CALGARY, AB / ACCESSWIRE / May 27, 2019 / Pacific Iron Ore Corporation (TSX-V: POC) (the "Corporation") announces that it has filed its Financial Statements and Management Discussion and Analysis for the three months ended March 31, 2019. These documents are now available on SEDAR.
2019 First Quarter Results
During the first three months of 2019 the Corporation incurred a net loss of $63,052 or ($0.01) per common share as compared to a net loss of $89,817 or ($0.01) per common share in the first three months of 2018.
Its major expenses incurred in the three month period included:
Operating expenses totaled $29,189 in 2019 as compared to $25,698 in 2018, an increase of $3,491.
Mineral property acquisition costs and exploration costs expensed in 2019 totaled $1,487 as compared to $9,955 in 2018.
General and administrative expenses totaled $33,094 in 2019 as compared to $53,403 in 2018, a decrease of $20,309.
Net financial (expenses) income during the period totaled $718 as compared to ($761) in the prior period. Financial income consists of interest earned on invested cash deposits and unrealized gains or losses on marketable securities. Cash deposits are comprised solely of bank investment certificates with a maturity date of less than one month and are on deposit with a Canadian Chartered Bank. Financial expenses are comprised interest and bank charges, fair value adjustments on assets held for sale and accruals for Part XII taxes.
Liquidity - At March 31, 2019 Cash and short term deposits totaled $432,659 and working capital was $300,531 for the current period.
R. A. N. Bonnycastle, Chief Executive Officer
Telephone: (403) 269-6795
Facsimile: (403) 265-2887
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 Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Pacific Iron Ore Corporation