Pacific Iron Ore Provides Corporate Updates

Calgary, Alberta--(Newsfile Corp. - November 13, 2019) - Pacific Iron Ore Corporation (the "Corporation") announces that, pursuant to its Stock Option Plan, it has granted an aggregate of 225,000 incentive stock options ("Options") to its Chief Financial Officer and certain consultants. These Options have an exercise price of $0.05 each, with a term of five years and immediate vesting.

This comes after the Corporation recently reached agreements with all of its former Option-holders to forfeit any Options they held which had not yet expired. In all, 673,785 previously-outstanding Options were forfeited or otherwise determined to have expired.

The Corporation also announces that its board of directors has adopted up-to-date by-laws for the Corporation, effective November 6, 2019. These by-laws have been posted to the Corporation's SEDAR profile at www.sedar.com and remain subject to confirmation by shareholders at the Corporation's next shareholder meeting.

The Corporation further announces that its board of directors has commenced a strategic review process in order to identify various alternatives to maximize shareholder value. There can be no assurances that such process will result in any changes to the Corporation's business or affairs or result in any transactions, whether in a timely manner or at all.

About Pacific Iron Ore Corporation
For further information please contact:
Joel Freudman
President and Chief Executive Officer
Telephone: (647) 880-6414

Caution Regarding Forward-Looking Information

This news release contains statements and information that, to the extent they are not historical fact, constitute "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information is based on the reasonable assumptions and estimates of management, taking into account management's perception of capital market trends, current market conditions and expected corporate developments, all of which management believes to be reasonable in the circumstances at the date hereof but which may ultimately prove to be incorrect. Forward-looking information herein includes statements relating to, among other things, shareholder approval of new by-laws, and the strategic review process.

Forward-looking information involves known and unknown risks, uncertainties and other factors, such as difficulties in identifying or executing transactions, and shareholder approval processes, that may cause the actual results, performance or achievements of the Corporation to differ materially from the outcomes expressed or implied by the forward-looking information herein. Accordingly, readers should not place undue reliance on any such forward-looking information. The Corporation does not undertake any obligation to update any forward-looking information herein except as may be required by applicable securities legislation.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49694