Pacific Iron Ore Corporation Release of September 30, 2011 Financial Statements and Management Discussion and Analysis
29 November 2011 - 6:16PM
Marketwired
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, 2011.
These documents are now available on SEDAR.
2011 Drilling Activity
During the first six months of 2011 POC has drilled an
additional 17 diamond drill core holes on the Port Renfrew Project.
The locations for which were determined in consultation with
Wardrop Engineering Inc., of Vancouver, British Columbia
("Wardrop"). Also in January 2011 Wardrop updated its 2009 resource
estimate for the Bugaboo Creek Area located within the Pearson
Project, to assess the results of the 2008 Exploration Program and
provided recommendations for additional diamond drilling to be
completed in 2011. In their report, Wardrop estimated that the
Bugaboo Creek deposits which comprises a small component of the
Port Renfrew Block, contain inferred resources of 14.2 million
tonnes, grading 60% magnetite prior to any update required for the
2011 Exploration Program.
2011 Results
During the first nine months of 2011 the Corporation incurred a
net loss of $858,223 or $0.01 per common share as compared to a net
loss of $853,875 or $0.01 per common share in the first nine months
of 2010.
The net loss for the three months ended September 30, 2011
amounted to $194,692 as compared to a net loss of $150,061 in the
same period in 2010.
Its major expenses inured in the nine month period included:
Operating expenses totaled $106,121 in 2011 as compared to
$118,753 in 2010 an decrease of $12,632.
Mineral property acquisition costs and exploration costs
expensed during the period totaled $188,510 as compared to $105,891
in 2010 due to higher costs associated with maintaining access to
claims where significant exploration costs had not be incurred.
General and administrative expenses totaled $207,494 in 2011 as
compared to $238,227 in 2010, a decrease of $30,733.
Write downs of mineral properties totaled $nil in 2011 and
$25,000 in 2010 as a result of changes associated with the adoption
of IFRS.
Stock based compensation expense totaled $225,199 ($115,154 in
2010) and arises from the issuance of stock options and broker
warrants during the period.
Net financial expenses during the period totaled $7,449 as
compared to $31,567 in the prior period. Financial income consists
of interest earned on invested cash deposits. 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.
Income taxes during the year amounted to $123,450 as compared to
a recovery of $219,283 in the prior year principally as a result of
recognizing the deferred income taxes on flow through share
obligations offset by the future benefit of discretionary income
tax deductions and net operating losses carried forward for income
tax purposes.
During 2011, subject to maintaining sufficient capital resources
to support its activities, the Corporation anticipates spending
approximately $1,500,000 on exploration activities to fulfill its
flow through expenditure commitments. Limited amounts will be spent
on the acquisition of mineral properties and equipment. During
2011, the Corporation will focus its efforts on the Port Renfrew
property in British Columbia and the St. Anthony Project in
Ontario. These expenditures will be financed with the Corporation's
existing working capital balances. Should equity markets permit,
the Corporation will consider the issuance of additional equity to
finance these activities.
Corporate Direction and Strategy
Pacific Iron Ore Corporation is dedicated to the development of
its strategic mineral deposits, located in the Port Renfrew area
(iron resources) of Vancouver Island, British Columbia, as well as,
in the Kenora area (gold resources) of Ontario. With the success of
the previous exploration and the existence of sufficient capital
resources to undertake additional exploration activities in 2011,
the Corporation is well-positioned to continue its exploration
efforts.
It is the objective of Pacific Iron Ore Corporation to delineate
20 million tonnes of high-grade iron ore in the existing deposits
and complete a pre-feasibility study for the production of iron
concentrates to be sold directly to the Far East. It is believed
that the high-grade nature of the deposits, proximity to
tide-water, and the existence of Port Facilities such as the Port
of Naniamo Duke Point facility, will significantly benefit the
potential projects economics along with the current high demand and
pricing for iron concentrates. The Corporation has set an objective
to identify sufficient resources to allow for a production capacity
of 2 million tonnes per year of iron concentrates from the
site.
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.
Contacts: Pacific Iron Ore Corporation Todd Montgomery CEO (403)
228-0607 (403) 262-4860 (FAX) Pacific Iron Ore Corporation Jeffery
Austin President (250) 763-4892 (403) 265-2887
(FAX)www.pacificironorecorp.com
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