Canadian iron ore exploration and development company Black Iron (TSX: BKI) (OTC: BKIRF) (GR: BIN) this morning announced that Ukraine’s Ministry of Defence (“MOD”) has developed a plan to transfer the parcel of land originally sought by Black Iron for its Shymanivske iron ore project as a location of the processing plant, tailings and waste rock as outlined in the company’s re-scoped Preliminary Economic Assessment (“PEA”). The parcel of land Ukraine’s MOD proposed to Black Iron in September 2018 was deemed unsuitable from a social and environmental standpoint. However, the newly proposed parcel, owned by Ukraine’s central government and currently used by Ukraine’s MOD for training purposes, is ideal. Its close proximity to the Shymanivske ore body makes it a highly economic choice to minimize incurred costs for hauling ore and waste, and it is located a distance away from any communities and surrounded by operating iron ore mines owned by ArcelorMittal and Metinvest.
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About Black Iron Inc.
Black Iron is an iron-ore exploration and development company, advancing its 100 percent owned Shymanivske Project located in Kryviy Rih, Ukraine. The Shymanivske Project contains a NI 43-101 compliant resource estimated to be 646 Mt Measured and Indicated mineral resources, consisting of 355 Mt Measured mineral resources grading 31.6 percent total iron and 18.8 percent magnetic iron, and Indicated mineral resources of 290 Mt grading 31.1 percent total iron and 17.9 percent magnetic iron, using a cut-off grade of 10 percent magnetic iron. Additionally, the Shymanivske Project contains 188 Mt of Inferred mineral resources grading 30.1 percent total iron and 18.4 percent magnetic iron. Full mineral resource details can be found in the NI 43-101-compliant technical report entitled “Preliminary Economic Assessment of the Re-scoped Shymanivske Iron Ore Deposit” effective November 21, 2017, under the company’s profile on SEDAR. The Shymanivske Project is surrounded by five other operating mines, including ArcelorMittal’s iron ore complex. For more information, visit the company’s website at www.BlackIron.com.
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