Pacific Iron Ore Corporation Grants Stock Options, Gives Notice of Issuing Shares for Debt and Appoints New CFO

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CALGARY, ALBERTA--(Marketwire - Oct. 16, 2012) - Pacific Iron Ore Corporation (TSX VENTURE:POC) ("POC" or the "Corporation") is pleased to announce that it has granted options, under its stock option plan, to an officer and two consultants of the Corporation, entitling such persons to acquire an aggregate of 1,500,000 common shares at an exercise price of $0.10 per share. The options are generally exercisable for 10 years and will vest immediately.

In addition, a director who had previously lent the Corporation the sum of $175,000, on an unsecured basis, has agreed to convert the debt and accrued interest into common shares at a rate of $0.055 per common share, resulting in the issuance of 3,359,437 common shares. The shares will, when issued, be subject to a four month hold period. This transaction is subject to acceptance by the TSX Venture Exchange.

Finally, POC is pleased to announce that Ms. Carlyn Dahl has, subject to the acceptance of the TSX Venture Exchange, been appointed as Chief Financial Officer of the Corporation. Ms. Dahl is the vice president finance, corporate secretary and a director of Cavendish Investing Ltd. (currently the principal shareholder of POC), where she has held various positions for the past 25 years. Ms. Dahl is a Certified Management Accountant, Alberta (2005). Prior to joining Cavendish, Ms. Dahl was employed as a controller by various companies in oilfield services, real estate development and the aircraft industry.

Company Contact:

For further information please refer to the Corporations profile on SEDAR which can be accessed at www.sedar.com, visit our website a www.pacificironorecorp.com or contact Todd Montgomery.

Forward Looking Statements:

This release includes certain statements that may be deemed "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 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.

Contact:
Pacific Iron Ore Corporation
Todd Montgomery
Chief Executive Officer
(403) 262-4860
(403) 228-0607
www.pacificironorecorp.com

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