strike of PBERB002 which intersected 3 metres @ 13.03 g/t Au and up dip of WDRC011 which intersected 11 metres at 3.32 g/t Au. Other significant mineralised intercepts at Mermaid include WDRC0099 which intersected 5 metres @ 344.4 g/t Au.

Mining Studies

Once the RC drilling programme is completed, CIO intend to commission a suite of studies required to meet Western Australia Department of Mining Industry Regulation and Safety (DMIRS) requirements to commence open pit mining at Endeavour. These studies include waste rock characterisation, a hydrogeological and geotechnical assessment. A metallurgical test work programme will also be implemented at the completion of the RC drilling programme.

Figure 1 Long section of the Endeavour deposit showing pierce points of the November 2022 RC Drilling Programme is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c417bc8f-cf3f-43fd-9bf1-bbc722798581

Figure 2 Long section of the Mermaid deposit showing pierce points of the November 2022 RC Drilling Programme is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aef2eec0-ce13-4b25-ab55-7b3f9ea5c32f

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.
• 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 3 Locality map of the South Darlot project is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e2bac516-a7d8-47e2-9f30-877c08df9daf

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:
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

ABN: 32 072 871 133