2012-11-29 20:09:31 -
CALGARY, ALBERTA -- (Marketwire) -- 11/29/12 -- 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, 2012. These documents are now available on SEDAR.
During the first nine months of 2012 the Corporation incurred a net loss of $325,980 or $0.00 per common share as compared to a net loss of ($858,223) or ($0.01) per common share in the first nine months of 2011.
Its major expenses incurred in the nine month period included:
Operating expenses totaled $110,762 in 2012 as compared to $106,121 in 2011, an increase of $4,641.
Mineral property acquisition costs and exploration costs expensed during the period totaled $111,147 as compared to $188,510 in 2011 due to lower activity in 2012.
General and administrative expenses totaled $156,001 in 2012 as compared to $207,494 in 2011, a decrease of $51,493.
Write downs of mineral properties totaled $16,202 in 2012 and nil in 2011.
Stock based compensation expense totaled $27,840 ($225,199 in 2011) and arises from the issuance of stock options and broker warrants in previous periods.
Net finance expenses during the period totaled $1,085 as compared to $7,449 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 of interest and bank charges and accruals for Part XII taxes.
Income taxes during the period amounted to $27,943 as compared to $123,450 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.
Disposal of an asset was $25,000 in the period for funds received as part of the Option Agreement for the Separation properties.
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 : www.pacificironorecorp.com or contact Todd Montgomery.
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 Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Pacific Iron Ore Corporation
Chief Executive Officer
(403) 262-4860 (FAX)