Welcome!

News Feed Item

Pacific Iron Ore Corporation Announces Release of 2013 Financial Statements and Management Discussion and Analysis

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.

2013 Results

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
    transactions.
--  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.

Company Contacts:

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.

Contacts:
Pacific Iron Ore Corp.
R. A. N. Bonnycastle
Chief Executive Officer
(403) 269-6795
(403) 265-2887 (FAX)
www.pacificironorecorp.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japanese Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ruby Development Inc. builds new services in short period of time and provides a continuous support of those services based on Ruby on Rails. For more information, please visit https://github.com/RubyDevInc.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busine...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, will discuss some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he’ll go over some of the best practices for structured team migrat...
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
First generation hyperconverged solutions have taken the data center by storm, rapidly proliferating in pockets everywhere to provide further consolidation of floor space and workloads. These first generation solutions are not without challenges, however. In his session at 21st Cloud Expo, Wes Talbert, a Principal Architect and results-driven enterprise sales leader at NetApp, will discuss how the HCI solution of tomorrow will integrate with the public cloud to deliver a quality hybrid cloud e...
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
Organizations do not need a Big Data strategy; they need a business strategy that incorporates Big Data. Most organizations lack a road map for using Big Data to optimize key business processes, deliver a differentiated customer experience, or uncover new business opportunities. They do not understand what’s possible with respect to integrating Big Data into the business model.
The session is centered around the tracing of systems on cloud using technologies like ebpf. The goal is to talk about what this technology is all about and what purpose it serves. In his session at 21st Cloud Expo, Shashank Jain, Development Architect at SAP, will touch upon concepts of observability in the cloud and also some of the challenges we have. Generally most cloud-based monitoring tools capture details at a very granular level. To troubleshoot problems this might not be good enough.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, will discuss how from store operations...
As people view cloud as a preferred option to build IT systems, the size of the cloud-based system is getting bigger and more complex. As the system gets bigger, more people need to collaborate from design to management. As more people collaborate to create a bigger system, the need for a systematic approach to automate the process is required. Just as in software, cloud now needs DevOps. In this session, the audience can see how people can solve this issue with a visual model. Visual models ha...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, will discuss how they bu...