Pacific Iron Ore Corp.
TSX VENTURE : POC

Pacific Iron Ore Corp.

September 15, 2008 16:51 ET

Pacific Iron Corporation Announces Initial Results of 2008 Exploration Program

CALGARY, ALBERTA--(Marketwire - Sept. 15, 2008) - Pacific Iron Ore Corporation (TSX VENTURE:POC), announces the results of its first 23 diamond drill hole samples with respect to its Pearson Project located on Vancouver Island, British Columbia.

Mr. Todd Montgomery, President of Pacific Iron Ore Corporation stated that "I am very pleased with the progress being made on the 2008 exploration program. Significant drill intersections of iron skarn mineralization and subsequent assay results are very supportive in confirming our initial belief in the properties merit." With analysis completed on 23 diamond drill holes of the 70 holes planned in the 2008 exploration program, the Corporation has verified that a significant body of iron oxide (magnetite) occurs along the upper reaches of Bugaboo Creek. One hole (DDH-08-01B) intersected intermittent masses of magnetite from 59.3 metres to 123.2 metres depth, totaling 41 metres in core length. Some of the thicker intersections from this hole yielded Fe values from 41.82 to 48.53 per cent. A 12 metre and 16 metre section from 45.0 to 72.0 metres in hole DDH-08-13B gave a Total Fe analysis of 62.95 per cent and 65.07 per cent, respectively. All listed intersections are predominantly composed of magnetite and commonly contain small percentages of iron sulphides and may contain small inclusions of pyroxene-garnet skarn, gabbro, marble and/or diorite. Detailed sample information is outlined below.

Mr. Montgomery also stated "the drill results, when combined with the preliminary analysis from the ongoing airborne geophysical survey ("the Survey") being conducted by Fugro Airborne Surveys Corp. of Mississauga, Ontario ("Fugro") is positive and will help to more precisely define the organization's future exploration plans." The Survey will encompass approximately 12,225 line kilometers and will cover the majority of the Corporation's mineral claims located on Vancouver Island, British Columbia. The Corporation's total mineral claim holdings on Vancouver Island, British Columbia consist of approximately 297,313 hectares. The airborne study commenced on August 3, 2008 and is ongoing. The Corporation anticipates the completion of the Survey during September 2008, weather permitting.

The drilling program and aerial magnetic survey are being undertaken 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.



2008 Diamond Drill Holes with Significant Magnetite Intercepts Showing Total
Iron Content

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From To Intercept Average Total
Drill Hole Number Meter Meter (Meters) Fe%
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DDH-08-01B 59.3 61.3 2.0 34.00
61.6 64.2 2.6 49.00
65.0 71.0 6.0 47.23
79.0 91.1 12.10 41.82
94.6 103.2 8.6 45.57
113.5 123.2 9.7 48.53
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DDH-08-04B 49.7 52.0 2.3 40.50
57.9 84.25 26.4 59.70
85.4 87.4 2.0 48.80
101.0 103.0 2.0 30.60
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DDH-08-05B 37.5 38.3 0.8 38.20
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DDH-08-06B 41.0 55.0 14.0 52.21
58.0 59.0 1.0 41.10
67.0 69.0 2.0 56.70
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DDH-08-07B 32.5 34.0 1.5 49.2
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DDH-08-08B 21.5 38.0 16.5 53.12
40.0 42.0 2.0 33.40
44.7 48.6 3.9 43.89
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DDH-08-09B 17.6 20.0 2.4 49.70
20.4 21.4 1.0 63.80
22.3 24.3 2.0 63.80
25.0 36.3 11.3 57.59
39.6 46.1 6.5 54.87
47.8 51.8 4.0 58.05
52.0 53.0 1.0 41.90
57.2 58.2 1.0 32.70
60.25 63.0 2.75 60.58
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DDH-08-10B 18.0 22.0 4.0 39.55
24 27.0 3.0 48.7
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DDH-08-13B 21.7 31.0 9.3 41.75
34.0 40.0 6.0 57.00
45.0 57.0 12.0 62.95
58.0 72.0 14.0 65.07
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DDH-08-15B 18.3 20.6 2.3 45.90
22.2 23.5 1.3 54.40
24.5 26.5 2.0 42.95
27.7 32.7 5.0 64.04
35.0 36.0 1.0 29.60
38.0 39.4 1.4 48.70
39.8 44.0 4.2 45.77
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DDH-08-16B 30.20 32.20 2.0 31.70
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DDH-08-20B 102.0 106.0 4.0 44.45
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The core samples were provided to ALS Chemex, an ISO 9001 and ISO 17025 accredited facility located in North Vancouver, British Columbia, for analysis and processing. The samples taken from the core of the mineralized zone were analyzed initially using one of the following 2 geochemical procedures: (1) ME-MS41 - Ultra-Trace Level Methods using Inductively Coupled Plasma-Atomic Emission Spectroscopy (ICP-AES) followed by Inductively Coupled Plasma - Mass Spectrometry (ICP-MS); 2) ME-ICP41 - Inductively Coupled Plasma - Atomic Emission Spectroscopy (ICP - AES). Both methods provide Total Fe analysis with detection limits from 0.01% - 50% Fe. Geochemical procedure 1 provides additional analysis for a suite of 50 elements while procedure 2 provides additional analysis for a suite of 34 elements. For detection limits above 50% both methods are followed with assay procedure ME-OG46, a method used for the evaluation of ores and high-grade materials to be optimized for accuracy and precision at high concentration levels. In this method a prepared sample is digested in 75% aqua regia and later analyzed by inductively coupled plasma - atomic emission spectrometry (ICP - AES) or by atomic absorption spectrometry. These geochemical and assay techniques yield Total Fe percentage and are not meant as a final determination of recoverable magnetite. For determination of recoverable magnetite, a selection of core samples will be provided to B.C. Mining Research Ltd. for percentage magnetic (Davis Tube) testing. The results of the Davis Tube testing, when available to the Corporation, will be reported to shareholders at a future date and in a manner consistent with the requirements of National Instrument 43-101 entitled "Standards of Disclosure for Mineral Projects" as adopted by the Canadian Securities Regulators.

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.

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 northern claims; geological mapping with corresponding stream sediment sampling and analyses; line cutting; assaying and analytical work; diamond drilling; and possibly bulk sampling.

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.

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)