POC Pacific Iron Ore Corporation

Pacific Iron Ore Corporation ("POC" or the "Company") (TSX VENTURE:POC)
announces that it has signed a Letter of Intent with Century Energy Ltd
("Century") pursuant to which it will grant to Century the right for Century to
acquire up to a 40% undivided interest in POC's St. Anthony and Best/King Bay
mineral properties ("Property") located in the Beckington Lake, Squash Lake and
Fourbay Areas of Patricia Mining Division, Ontario ("Transaction"). The Property
is comprised of approximately 8,784 hectares, and is more fully described in the
NI 43-101 technical report dated June 12, 2009 which can be found on the
Company's website at www.pacificironorecorp.com. 


The non-binding Letter of Intent is subject to several conditions including
applicable regulatory approval, board of director's approval, due diligence, an
updated NI 43-101 to substantiate the proposed Phase 1 work program and
completion of a financing by Century. Century intends to complete an equity
private placement offering of a minimum of $2M prior to or concurrent with the
closing of the Transaction. The Transaction is scheduled to close no later than
September 29, 2012 or such other date as determined by Century and POC. 


Century shall be entitled to earn an initial 20% undivided interest in the
Property by making a $2M cash payment for expenditures on the Property's Phase 1
work program. Century shall be entitled to earn an additional 20% undivided
interest for a further $2.5M payment within 12 months of the closing of the
Transaction or $3M payment within 24 months of the closing of the Transaction.


Forward Looking Statements:

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 matters such as future production, reserves potential,
exploration drilling, exploration activities and potential future events or
developments 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 Corporation's 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 regarding Pacific Iron
Ore Corporation, Investors should review the Corporation's registered filings
which are available at www.sedar.com.

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