Pacific Iron Ore Corporation Announces Release of 2013 Financial Statements and Management Discussion and Analysis
01 May 2014 - 5:18AM
Marketwired
Pacific Iron Ore Corporation Announces Release of 2013 Financial
Statements and Management Discussion and Analysis
CALGARY, ALBERTA--(Marketwired - Apr 30, 2014) - 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, 2013 and
2012. These documents are now available on SEDAR.
2013 Results
During 2013 the Corporation generated interest revenue of $2,503
(2012 - $981) and incurred a net loss of $832,783 per $.01 per
common share (2012 - $3,385,644 or $0.05 per common share). Its
major expenses included: operating expenses of $125,817
(2012-$158,412); general and administrative costs of $180,659 (2012
- $234,823); stock based compensation expenses of Nil (2012 -
$122,797); the write-down of mineral properties of $450,587 (2012
-$4,004,508).
Operating expenses totaled $125,817 in 2013 as compared to
$158,412 in 2012, a decrease of $32,595. In 2013, the major
categories of expenditure were as follows:
- Amortization of equipment of $13,247 ($31,739 in 2012).
- Consulting costs of $63,360 ($81,000 in 2012) relating to
operational management services provided to the Corporation which
did not pertain to exploration or financial services.
- Travel costs of $6,125 ($10,579 in 2012) incurred in
transporting staff, advisors and investors to the Corporation's
principal mining properties.
- Office, rent and utility expenses of $14,979 ($16,574 in
2012).
- Automotive related costs of $1,150 ($242 in 2012).
- Insurance costs $10,495 ($11,374 in 2012).
- Equipment Rental of $16,273 ($6,625 in 2012)
Mineral property acquisition costs and exploration costs
expensed during the period totaled $24,272 as compared to $14,147
in 2012 due to lower exploration activity in 2012.
General and administrative expenses totaled $180,659 as compared
to $234,823 in 2012, a decrease of $54,164. In 2013, the major
categories of expenditure included:
- Legal and accounting fees $149,286 ($201,443 in 2012). The
costs are associated with annual audit, adoption of International
Financial Accounting Standards ("IFRS") and review procedures,
filing of tax returns, consulting services provided in the
preparation of interim statements and regulatory filings and
general corporate advisory services. Also see disclosures with
respect to related party transactions.
- Advertising, Investor relations, corporate communication and
security exchange fees totaling $20,224 ($21,079 in 2012).
- Insurance costs of $8,500 ($8,500 in 2012).
- Interest expenses and bank charges totaled $35,966 ($1,825 in
2012).
Write downs of mineral properties totaled $450,587 as compared
to $4,004,508 in 2012. After accessing the preliminary results of
the 2008 to 2011 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.
Stock based compensation expense totaled $nil ($122,797 in 2012)
and arises from the issuance of stock options and broker warrants
during the previous period.
Company Contacts:
For further information please refer to the Corporations profile
on SEDAR which can be accessed at www.sedar.com or 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 Corp.R. A. N. BonnycastleChief Executive
Officer(403) 269-6795(403) 265-2887 www.pacificironorecorp.com
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