Pacific Iron Ore Corp.
TSX VENTURE : POC

Pacific Iron Ore Corp.

July 12, 2010 13:02 ET

Pacific Iron Ore Corporation Announces Closing of Previously Announced Acquisition of Royalty Interest

CALGARY, ALBERTA--(Marketwire - July 12, 2010) - Pacific Iron Ore Corporation ("Pacific Iron" or the "Corporation") (TSX VENTURE:POC) announces that it has closed the previously announced acquisition of a royalty interest from Stares Contracting Corp. ("Stares") pursuant to a Royalty Purchase Agreement entered into between Stares and the Corporation on May 26, 2010.

Pursuant to an option agreement dated May 27, 2002 between Stares and the Corporation's predecessor in interest (the "Option Agreement"), the Corporation acquired from Stares certain mining claims located in the Patricia Mining Division 30 in the Province of Ontario (the "Mining Claims"). The Option Agreement granted Stares a 3% net smelter returns royalty over the Mining Claims (the "Royalty").

Pursuant to the terms of the Royalty Purchase Agreement, the Corporation acquired the Royalty in exchange for consideration consisting of a total of 400,000 listed common shares of the Corporation. In accordance with the terms of the Royalty Purchase Agreement, the Corporation acquired all of the interest Stares holds in the Mining Claims, including the Royalty, and the Option Agreement was terminated. Stares is an arm's length party to the Corporation.

Company Contacts:
For further information please refer to the Corporation's profile on SEDAR which can be accessed at www.sedar.com, visit our website at www.pacificironorecorp.com.

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 Provider (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
    President
    (250) 763-4892
    (403) 265-2887 (FAX)
    www.pacificironorecorp.com