Canadian iron ore exploration and development company Black Iron (TSX: BKI) (OTC: BKIRF) (GR: BIN) this morning announced its renewal of a Letter of Intent (“LOI”) with Ukraine’s National Railway. Under the agreement, the railway will provide up to 10 Mtpa of capacity to move product from the line located within two kilometers of Black Iron’s Shymanivske Project to Port Yuzhny, a deep water port in the Black Sea. Per the update, unlike many other start-up iron ore mines, the Shymanivske Project has ready accessibility to all essential infrastructure needed for its operation, and Black Iron is renewing vital LOIs as it moves closer to commencing project construction. “Renewing the LOI with Ukraine’s National Railway is an important step in providing assurance to current and future investors in our Project,” Black Iron CEO Matt Simpson commented in the news release. “We are very fortunate to be able to access such high-quality infrastructure which is right on the doorstep of our project. We appreciate the close cooperation we have received from all levels of government in Ukraine and from the National Railway.”
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About Black Iron Inc.
Black Iron is an iron ore exploration and development company, advancing its 100%-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% total iron and 18.8% magnetic iron, and Indicated mineral resources of 290 Mt grading 31.1% total iron and 17.9% magnetic iron, using a cut-off grade of 10% magnetic iron. Additionally, the Shymanivske Project contains 188 Mt of Inferred mineral resources grading 30.1% total iron and 18.4% 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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