Pacific Iron Ore Corporation Announces Release of 2014 Financial Statements and Management Discussion and Analysis
CALGARY, ALBERTA–(April 29, 2015) – 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, 2014 and 2013. These documents are now available on SEDAR.
During 2014 the Corporation generated interest revenue of $15,744 (2013 – $2,503) and incurred a net loss of $2,355,629 per $.03 per common share (2013 – $832,783 or $0.01 per common share). The major contributor to the net loss for the year was the write down of mineral properties of $1,907,816 (2013 – $450,587). Other expenses included: operating expenses of $140,965 (2013 – $125,817); general and administrative costs of $171,402 (2013 – $180,659); The Corporation realized no benefit from recognizing future income tax recoveries in 2014 and 2013.
Operating expenses totaled $140,965 in 2014 as compared to $125,817 in 2013, a increase of $15,148. In 2014, the major categories of expenditure were as follows:
- Amortization of equipment of $6,441 ($13,247 in 2013).
- Consulting costs of $85,060 ($63,360 in 2013) relating to operational management services provided to the Corporation which did not pertain to exploration or financial services.
- Travel costs of $6,636 ($6,125 in 2013) incurred in transporting staff, advisors and investors to the Corporation’s principal mining properties.
- Office, rent and utility expenses of $14,282 ($14,979 in 2013).
- Automotive related costs of $220 ($1,150 in 2013).
- Insurance costs $10,750 ($10,495 in 2013).
- Equipment rental of $17,492 ($16,273 in 2013).
Mineral property acquisition costs and exploration costs expensed during the period totaled $224,475 as compared to $24,272 in 2013 due to increase in exploration activity in 2014.
General and administrative expenses totaled $171,402 as compared to $180,659 in 2013, a decrease of $9,257. In 2014, the major categories of expenditure included:
- Legal and accounting fees $143,062 ($149,286 in 2013). The costs are associated with annual audit, filing of tax returns, consulting services provided in the preparation of interim statements and regulatory filings and general corporate advisory services.
- Advertising, Investor relations, corporate communication and security exchange fees totaling $18,675 ($20,224 in 2013).
- Insurance costs of $8,500 ($8,500 in 2013).
Write downs of mineral properties totaled $1,907,816 as compared to $450,587 in 2013. After accessing the preliminary results of the 2008 to 2014 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.
Cash and cash equivalents. At December 31, 2014 the Corporation has cash and interest bearing cash equivalents of $2,563,377 as compared to $907,947 in 2013. In addition the Corporation expects to receive in 2015 the final payment of $600,000 due on the sale of the Pearson Project.
Working Capital. At December 31, 2014 the Corporation had working capital of $2,565,285 as compared to $623,844 in 2013 and no long term debt.
For further information please refer to the Corporation’s profile on SEDAR which can be accessed at www.sedar.com or visit our website at www.pacificironorecorp.com.
Pacific Iron Ore Corporation
R. A. N. Bonnycastle
Chief Executive Officer
(403) 265-2887 (FAX)