Pacific Iron Ore Corp.
TSX VENTURE : POC

Pacific Iron Ore Corp.

October 07, 2009 18:19 ET

Pacific Iron Ore Corporation Preliminary Results of the 2009 Exploration Program for Port Renfrew Project

CALGARY, ALBERTA--(Marketwire - Oct. 7, 2009) - Pacific Iron Ore Corporation (TSX VENTURE:POC)

Pacific Iron Ore Corporation is providing this update on diamond drilling on a number of advanced geological targets in the Port Renfrew, B.C. area. The objectives of this summers drilling program is two fold, to expand the resources of the Bugaboo Creek high-grade iron ore deposits and to examine additional targets previously outlined in the 2008 geophysics program. Mr. Jeffery Austin, P.Eng., President of Pacific Iron Ore Corporation announced that as of the first of October, the Corporation has completed 13 diamond drill holes within the Bugaboo Creek area and 20 diamond drill holes on additional geological targets. Mr. Jeffery Austin, P.Eng., President of Pacific Iron Ore Corporation stated that "the Corporation is eagerly waiting complete assays results on the core samples and preliminary evaluations are very promising".

The high-grade Bugaboo iron deposits contain 7.8 million tonnes of high-grade,(43-101 compliant) iron resources, as outlined by Wardrop Engineering Inc., of Vancouver, British Columbia". This resources estimate was based on drilling completed in 2008. Referring to diamond drill hole 09-05B which intersected 16 metres of virtually continuous massive magnetite mineralization approximately 40 metres south west of the previously modeled Upper Conqueror zone, Mr. Austin, P.Eng., stated that "the Corporation's internal assessment of the 2009 Program is that the previously identified resource should be increased once assay results are received. The Corporation also believes that diamond drill holes 09-02B, 09-06B, 09-07B, 09-08B, 09-09B, and 09-10B have successfully intersected a high-grade magnetite zone and identified at least one other mineralized zone in the Bugaboo Creek area." These intersections are outside the resources defined in the Wardrop resource modeling of the 2008 drill results. Mr. Austin further stated that "although the limits of this new zone have not yet been well defined, these new drill results, coupled with our regional mapping done earlier this summer will provide good insight to further refine our exploration efforts."

The Corporation also announced that the recent drilling of a new geophysics anomaly in the area has encountered a probable layered mafic/ultramafic intrusive which contains disseminated magmatic sulphides consisting of pyrrhotite and chalcopyrite. Float from this area has previously yielded highly anomalous Ni, Cu and PGE (Platinum Group Elements) values in an area that coincides with a large airborne magnetic high anomaly. This area had also been highlighted by previous soil sampling outlining areas of anomalous PGE values. Management accordingly believes this area may be prospective for nickel, copper and PGE elements. Though assays for three holes through this complex are pending, the Corporation believes this area will prove to be of significant interest in its 2010 drilling program.

Corporate Direction and Strategy
Pacific Iron Ore Corporation is dedicated to the development of its strategic mineral deposits, located in the Port Renfrew area of Vancouver Island, British Columbia, as well as, in the Kenora area of Ontario.

Quality Control of Reported Results
Mr. Garry Payie, P. Geo of Victoria, British Columbia, an independent geological consultant, is the Qualified Person on the Pearson Project 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 relating to that project.

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:
The TSX.V Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. 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 beliefs 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 registered filings which are available at www.sedar.com.

Neither the TSX Venture Exchange nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Pacific Iron Ore Corporation
    Todd Montgomery
    CEO
    (403) 228-0607
    (403) 262-4860 (FAX)
    or
    Pacific Iron Ore Corporation
    Leonard Cornez
    Chief Financial Officer
    (403) 218-0294 or 1-866-682-5812
    (403) 265-2887 (FAX)
    or
    Pacific Iron Ore Corporation
    Jeffery Austin, P.Eng.
    President
    (250) 763-4892
    (403) 265-2887 (FAX)
    www.pacificironorecorp.com