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November 26, 2014
CALGARY, ALBERTA–(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.
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.
Pacific Iron Ore Corporation
Chief Executive Officer
(403) 265-2887 (FAX)
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