VRB.V · 2013-04-01

Concerned Shareholders of PacificOre Mining Corp. Intend to File and Mail a Dissident’s Information Circular to Offer Change for the Better

Shareholder Meetings Legal & Disputes

FOR IMMEDIATE RELEASE

VANCOUVER, BRITISH COLUMBIA -- April 1, 2013 - Shareholders of PacificOre Mining Corp. (TSX-V: “PC”) (the "Company"), please take notice that: Concerned Shareholders of the Company, announced today that they intend to file and mail an information circular (the "Dissidents Information Circular") with Canadian securities regulators and has initiated a proxy solicitation process with the objective of having a new board of directors elected at the Company's annual general and special meeting of shareholders to be held on April 26, 2013 (the "AGM"). Copies of the Dissidents Information Circular will be mailed to shareholders in the next week and will be available online at www.sedar.com or by contacting Computershare Investor Services Inc. The Concerned Shareholders are seeking to elect Adrian Bakker, Stephen Pearce and Paul Sorbara to the board (collectively, the "Dissident Nominees"). The Dissident Nominees are successful businessmen with significant experience in geological exploration.

The Concerned Shareholders have initiated this proxy solicitation because they have lost all confidence in the ability of the current management of the Company to maximize shareholder value. The Company has failed to advance any of the Company's projects significantly and continues to struggle just to preserve its limited financial resources. During 2012 the Company spent $1,851,506 in administration costs and spent only $296,665 in exploration costs. Since March 2011, the share price of the Company has decreased substantially. The Concerned Shareholders strongly believe that the proposed nominees for directors slated by the current management of the Company are not in shareholders' best interests; instead, they are being proposed for re-election to further entrench current management, who have failed to effectively manage the affairs of the Company and deliver shareholder value.

The Concerned Shareholders believe that the Dissident Nominees have the necessary experience in geological exploration, as well as skills in business, capital markets, finance and accounting, to enhance shareholder value and allow the Company to realize on its potential. For further information on each of the Dissident Nominees, please see the Dissidents Information Circular under the heading "Profiles of the Dissident Nominees".

The Concerned Shareholder urges shareholders to review the Dissidents Information Circular and to vote only their GREEN PROXY (accompanying the Dissidents Information Circular and also available on www.sedar.com under the Company's profile) no later than April 24^th, 2013 at 5:00 P.M. (Pacific Time) by signing, dating and sending their GREEN PROXY by:

(a) EMAIL to [email protected], or

(b) FAX to COMPUTERSHARE INVESTOR SERVICES INC. at: 1-866-249-7775

IF YOU ARE A NON-REGISTERED HOLDER OF COMMON SHARES OF THE COMPANY, PLEASE FOLLOW THE INSTRUCTIONS UNDER THE HEADING OF "NON-REGISTERED SHAREHOLDERS" IN THE DISSIDENTS INFORMATION CIRCULAR.

If you have already voted in favour of management's nominees and resolutions, you may change your vote by submitting a GREEN PROXY with a later date. A later GREEN PROXY automatically revokes any earlier proxy given, including a white management proxy.

The Concerned Shareholder believes that a prosperous future for the Company and its shareholders is still attainable, but only if the Company becomes fiscally responsible and effectively develops its business under new leadership.

The attached letter to shareholders is part of the Dissidents Information Circular available on www.sedar.com and outlines the concerns of the Concerned Shareholders as well as their plans for the Company.

For further information, please see the Dissidents Information Circular available on www.sedar.com under the profile of the Company.

Concerned Shareholders

Letter to the Shareholders of PacificOre Mining Corp. from the Concerned Shareholders:

April 1, 2013

A LETTER TO SHAREHOLDERS OF PACIFICORE MINING CORP.

Dear Fellow PacificOre Shareholder:

I am writing on behalf of the Concerned Shareholders (as defined in the attached Dissident’s Information Circular) to ask for your support at the annual general meeting of PacificOre Mining Corp. (“PacificOre” or the “Company”) scheduled to be held on Friday, April 26, 2013 in Vancouver, BC.

Unfortunately, the actions of management and the current Board of Directors have forced us to take action to protect our investment and that of all shareholders. The Concerned Shareholders do not have confidence in their ability to increase shareholder value. Set out below are reasons why we believe that a change at the top is needed at the Company and what you as a shareholder can do to create it.

