CALGARY, ALBERTA--(Marketwired - Apr 30, 2013) - Pacific Iron Ore Corporation ( the "Corporation") (TSX VENTURE:POC) announces that it has filed its Financial Statements and Management Discussion and Analysis for the years ended December 31, 2012 and 2011. These documents are now available on SEDAR.
During 2012 the Corporation generated interest revenue of $981 (2011 - $8,518) and incurred a net loss of $3,385,644 or $0.05 per common share (2011 - $1,126,541 or $0.02 per common share). Its major expenses included: operating expenses of $158,412 (2011 - $141,572); general and administrative costs of $234,823 (2011 - $295,508); stock based compensation expenses of $122,797(2011 - $154,160); the write-down of mineral properties of $4,004,508 (2011 - $312,667). The Corporation realized no benefit from recognizing future income tax recoveries in 2012 (2011 -$172,421).
Operating expenses totaled $158,412 in 2012 as compared to $141,572 in 2011, an increase of $16,840. In 2012, the major categories of expenditure were as follows:
- Amortization of equipment of $31,739 ($41,872 in 2011).
- Consulting costs of $81,000 ($53,200 in 2011) relating to operational management services provided to the Corporation which did not pertain to exploration or financial services.
- Part XII taxes of NIL ($6,327 in 2011) incurred on deferred exploration program costs renounced by the Corporation.
- Travel costs of $10,579 ($10,097 in 2011) incurred in transporting staff, advisors and investors to the Corporation's principal mining properties.
- Office, rent and utility expenses of $16,574 ($20,025 in 2011).
- Automotive related costs of $242 ($5,243 in 2011).
- Insurance costs $11,374 ($10,359 in 2011).
- Exploration costs expensed of $14,147 ($242,034 in 2011) as the Corporation experienced lower exploration activity in 2012.
General and administrative expenses totaled $234,823 in 2012 as compared to $295,508 in 2011 , a decrease of $60,685. In 2012, the major categories of expenditure included:
- Legal and accounting fees $201,443 ($228,028 in 2011). The costs are associated with annual audit, adoption of International Financial Accounting Standards ("IFRS") and review procedures, filing of tax returns, consulting services provided in the preparation of interim statements and regulatory filings and general corporate advisory services. Also see disclosures with respect to related party transactions.
- Advertising, Investor relations, corporate communication and security exchange fees totaling $21,079($51,556 in 2011).
- Insurance costs of $8,500 ($14,342 in 2011).
- Interest expenses and bank charges totaled $1,825 ($5,898 in 2011).
Write downs of mineral properties totaled $4,004,508 in 2011 as compared to $312,667 in 2011. After accessing the preliminary results of the 2008 to 2011 Exploration Programs, the remaining financial resources of the Corporation, the ability to raise additional capital and management's belief of the future potential of certain mining claims in British Columbia and Ontario, the Corporation wrote off the deferred costs associated with certain claims.
Stock based compensation expense totaled $122,797 ($154,160 in 2011) and arises from the issuance of stock options and broker warrants during the period.
For further information please refer to the Corporations profile on SEDAR which can be accessed at www.sedar.com.
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.