Pacific Iron Ore Corporation Announces Widespread Gold Values in Initial
Diamond Drilling Results for the St Anthony's Project

CALGARY, Jan. 5 /CNW/ - Pacific Iron Ore Corporation (TSX.V: POC) announces initial results from the first six diamond drill holes with respect to the St. Anthony's Gold project. The St. Anthony's project has the potential to host gold resources, is located in Ontario and is comprised of 54 mining claims and 14 leases covering 8,784 hectares. The St. Anthony's Gold Project contains the largest past-producing gold mine in the Kenora-Patricia Mining District of Ontario. The original St. Anthony mine is located in the Sturgeon Lake Greenstone Belt and produced 63,310 oz. gold from 332,720 tons with an average recovered grade of 0.191 ounce gold per ton.

Update on St. Anthony Program

The work program has now halted due to inclement weather and the holidays with initial work consisting of eight (NQ) diamond drill holes for a total (2862 meters). Drilling is planned to resume during the spring of 2010. Assay results are now available for the first six drill holes, with the last two holes remaining to be logged, split and assayed.

The initial drilling centered on the area around the original St. Anthony mine site and consisted of holes, approximately 50 meters apart in sections to test the quartz feldspar porphyry(QFP) stock. These drill holes span 300 metres of strike length on the known St. Anthony's structure. Holes were drilled at a 105 degree azimuth with a -50 degree dip to test across the dominant quartz vein set. The more significant results are summarized below:

    
                  From                  Interval
    Hole No.       m's       To m's        m's       Au g/t

    SA-09-01      40.00       42.00        2.00        0.26
      also        75.00       81.00        6.00        0.50
      incl.       75.00       76.00        1.00        2.05
      also        94.50       97.00        2.50        0.10
      also       121.72      125.10        3.38        0.11
      also       212.00      217.00        5.00        0.19
      also       290.00      291.00        1.00        1.11

    SA-09-02      54.00       62.00        8.00        0.30
      incl.       54.83       55.60        0.77        2.36
      also        84.00       85.00        1.00        1.74
      also       132.20      136.00        3.80        0.38
      incl.      132.20      132.98        0.78        1.65
      also       178.00      183.00        5.00        0.11
      also       190.00      202.00       12.00        0.34
      incl.      190.00      191.00        1.00        3.40
      also       215.00      217.39        2.39        1.31
      incl.      216.86      217.39        0.53        5.37
      also       285.00      286.00        1.00        4.17

    SA-09-03      10.57       13.86        3.29        0.12
      also        65.00       80.00       15.00        0.79
      incl.       65.00       74.00        9.00        1.19
      incl.       65.00       71.74        6.74        1.53
      incl.       66.00       65.00        1.00        8.52
      also        89.00       91.00        2.00        0.10
      also       125.00      127.00        2.00        0.14
      also       158.00      163.00        5.00        0.30
      incl.      159.00      160.00        1.00        1.05
      also       186.00      211.00       25.00        0.11
      incl.      198.00      206.00        8.00        0.28
      incl.      205.00      206.00        1.00        1.63
      also       311.00      313.56        2.56        0.48
      also       376.00      396.00       20.00        0.22
      incl.      386.00      392.00        6.00        0.52
      incl.      386.00      387.00        1.00        1.39
      incl.      390.00      391.00        1.00        1.14

    SA-09-04      61.00       71.00       10.00        0.11
      also        93.00      119.00       26.00        0.18
      incl.       93.00       94.00        1.00        2.22
      also       146.00      175.00       29.00        1.29
      incl.      162.00      173.00       11.00        3.33
      incl.      162.00      163.00        1.00        35.5
      also       224.00      233.00        9.00        3.99
      incl.      224.00      229.00        5.00        7.16
      incl.      224.00      225.00        1.00        35.4
      also       243.00      246.00        3.00        1.31
      incl.      244.00      245.00        1.00        3.79
      also       305.00      307.00        2.00        0.23
      also       325.00      349.00       24.00        0.17
      incl.      332.00      333.00        1.00        3.30
      also       359.00      386.18       27.18        0.76
      incl.      359.00      360.00        1.00       16.05
      incl.      371.00      372.00        1.00        1.28
      incl.      373.00      374.00        1.00        1.38

