Pacific Iron Ore Corporation Announces Release of March 31, 2014 Financial Statements and Management Discussion and Analysis
May 30 2014 - 6:14PM
Marketwired
Pacific Iron Ore Corporation Announces Release of March 31, 2014
Financial Statements and Management Discussion and Analysis
CALGARY, ALBERTA--(Marketwired - May 30, 2014) - Pacific Iron
Ore Corporation (TSX-VENTURE:POC) announces that it has filed its
Financial Statements and Management Discussion and Analysis for the
three months ended March 31, 2014. These documents are now
available on SEDAR.
2014 Results
During the first three months of 2014 the Corporation incurred a
net loss of $181,254 or $0.00 per common share as compared to a net
loss of $74,149 or ($0.00) per common share in the first three
months of 2013.
Its major expenses incurred in the three month period
included:
Operating expenses totaled $39,718 in 2014 as compared to
$22,310 in 2013, an increase of $17,408.
Mineral property acquisition costs and exploration costs
expensed during the period totaled $102,273 as compared to $6,990
in 2013. This increase of $95,283 was due to costs associated with
maintaining claims.
General and administrative expenses totaled $39,373 in 2014 as
compared to $32,942 in 2013, an increase of $6,431.
Net financial income (expenses) during the period totaled $113
as compared to ($11,907) in the prior period. Financial income
consists of interest earned on invested cash deposits and
unrealized gains or losses on marketable securities. 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 interest
and bank charges and accruals for Part XII taxes.
Liquidity - At March 31, 2014 Cash and short term deposits
totaled $1,475,025 which would cover the small working capital
deficit of $37,094 for the current period.
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.
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.
Pacific Iron Ore CorporationRichard BonnycastleChief Executive
Officer(403) 269-6795(403) 265-2887www.pacificironorecorp.com
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