Pacific Iron Ore Corp.
TSX VENTURE : POC

Pacific Iron Ore Corp.

November 26, 2010 12:00 ET

Pacific Iron Ore Corporation Announces Release of September 30, 2010 Financial Statements and Management Discussion and Analysis

CALGARY, ALBERTA--(Marketwire - Nov. 26, 2010) - Pacific Iron Ore Corporation (TSX VENTURE:POC), announces that it has filed its Financial Statements and Management Discussion and Analysis for the three and nine months ended September 30, 2010 and 2009. These documents are now available on SEDAR.

During the first nine months of 2010 the Corporation generated interest revenue of $2,755, incurred a net loss before income taxes of $663,679 and generated a net loss of $527,975 or $0.01 per common share. During the three month period ended September 30, 2010 the Corporation generated interest revenue of $1,070, incurred a net loss before income taxes of $240,640 and generated a net loss of $187,419 or $0.00 per common share.

Its major expenses included general and administrative costs of $400,380, stock based compensation expenses of $115,154 and the write-down of mineral properties surrendered by the Corporation of $150,900. The Corporation also received the benefit of recognizing future income tax recoveries of $135,704 during the quarter.

General and administrative costs totaled $400,380 in 2010 as compared to $309,667 in 2009, an increase of $90,713. The increase can be mainly attributed to the addition of a corporate President for the full period ($17,500); accounting costs and legal costs ($45,585); amortization ($13,986); and investor and community relations charges incurred during the period. These expenditures are incurred in respect to the ongoing general administrative activities of the Corporation.

During 2010, the Corporation determined that insufficient work was being completed on certain claims or the Corporation had decided to relinquish its interest in certain other mineral claims which did not exhibit significant potential for mineral deposits. In accordance with the Corporation's accounting policy for mineral properties and deferred exploration costs were written off during the period.

During the nine months ended September 30, 2010 the Corporation incurred $1,569,418 in investing activities as compared to $1,311,599 for the same period in 2009. It also received $287,500 in proceeds from the exercise of stock options and $89,400 in proceeds from the exercise of broker warrants.

Corporate Direction and Strategy

Pacific Iron Ore Corporation is dedicated to the development of its mineral claims located in the Port Renfrew area (iron potential) of Vancouver Island, British Columbia, as well as, in the Kenora area (gold potential) of Ontario. With the success of the previous exploration and the existence of sufficient capital resources to undertake additional exploration activities in 2010, the Corporation is well-positioned to continue its exploration efforts.

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 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
    Chief Executive Officer
    (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