Disposition of Common Shares of Pacific Iron Ore Corporation

CALGARY, October 23, 2019 - Pursuant to the disclosure requirements of applicable securities laws, R.A.N. Bonnycastle ("Mr. Bonnycastle") reports that he personally and indirectly, through Cavendish Investing Ltd., sold a total of 2,090,000 common shares ("Common Shares") in the capital of Pacific Iron Ore Corporation (the "Corporation"), by way of disposition through a private transaction at a price of Cdn.$0.02187 per Common Share.

Mr. Bonnycastle, together with his joint actors, now beneficially own, control or have direction over, directly or indirectly, an aggregate of 533,483 Common Shares, representing 7.92% of the Corporation's outstanding Common Shares. Of this aggregate total, no Common Shares are owned directly by Mr. Bonnycastle. Mr. Bonnycastle disposed of the Common Shares for general financial and succession planning purposes. Mr. Bonnycastle and his joint actors may, depending on market and other conditions, increase or decrease their beneficial ownership, control or direction over Common Shares, through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise, or may continue to hold their current positions. Mr. Bonnycastle is a director and Chairman of the board of directors of the Corporation. A copy of the related early warning report will be filed on the SEDAR website (www.sedar.com) or may be obtained directly by calling Ms. Carlyn Dahl at (403) 269-6795.

SOURCE: Mr. Bonnycastle