    SA-09-05      13.81       20.00        6.19        0.16
      also        35.00       47.00       12.00        0.11
      also        90.00       95.00        5.00        0.14
      also       106.00      109.65        3.65        0.38
      also       148.00      156.00        8.00        0.12
      also       189.00      203.00       14.00        0.22
      incl.      196.00      198.00        2.00        1.00
      also       217.00      227.00        8.00        0.24
      incl.      217.00      219.00        2.00        0.80
      also       232.20      245.00       12.80        0.40
      incl.      232.20      233.36        1.16        2.48
      also       255.00      262.00        7.00        0.14
      also       268.50      270.00        1.50        0.33
      also       276.00      287.00       11.00        0.26
      incl.      277.00      280.00        3.00        0.62
      also       296.00      298.00        2.00        0.26
      also       333.00      337.00        4.00        0.24
      also       344.00      346.56        2.56        0.12

    SA-09-06       3.00        8.00        5.00        0.78
      incl.        5.00        6.00        1.00        3.53
      also        15.00       20.00        5.00        0.25
      also        54.00       57.00        3.00        0.12
      also        68.00      267.00      199.00        0.44
      incl.       79.50      174.00       94.50        0.71
      incl.       79.00       88.00        9.00        4.09
      incl.       79.50       80.49       0.99        36.00
      incl.      131.00      144.00       13.00        1.17
      incl.      141.00      144.00        3.00        4.52
      incl.      141.00      142.00        1.00       13.00
      incl.      167.00      175.00        8.00        1.27
      incl.      171.00      175.00        4.00        2.43
      incl.      173.00      174.00        1.00        9.11
      incl.      194.00      195.00        1.00        1.91
      incl.      208.00      218.00       10.00        0.82
      incl.      212.60      216.00        3.40        2.19
      incl.      212.60      213.50        0.90        7.32
      also       283.20      286.00        2.80        0.15
      also       309.00      310.00        1.00        0.44
      also       327.00      329.00        2.00        0.12
      also       388.00      391.00        3.00        0.15
      also       400.00      401.42        1.42        0.80
    

These results confirm both widespread low-grade gold values and localized high grade gold values in the area. The drilling encountered extensive sericite altered QFP with variable quartz veining over the entire lengths of the holes and extended the St. Anthony pluton well to the east of the expected surface limits. This opens up a large area of untested mineralization east towards Couture Lake and has confirmed mineralization is not restricted to the historic No.1 zone trend.

Quality Control of Reported Results

The St Anthony's Gold project, exploration program is being undertaken pursuant to the recommendations contained in the independent NI 43-101 report dated June 12, 2009 entitled "Technical Report on the St. Anthony and Best/King Bay Properties" prepared by Mr. Graeme Evans, P. Geo. of Kamloops, British Columbia. A copy of the 43-101 compliant Technical Report is available under the Corporations profile on SEDAR and can be accessed at www.sedar.com.

Mr. Graeme Evans, P. Geo of Kamloops, British Columbia, an independent geological consultant, is the Qualified Person on the St. Anthony's Project under the guidelines of NI 43-101. Mr. Evans oversees the completion of the Technical Report and has reviewed and approved the technical disclosure contained in this press release relating to that project.

The rock samples were provided to ALS Chemex, an ISO 9001 and ISO 17025 accredited facility located in North Vancouver, British Columbia, for analysis and processing. The samples taken were analyzed for 33 elements by induction coupled plasma mass spectroscopy (ICP-AES) and for gold by ore grade fire assay on a 50 g sample with atomic absorption spectroscopy (AA) finish. Independent QA-QC protocol was used on the program using a combination of blanks, standards and duplicates.

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

For further information: For further information: Company Contacts: For further information please refer to the Corporation's profile on SEDAR which can be accessed at www.sedar.com, visit our website at www.pacificironorecorp.com or contact: Todd Montgomery, Chief Executive Officer, Telephone: (403) 228-0607, Facsimile: (403) 262-4860; Leonard Cornez, Chief Financial Officer, Telephone: (403) 218-0294 or 1-866-682-5812, Facsimile: (403) 265-2887; Jeffery Austin, President, Telephone: (250) 763-4892, Facsimile: (403) 265-2887

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PACIFIC IRON ORE CORPORATION

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