Pacific Iron Ore to Delay Filings Under CSA Instrument Governing Relief Under COVID-19 Duress

Toronto, Ontario--(Newsfile Corp. - August 27, 2020) - Pacific Iron Ore Corporation. (the "Company" or "Pacific Iron Ore") announces that due to circumstances created by the COVID-19 pandemic, it will not be filing its unaudited interim financial statements and related management discussion and analysis for the period ended June 30, 2020 by the scheduled due date of August 31, 2020, as required under section 4.4(b) and section 5.1(1) of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102").

On May 19, 2020, the Canadian Securities Administrators (CSA) announced that they would provide issuers with a 45-day filing extension for filings required from June 2 to August 31, 2020, to allow issuers the time needed to focus on the many other business and financial reporting implications of the COVID-19 pandemic.

The Company will rely on this exemption with respect to the interim filings in accordance with BC Instrument 51-515 - Temporary Exemption from Certain Corporate Finance Requirements, and Blanket Order 51-517 - Temporary Exemption from Certain Corporate Finance Requirements (Alberta). Accordingly, the Company discloses the following:

• the Company's management and other insiders will be subject to a trading black-out that reflects the principles in Section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders until its unaudited interim financial statements and related management discussion and analysis for the period ended June 30, 2020 are filed;

• the Company expects to file its unaudited interim financial statements and related management discussion and analysis for the period ended June 30, 2020 on or about October 13, 2020; and

• since the date of the Company's most recent filing of its interim financial statements and management discussion and analysis, the Company has undergone a change in management as disclosed in the Company's news releases issued on May 6, 2020 and May 12, 2020. On behalf of the Board of Directors.

PACIFIC IRON ORE CORPORATION

Binyomin Posen
CEO, CFO, and Director
T: 416 481-2222 (ext. 246)

Cautionary Statement and Forward-Looking Information: This news release may contain forward-looking statements including, but not limited to, the anticipated dates on which the Company expects to file its unaudited interim financial statements and related management discussion and analysis for the period ended June 30, 2020. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement. Accordingly, readers should not undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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