Mr. Richard Bonnycastle reports

PACIFIC IRON ORE CORPORATION ANNOUNCES RELEASE OF SEPTEMBER 30, 2015 FINANCIAL STATEMENTS AND MANAGEMENT DISCUSSION AND UPDATE ON SALE OF ONTARIO GOLD PROPERTIES

Pacific Iron Ore Corp. has filed its financial statements and management's discussion and analysis for the nine months ended Sept. 30, 2015. These documents are now available on SEDAR.

2015 third quarter results

During the first nine months of 2015, the corporation incurred a net loss of $351,130 or five cents per common share, as compared with a net loss of $416,950 or five cents per common share in the first nine months of 2014.

Its major expenses incurred in the nine-month period included:

• Operating expenses totalled $81,199 in 2015, as compared with $109,606 in 2014, a decrease of $28,407.
• Mineral property acquisition costs and exploration costs expensed during the period totalled $91,206, as compared with $214,667 in 2014.
• General and administrative expenses totalled $162,702 in 2015, as compared with $94,924 in 2014, an increase of $67,778.
• Net financial income (expenses) during the period totalled $6,950, as compared with $5,423 in the prior period. Financial income consists of interest earned on invested cash deposits and unrealized gains or losses on marketable securities. Cash deposits consist 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 comprise interest and bank charges, fair-value adjustments on assets held for sale, and accruals for Part XII taxes.
• Liquidity: At Sept. 30, 2015, cash and short-term deposits totalled $2,157,795 and non-cash working capital was $37,638 for the current period.

Update on sale of Ontario gold properties

The corporation reports that it continues to work with the purchaser on the sale of its interests in the St. Anthony's gold project as well as its other Ontario properties. Efforts to close the transaction are continuing, and the corporation anticipates that the transaction will close in the near future. Further announcements will be made regarding the status of the transaction.

For further information, please refer to the corporation's profile on SEDAR or visit its website.

We seek Safe Harbor.