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Pacific Iron Ore Corporation Announces Release of 2013 Financial Statements and Management Discussion and Analysis
|By Marketwired .
|April 30, 2014 03:19 PM EDT
CALGARY, ALBERTA -- (Marketwired) -- 04/30/14 -- Pacific Iron Ore Corporation (TSX VENTURE: POC) (the "Corporation") announces that it has filed its Financial Statements and Management Discussion and Analysis for the years ended December 31, 2013 and 2012. These documents are now available on SEDAR.
During 2013 the Corporation generated interest revenue of $2,503 (2012 - $981) and incurred a net loss of $832,783 per $.01 per common share (2012 - $3,385,644 or $0.05 per common share). Its major expenses included: operating expenses of $125,817 (2012-$158,412); general and administrative costs of $180,659 (2012 - $234,823); stock based compensation expenses of Nil (2012 - $122,797); the write-down of mineral properties of $450,587 (2012 -$4,004,508).
Operating expenses totaled $125,817 in 2013 as compared to $158,412 in 2012, a decrease of $32,595. In 2013, the major categories of expenditure were as follows:
-- Amortization of equipment of $13,247 ($31,739 in 2012).
-- Consulting costs of $63,360 ($81,000 in 2012) relating to operational
management services provided to the Corporation which did not pertain to
exploration or financial services.
-- Travel costs of $6,125 ($10,579 in 2012) incurred in transporting staff,
advisors and investors to the Corporation's principal mining properties.
-- Office, rent and utility expenses of $14,979 ($16,574 in 2012).
-- Automotive related costs of $1,150 ($242 in 2012).
-- Insurance costs $10,495 ($11,374 in 2012).
-- Equipment Rental of $16,273 ($6,625 in 2012)
Mineral property acquisition costs and exploration costs expensed during the period totaled $24,272 as compared to $14,147 in 2012 due to lower exploration activity in 2012.
General and administrative expenses totaled $180,659 as compared to $234,823 in 2012, a decrease of $54,164. In 2013, the major categories of expenditure included:
-- Legal and accounting fees $149,286 ($201,443 in 2012). 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
-- Advertising, Investor relations, corporate communication and security
exchange fees totaling $20,224 ($21,079 in 2012).
-- Insurance costs of $8,500 ($8,500 in 2012).
-- Interest expenses and bank charges totaled $35,966 ($1,825 in 2012).
Write downs of mineral properties totaled $450,587 as compared to $4,004,508 in 2012. 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 $nil ($122,797 in 2012) and arises from the issuance of stock options and broker warrants during the previous period.
For further information please refer to the Corporations profile on SEDAR which can be accessed at www.sedar.com or visit our website at www.pacificironorecorp.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 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of his release.
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