Pacific Iron Ore Corp.
TSX VENTURE : POC

Pacific Iron Ore Corp.

September 20, 2010 14:06 ET

Pacific Iron Ore Corporation Updates Drilling Activities on the Bugaboo Creek Iron Project

CALGARY, ALBERTA--(Marketwire - Sept. 20, 2010) - Pacific Iron Ore Corporation (TSX VENTURE:POC), announces that drilling activity on the Bugaboo Creek project is now complete for the 2010 exploration season. The drilling activity has been focused on the exploration of massive magnetite skarns found in the Bugaboo Creek area near Port Renfrew, B.C. In late 2008, Pacific Iron Ore Corporation announced an inferred resource of 7.8 million tonnes of approximately 63 percent magnetite. 

An updated resource estimate for the Bugaboo Creek deposits is expected late in 2010 or early 2011, this is being completed by Wardrop Engineering Ltd. of Vancouver. This estimate will incorporate drilling results from both 2010 and from 2009. The 2009 drilling program was interrupted by severe weather and not completed, nor was a resource update completed with these partial results at the end of 2009.

A total of 32 HQ holes were completed in the 2010 exploration campaign totaling approximately 9,100 metres of core. It is expected that core logging and assaying will be completed in late October and that drilling results will be available to Wardrop Engineering Ltd. in November, 2010. 

A total of 16 holes were completed in the 2009 exploration campaign totaling approximately 4,700 metres of HQ core. 

Analysis of sample material from the drilling program on the Bugaboo Creek project is being completed by ALS Chemex of North Vancouver, B.C., with high grade iron samples being re-analzyed by the University of British Columbia for magnetically recoverable iron content. 

The Bugaboo Creek deposits are being explored and developed with the intent of exporting iron concentrate to the worldwide steel industry. 

Corporate Direction and Strategy

Pacific Iron Ore Corporation is dedicated to the development of its strategic mineral deposits, located in the Port Renfrew area of Vancouver Island, British Columbia, as well as, in the Kenora area of Ontario.

Jeffrey B. Austin, P.Eng. is the qualified person for Pacific Iron Ore Corporation and responsible for the content of this news release. 

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
    Jeffery B. Austin, P.Eng.
    President
    (250) 763-4892
    (403) 265-2887 (FAX)
    or
    Pacific Iron Ore Corporation
    Leonard Cornez
    Chief Financial Officer
    (403) 218-0294 or 1-866-682-5812
    (403) 265-2887 (FAX)
    www.pacificironorecorp.com