World Mining Exploration News

Pacific Iron Corporation Announces Commencement of 2008 Exploration Program

Pacific Iron Ore Corporation (TSX VENTURE:POC), announces the commencement of its 2008 exploration activities with respect to its Pearson Project located on Vancouver Island, British Columbia.

On June 1, 2008 the Corporation initiated a drilling program which will eventually be comprised of approximately 70 diamond drill hole samples and cost approximately $1.5 million. As of today’s date the Corporation has completed 48 holes from 28 separate pad locations. The core has been logged and saw cut with samples provided to ALS Chemex, an ISO 9001 and ISO 17025 accredited facility located in North Vancouver, British Columbia, for analysis. For determination of recoverable magnetite, a selection of core samples will be provided to B.C. Mining Research Ltd. for percentage magnetic (Davis Tube) testing. The results of the above tests, when available to the Corporation, will be reported to shareholders at a future date and in a manner consistent with the requirements of National Instrument 43-101 entitled “Standards of Disclosure for Mineral Projects” as adopted by the Canadian Securities Regulators.

On July 14, 2008 the Corporation entered into an agreement with Fugro Airborne Surveys Corp., of Mississauga, Ontario (”Fugro”) under which Fugro undertakes to perform an airborne geophysical survey (”the Survey”) to encompass approximately 12,225 line kilometers at a cost to the Corporation of approximately $1.8 million. As such, the Survey will cover the majority of the Corporation’s mineral claims located on Vancouver Island, British Columbia. The Corporations total mineral claim holding on Vancouver Island, British Colombia consists of approximately 297,313 hectares. The airborne study commenced on August 3, 2008 and is approximately 15% complete as of August 31, 2008. The Corporation anticipates the completion of the Survey during September 2008, weather permitting. The results of which, when available to the Corporation, will be reported to shareholders at a future date and in a manner consistent with the requirements of National Instrument 43-101.

The drilling program and aerial magnetic survey are being undertaken pursuant to the recommendations contained in the independent qualifying report dated October 31, 2007 and revised on February 13 and March 11, 2008 entitled “Technical Report - Pearson Project, British Columbia” (the “Qualifying Report”) prepared by an independent geologist, Mr. George Owsiacki, P. Geo. of Victoria, British Columbia. The Qualifying Report was prepared in contemplation of the requirements of National Instrument 43-101. A copy of the 43-101 Technical Report is available under the Corporations profile on SEDAR and can be accessed at www.sedar.com.

Pacific Iron Ore Corporation is also pleased to announce that on August 17, 2008 Mr. Garry Payie, P. Geo of Victoria, British Columbia has joined the organization as a Qualified Person and will oversee the Corporation’s exploration program with respect to the Pearson Project. Mr. Payie has reviewed and approved the technical disclosure contained in this press release.

The cost of both the drilling program and the aerial survey will be funded from the proceeds of the Corporation’s previously announced private equity offering wherein 14.2 million common shares were issued (comprised of 8,879,000 flow-through common shares and 5,221,000 common shares). As previously announced, the private offering closed on July 8, 2008 and net cash proceeds of the private placement were approximately $6.1 million.

Corporate Direction and Strategy

Pacific Iron Ore Corporation is dedicated to the development of its iron ore deposits, located in the Port Renfrew area of Vancouver Island, British Columbia. The work program for the British Columbia property (BCP-1, Pearson) includes a planned airborne magnetometer and EM geophysical surveys over its northern claims; geological mapping with corresponding stream sediment sampling and analyses; line cutting; assaying and analytical work; diamond drilling; and possibly bulk sampling.

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.