According to Facebook, a recent report concerning a new location-based mobile ad product was misleading.

Earlier, we told you that Facebook’s Carolyn Everson confirmed the development of the product to Bloomberg, who reported that the company was “readying” a mobile ad product that would target users based on their precise location.

We’re not talking generic location ads based on zip code like you might see on the web – but real-time advertising based on your GPS coordinates. Let’s say you are driving around near a pizza place – Facebook could push a sponsored story to your News Feed about how your friend recently liked that pizza chain, or even recently checked-in there.

But Facebook didn’t actually confirm any new product, they say. The quote from Everson simply talked about the possibilities of such a product.

“Phones can be location-specific so you can start to imagine what the product evolution might look like over time, particularly for retailers,” said Everson. “We’ve had offers being tested over the last couple of months.”

Facebook has said that the statements were misinterpreted and a spokesperson told me that “We’re always looking at different opportunities across mobile, but we have nothing to announce this time.”

So, there may not be any imminent location-based mobile ad platform coming our way, but you have to admit that it sounds like something that could wind up happening in the near future. Talk about mobile monetization? Super-local ad targeting could be just the ticket.