Pacific Iron Ore Corporation Announces Release of 2014 Financial Statements and Management Discussion and Analysis
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 04/29/15 -- 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.
2014 Results
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:
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:
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.
Company Contacts:
For further information please refer to the Corporation's profile on SEDAR which can be accessed at or visit our website at .
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 .
Neither the TSX Venture Exchange nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Pacific Iron Ore Corporation
R. A. N. Bonnycastle
Chief Executive Officer
(403) 269-6795
(403) 265-2887 (FAX)
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Datum: 29.04.2015 - 18:49 Uhr
Sprache: Deutsch
News-ID 389566
Anzahl Zeichen: 0
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Mining & Metals
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