Pacific Iron Ore Corp.
TSX VENTURE : POC

Pacific Iron Ore Corp.

November 24, 2008 10:30 ET

Pacific Iron Corporation Announces Exploration Program Update and Filing of Interim Financial Statements for the Three and Nine Months Ended September 30, 2008

CALGARY, ALBERTA--(Marketwire - Nov. 24, 2008) - Pacific Iron Ore Corporation (TSX VENTURE:POC), announces that it has filed its interim financial statements and management discussion and analysis for the three and nine months ended September 30, 2008. These documents are available under the Corporations profile on SEDAR and can be accessed at www.sedar.com.

Mr. Todd Montgomery, President of Pacific Iron Ore Corporation stated that "We are very pleased with the Corporation's achievements during the first nine months of 2008. During this period the Corporation completed the amalgamation of Emerald Fields Resource Corporation and Klondike Capital Corp, issued 8,979,000 flow through shares and 5,221,000 common shares for gross proceeds of $6,577,900 and commenced the 2008 Exploration program." The Exploration Program consists of a diamond drill program and aerial magnetic survey pursuant to the recommendations contained in the independent qualifying report dated October 31, 2007 and revised on February 13 and March 11, 2008 entitled "Technical Report - Pearson Project, British Columbia" (the "Qualifying Report") prepared by an independent geologist, Mr. George Owsiacki, P. Geo. of Victoria, British Columbia. The Qualifying Report was prepared in contemplation of the requirements of National Instrument 43-101. A copy of the 43-101 Technical Report is available under the Corporations profile on SEDAR and can be accessed at www.sedar.com.

The Corporation has completed 53 diamond drill holes to date, with the assay results received and reported on 41 diamond drill holes, and had completed 7,783 line kilometers or 57% of the airborne geophysical survey ("the Survey") being conducted by Fugro Airborne Surveys Corp. of Mississauga, Ontario ("Fugro"). "The preliminary results of these activities are very encouraging" stated Mr. Montgomery. The current drilling program has covered significant areas of interest within Bugaboo Creek and has identified a number of significant drill intersections of iron skarn mineralization. One specific example of the strong results achieved is hole DDH-08-38B which intersected intermittent masses of magnetite (iron oxide) from 25.3 metres to 259.8 metres depth, giving a cumulative thickness of magnetite totaling 127.5 metres in core length. The combined magnetite intersections from this hole yielded an average Fe value of 55.6%. Mr. Montgomery further stated that "though we are waiting for the assay results from 12 diamond drill holes, Davies Tube test results and the detailed report from Fugro, we have identified a number of holes with both significant intersections of iron skarn mineralization and high Total Fe content. The combination of the preliminary findings of the Survey and the diamond drill results has enabled the Corporation to focus its immediate exploration efforts on claims located in the Port Renfrew area and to maintain claims with respect to its other mining properties."

Outlook and Future Activity

As at September 30, 2008 the Corporation had working capital of $3.0 million, including $2.7 million in cash and short term deposits, available to fund the completion of the Survey, finalize its diamond drill program and prepare a detailed analysis of the combined data. The Corporation believes its current cash position will enable it to complete its planned activities and fund its exploration efforts for the fourth quarter of 2008 and first nine months of 2009. Field activity will be significantly reduced during the period from November 15, 2008 to February 28, 2009 as a result of poor weather conditions which will reduce visibility and prohibit the safe operation of the helicopters needed to complete the Survey. Field activity will recommence in March 2009 focusing on geological mapping, diamond core drilling and data correlation. The Survey is expected to recommence in the spring of 2009 when weather patterns improve. The Corporation intends to use the winter time period to assimilate data, complete assays and Davies Tube testing, and prepare its 2009 Exploration Program. The Corporation also intends to investigate the potential for exploring sand, gravel and clay deposits, also located in the Port Renfrew area, to provide a source of additional working capital to fund its exploration program should equity markets continue to be unfavorable.

Qualified Person

Mr. Garry Payie, P. Geo of Victoria, British Columbia, an independent geological consultant, is the Qualified Person under the guidelines of NI 43-101. Mr. Payie oversees the Corporation's exploration program with respect to the Pearson Project and has reviewed and approved the technical disclosure contained in this press release.

Corporate Direction and Strategy

Pacific Iron Ore Corporation is dedicated to the development of its iron ore deposits, located in the Port Renfrew area of Vancouver Island, British Columbia. The work program for the British Columbia property (BCP-1, Pearson) includes a planned airborne magnetometer and EM geophysical surveys over its mineral claims; geological mapping with corresponding stream sediment sampling and analyses; line cutting; assaying and analytical work; diamond drilling; and possibly bulk sampling. The Corporation's total mineral claim holdings on Vancouver Island, British Columbia consist of approximately 297,313 hectares.

Company Contacts:

For further information please refer to the Corporations profile on SEDAR which can be accessed at www.sedar.com, visit our website at www.pacificironorecorp.com.

Forward Looking Statements:

This release includes certain statements that may be deemed "forward looking statements". All statements in this release, other than statements of historical facts, that address future production, reserves potential, exploration drilling, exploration activities and events or developments that the Corporation expects are forward looking statements. Although the Corporation believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward looking statements. Factors that could cause results to differ materially from those in the forward looking statements include, but are not limited to: market prices; exploitation and exploration successes; continued availability of capital, financing and personnel; government regulation and laws; the Corporations relationship with First Nations; environmental developments; and general economic, market or business conditions. Investors are cautioned that such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward looking statements. For more information on Pacific Iron Ore Corporation, Investors should review the Corporation's public filings which are available at www.sedar.com.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pacific Iron Ore Corporation
    Todd Montgomery
    President
    (403) 228-0607
    (403) 262-4860 (FAX)
    or
    Pacific Iron Ore Corporation
    Leonard Cornez
    Chief Financial Officer
    (403) 218-0294 or Toll Free 1-866-682-5812
    (403) 265-2887 (FAX)
    Website: www.pacificironorecorp.com