Pacific Iron Ore Corp.
TSX VENTURE : POC

Pacific Iron Ore Corp.

February 18, 2009 13:33 ET

Pacific Iron Corporation Announces Results of 2008 Exploration Program and Expansion on Airborne Geophysical Survey

CALGARY, ALBERTA--(Marketwire - Feb. 18, 2009) - Pacific Iron Ore Corporation (TSX VENTURE:POC), announces that it received results of the 2008 airborne geophysical survey prepared by Fugro Airborne Surveys Corp. of Mississauga, Ontario ("Fugro"). The survey covered approximately 7,780 line kilometers encompassing the Pearson Project and adjacent claims within the Port Renfrew Block on Vancouver Island, British Columbia. The Fugro report discusses 17 zones of particular significance that have clearly defined geophysical signatures with respect to magnetic highs, magnetite-rich zones and the EM anomalies associated with these zones.

Pacific Iron Ore Corporation also announces the receipt of the assay results on the final 10 diamond drill hole samples with respect to its 2008 diamond drill program on the Pearson Project. Mr. Todd Montgomery, President of Pacific Iron Ore Corporation stated that "We are very pleased with the assay results received on the 51 diamond drill holes completed and with the analysis received from our airborne geophysical survey ("the Survey"). 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. Mr. Montgomery also stated "the entire diamond drill program has provided remarkable assay results". Some of these would be:

- 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.

- DDH-08-13B intersected intermittent masses of magnetite in a 12 metre and a 14 metre section from 45.0 to 72.0 metres and provided a Total Fe analysis of 62.95 per cent and 65.07 per cent, respectively.

- DDH-08-30B intersected intermittent masses of magnetite in a 17.00 metre section from 55.0 to 72.0 metres which gave a Total Fe analysis of 61.45 per cent.

- DDH-08-31B intersected intermittent masses of magnetite from 58.0 metres to 214.0 metres depth, giving a cumulative thickness of magnetite totaling 75.05 metres in core length. Some of the thicker magnetite intersections from this hole yielded Fe values from 30.50 to 63.90 per cent. While a 12.85 metre and 11.65 metre section from this hole gave a Total Fe analysis of 55.76 and 60.97 percent respectively.

- DDH-08-38B 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%.

- DDH-08-45B intersected intermittent masses of magnetite (iron oxide) from 120.9 metres to 159.3 metres depth, giving a cumulative thickness of magnetite totaling 17.3 metres in core length. The combined magnetite intersections from this hole yielded an average Fe value of 54.10%.

- DDH-08-48B intersected intermittent masses of magnetite (iron oxide) from 22.0 metres to 62.95 metres depth, giving a cumulative thickness of magnetite totaling 27.6 metres in core length. The combined magnetite intersections from this hole yielded an average Fe value of 53.36%.

- DDH-08-51B intersected intermittent masses of magnetite (iron oxide) from 19.25 metres to 55.4 metres depth, giving a cumulative thickness of magnetite totaling 11.65 metres in core length. The combined magnetite intersections from this hole yielded an average Fe value of 60.42%.

All listed intersections are predominantly composed of massive magnetite and commonly contain small percentages of iron sulphides and may contain small inclusions of pyroxene-garnet skarn, gabbro, marble and/or diorite.

Mr. Montgomery further commented that, "though we are waiting the Davis Tube test results from approximately 1,000 samples taken from the 51 diamond drill holes completed in 2008, the combination of the findings of the Survey and the diamond drill results has enabled the Corporation to focus its immediate exploration efforts on its high potential claims located in the Port Renfrew area and to engage Wardrop Engineering Inc., of Vancouver, British Columbia to prepare a resource estimate for the Bugaboo Creek Area located within the Pearson Project. This information has also enabled the Corporation to assess its holdings on Vancouver Island and identify a number of claims which no longer exhibit sufficient qualities to warrant further exploration. Consequently a number of claims, which are not material to the Corporation's prospects, have been surrendered by the Corporation in early 2009 thus reducing the annual expenditures required to maintain the claims."

Quality Control of Reported Results

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.

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 analysis for a suite of 50 elements while procedure 2 provides 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.

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. With the success of the 2008 Exploration Program and the existence of sufficient capital resources to undertake additional exploration activities in 2009 the Corporation is well positioned to manage these difficult times. In order to maximize the returns on future exploration activity, the Corporation has initiated a detailed review of its claims located on Vancouver Island and in Ontario, with the intention of identifying other areas with similar potential to the Pearson Project. This review is scheduled for completion in March 2009 after which, Pacific Iron Ore Corporation will disclose its 2009 Exploration Program.

Company Contacts:

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

Forward Looking Statements:

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. 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 has not reviewed and 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