CALGARY, ALBERTA- Pacific Iron Ore Corporation (TSX VENTURE:POC) announces that it has filed its Financial Statements and Management Discussion and Analysis for the three months ended March 31, 2017. These documents are now available on SEDAR.
2017 First Quarter Results
During the first three months of 2017 the Corporation incurred a net loss of $71,899 or ($0.01) per common share as compared to a net loss of $76,028 or ($0.01) per common share in the first three months of 2016.
Its major expenses incurred in the three month period included:
Operating expenses totaled $22,288 in 2017 as compared to $23,016 in 2016, a decrease of $728.
Mineral property acquisition costs and exploration costs expensed in 2017 totaled $7,952 as compared to $20,453 in 2016.
General and administrative expenses totaled $39,025 in 2017 as compared to $36,032 in 2016, an increase of $2,993.
Net financial (expenses) income during the period totaled ($719) as compared to $6,269 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, 2017 Cash and short term deposits totaled $1,255,442 and working capital of $1,194,790 for the current period.
Source: Pacific Iron Ore Corp.