Governance Concerns: The current Board has exhibited a disturbing lack of concern for shareholder interests. According to the Company’s latest audited financial statements the Company spent only $296,665 on exploration during its 2012 fiscal year while its administrative costs were in excess of $1.8 million. It is time the Company become an exploration company, not an administrative company. The Company has been planning a drill program since July 2012 and has finally announced a small program in March 2013 with the meager funds it has left. If only a fraction of the funds spent on administration last year was put into the ground, PacificOre could be in a much better place today.

Management’s lack of focus on exploration is not limited to the past year. Since 2005 management has spent more on administration than exploration every single year. Administration costs exceeded exploration costs by a staggering $10M over this period and there is absolutely nothing to suggest this pattern will not continue under current management.

Lack of focus is also destroying value for PacificOre shareholders. Specifically, spinning out assets through one of the Company’s many subsidiaries, one being Pro Minerals Inc. (“Pro Minerals”). Pro Minerals was the first subsidiary spinout of Company assets on the TSX Venture Exchange. With an IPO price of $0.25, we contend many people recognized the value of these assets. Pro Minerals has been halted from trading on the TSX Venture Exchange since September 2012 (last price $0.01) and management has demonstrated no efforts or plan to have Pro Minerals trading again. PacificOre is the largest shareholder of Pro Minerals and all the directors of Pro Minerals are also directors of PacificOre, they have succeeded in destroying any value which might have accrued to PacificOre shareholders from this shareholding.

It appears management has further diverted PacificOre assets through another of these subsidiaries, Priority Ventures Corporation (“Priority Ventures”). According to the Company’s latest audited financial statements its investment in Priority Ventures has been diluted from one year ago while at the same time amounts owing from Priority Ventures to the Company has increased. A double hit to the Company and another example management’s lack of focus on building value for shareholders.

Excessive compensation: The Board of Directors has seen fit to pay Mr. O’Brien in excess of $2,000,000 over the past 10 years. His benefits extend beyond the millions of dollars and options, the Board of Directors authorized the lease of a Cadillac Escalade to Mr. O’Brien at a significant cost to the Company. The Company’s 2012 audit states the Company’s minimum lease payments over the next 5 fiscal years are 2013 - $46,330, 2012 - $44,190 and 2015 - $33,143. If this was not enough, Mr. O’Brien received further consideration from Pro Minerals, formerly a wholly owned subsidiary of the Company, in the amount of $290,000 over the past three years, according to the Company’s most recent proxy filings.

Excessi ive option

n grants: The Com mpany had d 21,159,0 013 option ns outstan nding ximately 15% of accordin ng to its lat test audited d financial s statements, represent ting approx have seen fit to the issued and out tstanding s shares. Inc credibly, the e Board of Directors h grant m most of the stock opti ions to its CEO, Mr. Patrick O’Brien. Ac ccording to

Obrien’s s insider rep porting filing g he held 7 7,873,000 options.

PacificO Ore’s dism mal share price perfor rmance un nder the cu urrent boar

rd: PacificO Ore’s shares d declined no

less than 90% in 2 y years follow wing the aw ward of claim ms covering g the

world cla ass project, the Lac Dore project.

It is tim

me for real change: T The Compa any is at a critical point. The C Company ne eeds proper g guidance no ow from an experience ed Board fo or maximum m value to be achieve ed for reholders. Executio e Company’s succes all shar on is critic cal to the ss. Histo orical performa ance demo onstrates that there is a a significan nt risk of a lo oss of shar reholder value if nagement nominee s ed Shareholders stro the man slate is ele ected. The e Concerne ongly believe that the pr roposed no ominees fo or directors by the cu urrent mana agement of f the company are not in shareholders' best interests; instead, the ey are bein ng proposed for re-election to entre ench current manage her, which has failed to manage ement furth e the affairs of the compa any effectiv vely and de eliver shareh holder value

The Con ncerned Sh hareholders s believe that a prospe erous future e for the Company an nd its shareho olders is sti ill attainable, but only y if the Com mpany bec comes fisca ally responsible and effe ectively dev velops its b business un nder new le eadership. The Dissident Nominees offer cha ange for the e better. Vo ote your GR REEN PRO OXY today.

delivery of your If you h have any q questions in connect tion with th he complet tion and d GREEN PROXY, p please call Adrian Bak kker or Stephen Pearc ce at 1-604 4-351-9924 4 and one of th hem would be pleased d to assist y you.

Yours Sincerely,

CONCE ERNED SHA AREHOLDERS

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