CALGARY, ALBERTA–(Marketwired – Sept. 21, 2015) – Pacific Iron Ore Corporation (TSX VENTURE:POC) (“POC” or the “Corporation”) is pleased to announce that it has entered into an agreement with a private, arm’s length British Columbia corporation (St. Anthony Exploration and Mining Ltd.) pursuant to which POC has agreed to sell all of its interests in the St. Anthony’s gold project as well as its other Ontario properties containing copper and lithium all located within the Kenora Patricia mining district in the Province of Ontario totaling 43 mineral claims, 13 mining leases and one fee simple claim.
The terms of the agreement are an all cash payment of $3.5 million along with a 2% Net Smelter Royalty less the payment of existing royalties. There were no finder’s fees associated or paid as a result of the agreement. The transaction is expected to close on or before October 30, 2015. Conditional approval for the sale has been received from the TSX Venture Exchange, and closing is subject to shareholder approval and other customary conditions. Upon completion of the transaction, POC intends to focus its exploration efforts on its remaining mineral claims in the Province of British Columbia.
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 sale of the Ontario gold properties, 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: risk factors relating to the sale of the Ontario gold properties, being satisfaction of closing conditions, receipt of regulatory approvals and, generally, the completion of the acquisition on the terms as described if at all; market prices; exploitation and exploration successes; continued availability of capital, financing and personnel; government regulation and laws; the Corporation’s 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.
Chief Executive Officer
(403) 265-2887 (FAX)