THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED
STATES NEWS SERVICES. 


Pacific Iron Ore Corporation ("PIOC" or the "Corporation") (TSX VENTURE:POC) is
pleased to announce that it has closed the second and final tranche of its
previously announced non-brokered private placement (the "Offering"). Pursuant
to the Offering, the Corporation issued an aggregate of 1,800,000 common shares
("Common Shares") at price of $0.34 per Common Share and 4,310,537 shares of the
Corporation issued on a flow-through basis (the "Flow-Through Shares") at a
price of $0.38 per Flow-Through Share for aggregate gross proceeds of
approximately $2,250,000. There is a four month hold period on the Common Shares
and 4,047,367 of the Flow-Through Shares which expires on March 31, 2011, with
the remaining 263,160 Flow Through Shares having a four month hold period which
expires on April 30, 2011. The Corporation paid an 8% cash finder's fee to
certain arm's length parties who assisted with the placement of shares.


The proceeds of the Offering will be used to fund ongoing exploration on the
Corporation's mineral properties, including drilling programs on the Pearson
iron ore property in British Columbia and on the St. Anthony's gold property on
Ontario, as well as for working capital and general corporate purposes.


Forward Looking Statements:

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, investors are cautioned that 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. For more information on Pacific Iron Ore Corporation, Investors
should review the Corporation's public filings which are available at
www.sedar.com.


The Common Shares have not and will not be registered under the United States
Securities Act of 1933 as amended (the "US Securities Act") or any state
securities laws and may not be offered or sold in the United States or to any US
Person except in certain transactions exempt from the registration requirements
of the US Securities Act and applicable state securities laws.
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