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Press Release - Black Iron Inc. (BKI-TSXV)
The reason why Black Iron is such a compelling investment is that iron ore is all about moving large volumes of material at low cost, and in order to do that you need infrastructure, rail, port, and power to be specific. In our case we are only two kilometers away from the state-owned rail and power lines. We already have a letter from the government committing at least 10 million tonnes capacity on that rail that takes you down to one of five ports on the Black Sea that are within 140 kilometers... - Matthew Simpson (BKI) (Interview published May 6, 2011)
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Black Iron Concludes Twin Hole Program Intersecting Iron Grades Exceeding 32%
July 21, 2011
"We are now working closely with our laboratories Mekhanobrchermet in Ukraine and SGS Lakefield in Canada to complete the required metallurgical test work with input from our consultants BBA Inc. and Hatch Ltd., as well as the Ukrainian mining design group Yuzhgiproruda, to deliver the preliminary economic assessment ("PEA") for Shymanivske. Our project development timeline remains on schedule and we anticipate being able to deliver the PEA in the fourth quarter of 2011."
George Mover, Chief Operating Officer of Black Iron
If you have any questions or would like to speak with Black Iron's management team, please contact Investor Cubed at 647-258-3311 or email@example.com.
George Mover, Chief Operating Officer of Black Iron, commented, "We have now successfully completed the confirmatory drill work with additional assay results to be received from the lab on an ongoing basis. We are now working closely with our laboratories Mekhanobrchermet in Ukraine and SGS Lakefield in Canada to complete the required metallurgical test work with input from our consultants BBA Inc. and Hatch Ltd., as well as the Ukrainian mining design group Yuzhgiproruda, to deliver the preliminary economic assessment ("PEA") for Shymanivske. Our project development timeline remains on schedule and we anticipate being able to deliver the PEA in the fourth quarter of 2011."
Results from the twin hole program continue to align well with historical data from the Shymanivske Project. Assay results received for three additional twin holes show thick iron bands with grades exceeding 32%.
The twin hole program was initiated by the Company on April 5, 2011 and is designed to provide drill core suitable for metallurgical test work to establish an optimized process flow sheet for the ongoing preliminary economic assessment, as well as to verify and confirm the previous drilling and resource work completed on the Project.
The diamond drills used in the twin hole program remain at the Shymanivske Project site and are preparing for the Company's first exploration and definition drilling program. This new drill program will target the northern extent of the Shymanivske property, as well as the broader land package at depth, with the aim of increasing the compliant resource size and upgrading its resource classification (i.e. convert a portion of the inferred resources to measured and indicated status).
Black Iron has received a temporary suspension of activity order with respect to its drilling activities from the Dnipropetrovsk Region Ecological Inspectorate, requiring the Company to respond to certain information filings and potential deficiencies before resuming drilling activities. The Company is responding to the order and working closely with Ukrainian Authorities. While there can be no assurance as to the timing of a resolution of this matter, Black Iron remains optimistic that the issue will be resolved soon as such actions by the Ukrainian regulating agencies are customary when dealing with new mining projects and are usually resolved on a timely basis.
Commenting on the anticipated commencement of the exploration and definition drilling, Matt Simpson, President and CEO of Black Iron, said, "We are looking forward to the opportunity to explore the Shymanivske Project extensively and to test our theory that a significant addition to the Project's resource exists in the previously unexplored northern part of the property. It is unfortunate that we have encountered this unforeseen delay in commencing the exploration work, however, it is very important to note that this delay does not impact our Project development timeline; the only impact is the timing to increase the Shymanivske resource estimate size and classification. We are committed to working closely with Ukrainian Officials and are optimistic that we can resume drilling shortly."
Black Iron is an iron ore exploration and development company advancing its 100%-owned Shymanivske project located in Krivoy Rog, Ukraine. This project contains a NI 43-101 compliant resource with 345Mt measured and indicated resources grading 32% iron and 469Mt of inferred resources grading 31% iron. The project is surrounded by five other operating mines including ArcelorMittal's iron ore complex. The Company believes that existing infrastructure, including access to power, rail and port facilities, will allow for a quick development timeline to production. Further, the Company holds an exploration permit for the adjacent Zelenivske project which it intends to further explore to determine its potential. Please visit the Company's website at www.blackiron.com or write us at firstname.lastname@example.org for more information.
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