NetworkNewsBreaks – Black Iron Inc. (TSX: BKI) (OTC: BKIRF) (GR: BIN) Inks MOU with Glencore plc (OTC: GLNCY) (OTC: GLCNF) Subsidiary to Fund Shymanivske Iron Ore Project Construction

February 20, 2019 11:20:57

Canadian iron ore exploration and development company Black Iron (TSX: BKI) (OTC: BKIRF) (GR: BIN) this morning announced the company has signed a non-binding Memorandum of Understanding (“MOU”) with a subsidiary of Glencore plc (OTC: GLNCY) (OTC: GLCNF). Per the MOU, the parties agree to engage in formal negotiations to finance the construction of the Shymanivske Iron Ore Project. Areas for negotiation in the MOU include the contemplation of Glencore making an investment to help fund construction of the project in exchange for securing the offtake of up to the full phase one planned annual production of four million tonnes, with the terms and amount to be discussed further. The MOU permits the allocation of offtake to other equity investors, as Black Iron is also currently in discussion with additional companies that have shown interest in obtaining supply of the ultra high-grade iron ore concentrate anticipated to be produced from the project in exchange for construction financing. “I am excited to welcome Glencore as an offtake investor for construction of the Shymanivske Project as well as their agreement to work with us to help secure additional financing. Glencore’s involvement significantly strengthens our capability and draws on their extensive international network, experience and market knowledge,” Black Iron CEO Matt Simpson stated in the news release.

To view the full press release, visit http://nnw.fm/kTBj7

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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