Pacific Iron Corporation Announces 3.0 Million Financing

Pacific Iron Ore Corporation (TSX VENTURE:POC) ("POC" or the "Corporation") is pleased to announce that it has engaged Blackmont Capital Inc. and Acumen Capital Finance Partners Limited (collectively, the "Syndicate") to act as agent, subject to completion of satisfactory due diligence on a commercially reasonable efforts basis, in connection with the sale of up to 6,000,000 common shares on a "flow through" basis at $0.50 per share and/or up to 6,666,667 common shares at $0.45 per share for aggregate gross proceeds to the Corporation of up to $3,000,000. It is anticipated that approximately 70% of the offering will be taken up by Insiders and other subscribers sourced by the Corporation (the "President's List"). The Syndicate will be paid a corporate finance fee, a commission of 8% on shares placed by the Syndicate (4% on the President's List) and will be reimbursed for its expenses. The Syndicate will also receive non-transferrable agent's options entitling the holder to acquire up to 5% of that number of shares issued under the offering (but excluding the President's List) exercisable at $0.45 per share for a period of 18 months following closing. The offering is scheduled to close on or about October 31, 2009 and is subject to normal approvals by the TSX Venture Exchange.

Proceeds of the offering will be used to fund the Corporation's ongoing exploration efforts, for working capital and for general corporate purposes.

Forward Looking Statements:

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, investors are cautioned that 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. For more information on Pacific Iron Ore Corporation, Investors should review the Corporation's public filings which are available at www.sedar.com.

SOURCE: Pacific Iron Ore Corp.

Pacific Iron Ore Corporation
Todd Montgomery
CEO
(403) 228-0607
(403) 265-2887 (FAX)
Pacific Iron Ore Corporation
Leonard Cornez
Chief Financial Officer
(403) 218-0294 or Toll Free: 1-866-682-5812
(403) 265-2887 (FAX)
Pacific Iron Ore Corporation
Jeff Austin, P. Eng.
President
(250) 763-4892
(403) 265-2887 (FAX)

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