CALGARY, ALBERTA - Nov. 27, 2009 -

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES.

Pacific Iron Ore Corporation (TSX VENTURE:POC) (the "Corporation") is pleased to announce that on November 26, 2009 it closed an equity offering of common shares for aggregate gross proceeds of $3,505,875.15.

The Corporation completed the brokered financing through Blackmont Capital Inc. and Acumen Capital Finance Partners Limited (the "Agents"), on a syndicated basis, involving the sale of an aggregate of 7,311,167 common shares in the capital of the Corporation ("Common Shares") to raise gross proceeds of $3,505,875.15. The 7,311,167 Common Shares are comprised of 4,317,000 shares sold on a "flow through" basis at $0.50 per share and 2,994,167 additional shares sold at $0.45 per share. The Agents were paid commissions and recovered expenses equal to an aggregate of $220,661.75 and received 76,100 non-transferable broker warrants (the "Broker Warrants"), with each Broker Warrant entitling the holder to acquire one Common Share at $0.45 per Common Share exercisable until May 26, 2011. In accordance with applicable law, such securities are not subject to any hold period.

Proceeds from the financing will primarily be used in 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.

The Common Shares have not and will not be registered under the United States Securities Act of 1933 as amended (the "US Securities Act") or any state securities laws and may not be offered or sold in the United States or to any US Person except in certain transactions exempt from the registration requirements of the US Securities Act and applicable state securities laws.

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.


For more information, please contact

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)