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CALGARY, ALBERTA--(Marketwire - April 11, 2011) - Pacific Iron Ore Corporation (TSX VENTURE:POC) ("POC" or the "Company") announces that it has engaged AltaCorp Capital Inc. to provide financial advisory services, including assistance in identifying and evaluating strategic alternatives aimed at enhancing shareholder value.

After a thorough review of the Company's land holdings and proximity to infrastructure, mineral deposits, updated technical reports, and operations, the Board has concluded that Pacific Iron Ore trades at a substantial discount to the value of its underlying assets. In 2010, the global mining sector witnessed a significant number of merger and acquisition transactions. Moving into 2011, global demand continues to drive iron ore, copper, gold, rare earth and other metal prices to record levels. Accordingly, the Board has decided to initiate a process to identify, examine and consider a range of strategic alternatives available to the Company with a view to enhancing shareholder value. Such strategic alternatives may include, among other alternatives:

• a sale of one or more of the assets of the Company;
• a sale of the Company, either in one transaction or in a combination of transactions;
• a merger or other business combination;
• one or more joint venture transactions;
• an acquisition;
• a recapitalization.

Notwithstanding that due consideration will be given to all alternatives, the Board believes that a sale of one or a combination of assets is most likely to best enhance shareholder value.

There can be no assurance that any agreement or transaction will occur, or if a transaction is undertaken, as to its terms or timing. Pacific Iron Ore does not intend to disclose developments with respect to this process unless and until the evaluation has been completed or the Board has approved a definitive transaction and the Corporation has entered into a definitive agreement for such transaction.

The Company has not set a definitive schedule to complete its evaluation and, notwithstanding the above, no decision on any particular alternative has been reached at this time. Pacific Iron Ore does not intend to make any further announcements regarding the process unless and until the Board has approved a specific transaction or other course of action or otherwise deems disclosure of developments is appropriate.

ALTACORP CAPITAL INC. CONTACTS:

A virtual data room has been established that contains easily accessible information about Pacific Iron Ore. Additional proprietary technical, financial, legal and other information is available to qualified parties upon execution of a standard non-disclosure agreement.

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 matters such as future production, reserves potential, exploration drilling, exploration activities and potential future events or developments are forward looking statements. Although the Corporation believes 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 Corporation's 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 regarding 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 Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.