CALGARY, ALBERTA–(Marketwire – Jan. 11, 2011) – Pacific Iron Ore Corporation (TSX VENTURE:POC) is pleased to provide an update and results for the final five holes from the 2010 phase 2 diamond drill program whose purpose is to follow up and expand results obtained in the 2009 program. The St. Anthony’s project has the potential to host gold resources, is located in Ontario and is comprised of 54 mining claims and 14 leases covering 8,784 hectares. 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 Belt and produced 63,310 oz. gold from 332,720 tons with an average recovered grade of 0.191 ounce gold per ton. A successful 2009 and 2010 drill program have returned both narrow high grade gold values as well as wider potential bulk tonnage intersections previously released (December 6, 2010 and December 22, 2010).
The last four holes of the 2010 program are now complete and results are reported in this release. The higher gold values are reported here and include (uncut):
Hole no. From(m) To(m) interval Au g/t Rocktype
SA-10-11 45.24 47.00 1.76 1.13 QFP
also 281.00 381.00 100.00 1.37 QFP
also 300.00 313.00 13.00 9.60 QFP
incl. 307.00 309.00 2.00 59.25 QFP
incl. 307.00 308.00 1.00 98.20 QFP
SA-10-12 127.00 183.00 56.00 0.42 QFP
incl. 135.00 143.00 8.00 1.69 QFP
incl. 141.00 143.00 2.00 4.91 QFP
also 169.00 178.00 9.00 0.69 QFP
also 226.00 261.00 35.00 0.45 QFP
incl. 235.00 239.00 4.00 2.51 QFP
incl. 238.00 239.00 1.00 9.42 QFP
incl. 370.00 371.00 1.00 2.72 QFP
SA-10-13 85.39 86.45 1.06 1.65 QFP
SA-10-14 130.00 131.00 1.00 3.10 MV
The 2010 drill program has aided in understanding the gold distribution within the St. Anthony’s stock in the portion including the historic workings. This includes anomalous gold values over large intercepts as well as narrow high grade gold intersections in strongly quartz veined and sericite/pyrite altered QFP intrusive. This drill program tested a strike length of 350 meters across a similar width and is expanding the mineralized area out to the east under Couture Lake. There appears to be several controls on mineralization which is believed to be related spatially and temporally to the QFP stock. The drill program is now complete with 14 holes completed for a total of 4745.0 meters. Results from the phase 1 and phase 2 programs are being compiled to determine plans for future work.
Corporate Direction and Strategy
Pacific Iron Ore Corporation is dedicated to the development of its strategic mineral deposits, located in the Port Renfrew area (iron resources) of Vancouver Island, British Columbia, as well as, in the Kenora area (gold resources) of Ontario. With the success of the previous exploration and the existence of sufficient capital resources to undertake additional exploration activities in 2010, the Corporation is well-positioned to continue its exploration efforts.
The St. Anthony’s project is a highly prospective past-producing gold mine with the potential to become a significant gold resource through exploration efforts. Pacific Iron Ore Corporation remains committed to moving the St. Anthony’s project forward.
Quality Control of Reported Results
Mr. Graeme Evans, P. Geo of Kamloops, British Columbia, an independent geological consultant, is the Qualified Person on the St. Anthony’s Project under the guidelines of NI 43-101. Mr. Evans has reviewed and approved the technical disclosure contained in this press release relating to that project.
The rock samples were provided to ALS Chemex, an ISO 9001 and ISO 17025 accredited facility located in North Vancouver, British Columbia, for analysis and processing. The samples taken were analyzed for 33 elements by induction coupled plasma mass spectroscopy (ICP-AES) and for gold by ore grade fire assay on a 50 g sample with atomic absorption spectroscopy (AA) finish. Independent QA-QC protocol was used on the program using a combination of blanks, standards and duplicates.
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 beliefs 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 this release.