CALGARY, ALBERTA--(Marketwire -08/28/12)- Pacific Iron Ore Corporation (POC.V) announces that it has filed its Financial Statements and Management Discussion and Analysis for the three and six months ended June 30, 2012. These documents are now available on SEDAR.
During the first six months of 2012 the Corporation incurred a net loss of $232,556 or $0.00 per common share as compared to a net loss of $663,531 or ($0.01) per common share in the first three months of 2011.
Its major expenses incurred in the six month period included: Operating expenses totaled $73,590 in 2012 as compared to $75,965 in 2011, a decrease of $2,375. Mineral property acquisition costs and exploration costs expensed during the period totaled $8,147 as compared to $101,616 in 2011 due to higher costs associated with maintaining access to claims in 2011 where significant exploration costs had been incurred. General and administrative expenses totaled $114,948 in 2012 as compared to $156,245 in 2011, a decrease of $41,297. Write downs of mineral properties totaled $7,102 in 2012 and nil in 2011. Stock based compensation expense totaled $19,213 ($155,883 in 2011) and arises from the issuance of stock options and broker warrants in previous periods. Net financial expenses during the period totaled $879 as compared to $2,846 in the prior period. Financial income consists of interest earned on invested cash deposits. Cash deposits are comprised 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 are comprised of interest and bank charges and accruals for Part XII taxes. Income taxes during the period amounted to $8,659 as compared to $170,976 in the prior year principally as a result of recognizing the deferred income taxes on flow through share obligations offset by the future benefit of discretionary income tax deductions and net operating losses carried forward for income tax purposes.
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.
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