Canadian iron ore exploration and development company Black Iron Inc. (TSX: BKI) (OTC: BKIRF) (GR: BIN) this morning announced the renewal of its letter of intent (“LOI”) with TransInvestServis (“TIS”) for storage and cape-size ship loading capacity at TIS’ privately owned berth at Port Yuzhny in an effort to match projected production from the phased build of Black Iron’s Shymanivske Project. In addition, the company has renewed its LOI with DTEK DNIPRO GRIDS JSC to secure the required electricity to operate the mine and processing plant. “Renewal of our major infrastructure LOIs is important to provide confidence for investors in Project construction that the port, rail and power providers still have sufficient space capacity to meet Black Iron’s needs. The TIS cape-size terminal at Port Yuzhny allows Black Iron to achieve competitive landed costs in all our targeted markets, including Europe, the Middle East and Asia Pacific,” Black Iron CEO Matt Simpson said in the news release. “The benefits of access to a large power grid are significant in terms of affordable and reliable power supply. We appreciate the close cooperation we have received from TIS, DTEK and Ukraine’s national railway in renewing the respective LOIs, which helps us move closer to Project construction phase.”
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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 Kryvyi Rih, Ukraine. Kryvyi Rih is a highly developed iron ore mining region with well-established infrastructure. The project’s proximity and access to major infrastructure, including paved roads, railway, powerlines and port, as well as a highly skilled low-cost labor force, allow for a phased development approach at significantly reduced initial capital requirements and operating costs. The 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. 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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