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Pacific Iron Ore Corporation Announces Release of 2017 Financial Statements and Management Discussion and Analysis

FSCWIRE

Pacific Iron Ore Corporation Announces Release of 2017 Financial Statements and Management Discussion and Analysis

Calgary, Alberta (FSCwire)Pacific Iron Ore Corporation (TSX.V: POC) (the “Corporation”) announces that it has filed its Financial Statements and Management Discussion and Analysis for the years ended December 31, 2017 and 2016. These documents are now available on SEDAR.

2017 Results

During 2017 the Corporation generated interest revenue of $8,534 (2016 – $11,372) and incurred a net loss of $373,830 or $.06 per common share (2016 – $486,867 or $0.07 per common share). Other income included a Gain on Settlement of a receivable of $230,000. Other expenses included: operating expenses of $76,159 (2016-$75,671); general and administrative costs of $257,640 (2016 – $232,863); The Corporation realized no benefit from recognizing future income tax recoveries in 2017 and 2016.

Operating expenses totaled $76,159 in 2017 as compared to $75,671 in 2016, an increase of $488. In 2017, the major categories of expenditure were as follows:

  • Amortization of equipment of $3,693 ($10,816 in 2016).
  • Consulting costs of $34,800 ($31,200 in 2016) relating to operational management services provided to the Corporation which did not pertain to exploration or financial services.
  • Travel costs of $3,790 ($2,650 in 2016) incurred in transporting staff, advisors and investors to the Corporation’s principal mining properties.
  • Office, rent and utility expenses of $2,194 ($1,512 in 2016).
  • Automotive related costs of $3,331 ($2,339 in 2016).
  • Insurance costs $10,542 ($10,000 in 2016).
  • Equipment rental of $16,262 ($16,047 in 2016).

Mineral property acquisition costs and exploration costs expensed during the period totaled $242,606 as compared to $172,332 in 2016 due to an increase in exploration activity to keep mining claims in good standing in 2017.

General and administrative expenses totaled $257,640 as compared to $232,863 in 2016, an increase of $24,777. In 2017, the major categories of expenditure included:

  • Legal and accounting fees $222,889 ($200,366 in 2016). The costs are associated with annual audit, filing of tax returns, consulting services provided in the preparation of interim statements and regulatory filings and general corporate advisory services and settlement of an outstanding receivable.
  • Advertising, Investor relations, corporate communication and security exchange fees totaling $24,269 ($24,547 in 2016).
  • Insurance costs of $7,950 ($7,950 in 2016).

Write downs of mineral properties totaled $27,670 in 2017 and $nil in 2016.

Cash and cash equivalents. At December 31, 2017 the Corporation has cash and interest bearing cash equivalents of $933,481 as compared to $1,291,725 in 2016.

Working Capital. At December 31, 2017 the Corporation had working capital of $890,336 as compared to $1,276,265 in 2016 and no long term debt.

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 or contact:

R. A. N. Bonnycastle, Chief Executive Officer

Telephone: (403) 269-6795

Facsimile: (403) 265-2887

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.

To view the original release, please click

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