Pacific Iron Ore Corp.
TSX VENTURE : POC

Pacific Iron Ore Corp.

July 07, 2009 17:15 ET

Pacific Iron Ore Corporation Announces the Completion of the Technical Report on Separation Property

CALGARY, ALBERTA--(Marketwire - July 7, 2009) - Pacific Iron Ore Corporation (TSX VENTURE:POC) announces that it has received and filed a Technical Report dated June 29, 2009 on its Separation Property located in Ontario. The Technical Report was prepared in contemplation of the requirements of National Instrument 43-101, by independent geologists Mr. J. Gary Clark P.Geo and Mr. Desmond Cullen, P.Geo. This document is now available on SEDAR. The objective of completing this property evaluation was to assist Pacific Iron Ore Corporation in vending or optioning this property to a company interested in the lithium and rare metal potential as outlined in the work of Messer's Clark and Cullen.

Separation Property:

The Separation Property ("the Property") consists of 21 contiguous, unpatented mining claims and one contiguous mining lease, is situated 70 kilometres north of Kenora, Ontario and is located within the traditional land use area of the Wabaseemoong Independent Nations of Whitedog, Ontario, an aboriginal community located approximately 35 kilometres southwest of the Property. This area has a history of precious metals exploration with work focusing on uranium and iron ore potential. The Property lies within the Separation Lake Greenstone belt where extensive research and mapping by the Ontario government in 1993 increased interest in the potential for lithium and rare metal bearing pegmatites. The Property is comparable in size and potential to other major producing areas, with two areas showing potential for economic deposits, Big Whopper and Big Mack.

The Separation Lake Greenstone Belt (SLGB) has been the focus of extensive study by the Ontario Geological Survey since the area was examined as part of Operation Kenora-Sydney Lake (Breaks et al. 1975). The Property occurs within the SLGB of the contact zone of the English River sub province and Winnipeg River sub province of the Archean Superior Province. Extensive research and mapping by the Ontario government from 1993 increased interest in the rare-metal pegmatite potential of the area.

Pegmatites are host to many rare and exotic metals such as tantalum, niobium, tin, lithium, rubidium and cesium. Tanco's Bernic Lake pegmatite in Manitoba, Bikita in Zimbabwe and the Greenbushes in Australia are some of the better known pegmatite deposits currently being mined for their lithium and/or tantalum content.

The SLGB is comparable in size and potential to these major producing areas, with Pacific Iron's Big Mack and Avalon Venture's Big Whopper petalite pegmatites being examples of potentially economic deposits.

The exploration work to date has identified a series of pegmatite zones on the Property with anomalous values for lithium and rare earth metals. The most significant of these on the Property are the Big Mack, Eleven Zone, Glitter, Wolf and Rattler pegmatites. These pegmatites and pegmatites on the adjacent Avalon Ventures property have been determined to have economic potential by previous work completed. The Big Mack pegmatite has been drill tested to a limited depth and has had significant lithium values reported. Other pegmatites on the Property have had limited to no diamond drilling.

The Technical Report recommends that the Corporation undertake an exploration program costing approximately $371,000 on the Property. The exploration program should be comprised of prospecting, additional sampling and diamond drilling to further define the potential of the lithium and rare-metal pegmatites. The work should also include diamond drilling of the Big Mack pegmatite to depth and along the strike to prove continuity and the potential associations to other pegmatites in the immediate area. Geochemistry of all pegmatites should also be reviewed.

Mr. Jeffery Austin, President of Pacific Iron Ore Corporation stated that "this is an exciting opportunity to establish a significant project in the Kenora, Ontario region. Once our preliminary work on the Property is complete the Corporation intends to seek appropriate joint venture partners to further develop the opportunity."

Technical Report Assumptions

On June 29, 2009, Mr. Clark and Mr. Cullen issued their Technical Report titled "Technical Report on Separation Property". Much of the data for this report is sourced from 'historical NI 43-101 noncompliant' prospector, company and government assessment reports and maps on file with the MNDM, Kenora District Geologist's Office.

Disclosure in this press release is qualified by the more detailed discussion as set forth in the Technical Report filed on SEDAR at www.sedar.com.

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 focusing its exploration efforts in the Pearson Project and evaluating its St. Anthony's Property.

Quality Control of Reported Results

Mr. J. Gary Clark, P. Geo of Clark Exploration Consulting, an independent geological consultant, is the Qualified Person on the Separation Project under the guidelines of NI 43-101. Mr. Clark along with Mr. Desmond Cullen, P.Geo prepared the Technical Report and Mr. Clark reviewed and approved the technical disclosure contained in this press release. Mr. Clark holds a Bachelor of Science honors degree in Geology from Lakehead University and is a Professional Geologist. Over the past 26 years he has been involved in mineral exploration throughout Canada and overseas, with a number of exploration companies including Falconbridge, Falconbridge Copper, Noranda and Gulf Minerals. Mr. Clark also serves on various committees and boards that support the mineral explorers of Ontario including the Ontario Minister of Mines Mining Act advisory committee and the Ontario Geological Survey Advisory Board.

For further information please refer to the Corporations profile on SEDAR which can be accessed at www.sedar.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 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)
    Website: www.pacificironorecorp.com