Hi. The CPU is compatible with the motherboard but possibly after a BIOS update depending on which revision you get and there's no way to know that. Interestingly revision 1.0 of the motherboard doesn't support any Ivy Bridge i3s but does support some i5s and i7s. I think it's safer to get a B75 motherboard instead or H77 if you can spend a little more and they both support USB 3.0. Here's a cheap B75 board for just $3 more: http://www.amazon.com/MSI-LGA1155-MicroATX-Motherboard-B75MA-E33/dp/B008KW62WK/
More to choose from: http://pcpartpicker.com/parts/motherboard/#c=26,36&sort=a6
Hey, this may sound like a silly question, but how many fans can that B75 motherboard support?