Pacific Iron Ore Corp.
TSX VENTURE : POC

Pacific Iron Ore Corp.

November 26, 2014 19:45 ET

Pacific Iron Ore Corporation Announces Release of September 30, 2014 Financial Statements and Management Discussion and Analysis and Update on Sale of Vancouver Island Iron Ore Properties

CALGARY, ALBERTA--(Marketwired - Nov. 26, 2014) - Pacific Iron Ore Corporation (TSX VENTURE:POC) (the "Corporation") announces that it has filed its Financial Statements and Management Discussion and Analysis for the three and nine months ended November 30, 2014. These documents are now available on SEDAR.

2014 Results

During the first nine months of 2014 the Corporation incurred a net loss of $416,950 or $0.00 per common share as compared to a net loss of $277,626 or ($0.00) per common share in the first nine months of 2014.

Its major expenses incurred in the nine month period included:

Operating expenses totaled $109,606 in 2014 as compared to $79,565 in 2013, an increase of $30,041.

Mineral property acquisition costs and exploration costs expensed during the period totaled $214,667 as compared to $22,881 in 2013. This increase of $191,786 was due to costs associated with maintaining claims.

General and administrative expenses totaled $94,924 in 2014 as compared to $113,116 in 2013, a decrease of $18,192.

Net financial (expenses) income during the period totaled $(5,423) as compared to $34,384 in the prior period. Financial income consists of interest earned on invested cash deposits and unrealized gains or losses on marketable securities. Cash deposits are comprised solely of bank investment certificates with a maturity date of less than one month and are on deposit with a Canadian Chartered Bank. Financial expenses are comprised interest and bank charges and accruals for Part XII taxes.

Update on Sale of Vancouver Island Iron Ore Properties

The Corporation reports that it continues to work with the purchaser on the sale of its interests in the Pearson Project on Vancouver Island. Efforts to close the transaction are ongoing and the Corporation anticipates that the transaction will close in the near future. The Corporation will issue a Press Release confirming the sale in due course.

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.

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 believes 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 his release.

Contact Information

  • Pacific Iron Ore Corporation
    Richard Bonnycastle
    Chief Executive Officer
    (403) 269-6795
    (403) 265-2887 (FAX)
    www.pacificironorecorp.com