Mr. Richard Bonnycastle reports

PACIFIC IRON ORE CORPORATION ANNOUNCES RELEASE OF SEPTEMBER 30, 2014 FINANCIAL STATEMENTS AND MANAGEMENT DISCUSSION AND ANALYSIS AND UPDATE ON SALE OF VANCOUVER ISLAND IRON ORE PROPERTIES

Pacific Iron Ore Corp. has filed its financial statements, and management discussion and analysis, for the three and nine months ended Nov. 30, 2014. These documents are now available on SEDAR.

2014 results

During the first nine months of 2014, the corporation incurred a net loss of $416,950 or nil per common share, as compared with a net loss of $277,626 or nil per common share in the first nine months of 2013.

Its major expenses incurred in the nine-month period included the following.

Operating expenses totalled $109,606 in 2014, as compared with $79,565 in 2013, an increase of $30,041.

Mineral property acquisition costs and exploration costs expensed during the period totalled $214,667, as compared with $22,881 in 2013. This increase of $191,786 was due to costs associated with maintaining claims.

General and administrative expenses totalled $94,924 in 2014, as compared with $113,116 in 2013, a decrease of $18,192.

Net financial expenses during the period totalled $5,423, as compared with net financial income of $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 comprise solely bank investment certificates with a maturity date of less than one month and are on deposit with a Canadian chartered bank. Financial expenses comprise 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 continuing and the corporation anticipates that the transaction will close in the near future. The corporation will issue a news release confirming the sale in due course.

We seek Safe Harbor.