Ferro Announces Name Change and Share Consolidation

TORONTO, ONTARIO--(Marketwired - July 18, 2013) - Ferro Iron Ore Corp. (TSX VENTURE:RRO) is pleased to announce that effective July 19, 2013 the company's name will change to "Wolf Resource Development Corp." and the company's common shares will trade on the TSX Venture Exchange under its new ticker symbol, "WRD".

In addition, the common shares of the company have been consolidated such that one (1) new common share has been issued for every four (4) common shares outstanding on the date hereof. A letter of transmittal will be sent by mail to shareholders advising that the name change and share consolidation have taken effect and instructing shareholders to surrender the certificates evidencing their common shares for replacement certificates representing the number of common shares to which they are entitled as a result of the consolidation. Until surrendered, each certificate representing common shares prior to the consolidation will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the consolidation.

The shareholders of the company approved the name change and share consolidation at the annual and special meeting of the company held on May 30, 2013. Further details regarding the name change and share consolidation are contained in the company's Information Circular dated April 30, 2013, which has been filed on SEDAR at www.sedar.com.

About Ferro Iron Ore Corp.:

Ferro Iron Ore 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 share consolidation, name change 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.

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.