POC Pacific Iron Ore Corporation

Pacific Iron Ore Corporation (TSX VENTURE:POC), announces that it has filed its
Financial Statements and Management Discussion and Analysis for the years ended
December 31, 2009 and 2008. These documents are now available on SEDAR.


Pacific Iron Ore Corporation also announces that today its Board of Directors
approved the Corporation's 2010 Exploration Program of approximately $2.0
million. The Corporation's primary focus will be on exploring one of its
properties located in Ontario (The St Anthony's Project) and one of its British
Columbia properties (The Pearson Project). Activities on these two properties
can be summarized as follows:


St Anthony's Project: 

The St Anthony's Gold Project contains the largest past producing gold mine in
the Kenora-Patricia Mining District of Ontario. The original St Anthony mine is
located in the Sturgeon Lake Greenstone geological Belt and produced 63,310 oz.
gold from 332,720 tons with an average recovered grade of 0.191 ounce gold per
ton.


The Corporation believes that the St Anthony's project has the potential to host
significant gold resources and believes this project warrants significant
geological exploration efforts. In 2009, the Corporation undertook a
wide-ranging surface sampling program, which returned high-grade gold values
from a number of widely spaced channel samples. The reader is encouraged to
refer to the Corporation's news release of September 28, 2009 regarding these
channel samples. The initial exploration activities have identified quartz
veining in mineralized quartz feldspar porphyry and demonstrated both the
potential for narrow high grade gold values contained within vein structures,
and the potential for finding gold values outside the traditional veining.


In late 2009, eight diamond drill holes were completed under the direction of
Mr. Graeme Evans, P.Geo., the qualified person for this project. These holes
encountered significant gold values, please see the news release of January 5,
2010. A further core hole program is being planned for 2010 to complete this
phase of exploration and these results should be available in the early fall of
2010.


The Pearson Project: 

The Pearson project is located in the Bugaboo Creek area near Port Renfrew, B.C.
At the end of the 2008 exploration program, the Pearson project had 7.8 million
tonnes of resources (43-101 compliant) with an estimated grade of 63 percent
magnetite. It is the Corporation's objective to increase the resources of this
project to approximately 20 million tonnes and allow for the proposed
development of a 2 million tonne per year concentrate stream. At the end of the
2008 exploration season several of the zones in the resource were open in terms
of further exploration and the 2009 drilling program expanded these zones with
significant additional intercepts of high-grade magnetite. The 2009 drilling
program was terminated prematurely due to inclement weather and drilling on
these targets will resume as soon as weather permits.


The 2009 Exploration Program consisted of the drilling of 28 diamond drill
holes, completion of assays on the core samples and regional geological mapping.
The reader is encouraged to review the Corporation's National Instrument 43-101
technical geological report for more information with respect to past activity
on this property.


Wardrop Engineering Inc., of Vancouver, British Columbia ("Wardrop") continues
to be involved in the evaluation of the iron resources in the Pearson project,
providing geological modeling and assistance in outlining and planning future
drilling objectives. Wardrop will be completing a revised 43-101 compliant
resource estimate following the completion of the 2010 drilling program. This
estimate is expected to be completed in the third quarter of 2010.


2009 Results

During 2009 the Corporation generated interest revenue of $7,398 (2008 -
$48,557) and incurred a net loss of $352,956 or $0.01 per common share (2008 -
$728,940 or $0.02 per common share). Its major expenses included general and
administrative costs of $441,190 (2008 - $411,382), stock based compensation
expenses of $153.670 (2008 - $139,780), the write-down of mineral properties of
$245,186 (2008 - $426,621), and other expenses of $11,375 (2008 - $3,932). The
Corporation also received the benefit of recognizing future income tax
recoveries of $481,804 (2008 - $204,218) during the year.


General and administrative expenses totaled $441,190 in 2009 as compared to
$411,382 in 2008, an increase of $29,808. In 2009, the major categories of
expenditure included:




--  Legal and accounting fees $232,386 ($237,564 in 2008). The costs are
    associated with annual audit 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. 
--  Investor relations, corporate communication and security exchange fees
    totalling $27,198 ($26,379 in 2008). 
--  Travel costs of $17,181 ($35,684 in 2008) incurred in transporting
    staff, advisors and investors to the Corporation's principal mining
    properties. These costs decreased as the amount of travel required
    during the year declined after the July 8, 2008 re-structuring. 
--  Consulting costs of $36,000 ($25,200 in 2008) relating to general
    management services provide to the Corporation which did not pertain to
    exploration or financial services. 
--  Office, rent and utility expenses of $27,582 ($35,886 in 2008) which
    decreased as a result of reductions in expenses once the re-structuring
    of July 8, 2008 was completed. 
--  Interest expenses and bank charges totalled which $35,344 ($11,839 in
    2008) increased as a result of the payment of Part XII tax offset by
    lower accretion charges on non-interest bearing advances. Included in
    interest charges is $2,674 with respect to related parties ($9,792 in
    2008).
--  Amortization of equipment of $30,805 ($14,061 in 2008). 
--  Other costs of $34,694 ($24,769 in 2008) related to the administration
    of the Corporation and increased as a result of the implementation of
    certain insurance policies in 2009. 



Write downs of mineral properties totaled $245,186 in 2009 as compared to
$426,621 in 2008. After accessing the preliminary results of the 2008 and 2009
Exploration Programs, the remaining financial resources of the Corporation, the
ability to raise additional capital and management's believe of its immediate
exploration plans certain mining claims were written down by the Corporation
with a book value of $245,186 ($426,621 in 2008).


Stock based compensation expense totaled $153,670 ($139,780 in 2008) and arises
from the issuance of stock options and broker warrants during the period. In
2008, the Corporation issued 326,100 (2,879,334 in 2008) options and warrants,
at the weighted average exercise price of $0.335 ($0.38206 in 2008). The
Black-Scholes valuation model was applied in determining the expense for the
period. Please refer to Note 6 to the financial statements for further details.
In August 2009, options to acquire 250,000 common shares of the Corporation were
granted at a price of $0.30 to an officer and director of the Corporation. In
November 2009, broker warrants to acquire 76,100 common shares of the
Corporation were granted at a price of $0.45 to agents participating in the
Corporations 2009 financing.


During the year ended December 31, 2009 the Corporation incurred $2,642,889 in
capital expenditures as compared to $4,433,744 for the same period in 2008. In
2009 the Corporation incurred $188,071 ($733,190 in 2008) with respect to
acquisition, staking, recording and filing costs associated with its British
Columbia and Ontario properties and $2,440,932 ($3,574,918 in 2008) on deferred
exploration costs, principally on the Pearson and St Anthony projects. Deposits
related to future exploration expenditures were reduced by the $78,988 advanced
in 2008. Miscellaneous equipment purchases in 2009 accounted for the remaining
$92,875 in capital expenditures ($46,648 in 2008). These expenditures were
incurred on Pacific Iron's Exploration Program.


Company Contacts:

For further information please refer to the Corporations profile on SEDAR which
can be accessed at www.sedar.com, 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.

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