Pacific Iron Ore Corporation Announces Agreement to Sell Non-Core Assets

Pacific Iron Ore Corporation (TSX VENTURE:POC) reported that the company has entered into a purchase and sale agreement with Mega Graphite Inc. through which Mega Graphite will purchase certain non-core mining claims in Northern Ontario from the Corporation exchange for 900,901 common shares of Mega Graphite.

The press release is quoted as saying:

Mega Graphite is a private Ontario corporation with office in Oakville, Ontario which focuses on the development and manufacture of high-grade graphite products for the advanced technology sector. The graphite produced by Mega Graphite is primarily used in lithium batteries for the automotive industry. Mega Graphite is presently working towards completing an initial public offering in the fourth quarter of 2010. Mega Graphite is arm’s length to the Corporation.

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Click here to access Pacific Iron Ore Corporate Site