Canadian iron ore exploration and development company Black Iron (TSX: BKI) (OTC: BKIRF) (GR: BIN) on Thursday announced that it is making good progress to secure essential land for its Shymanivske project construction. According to the update, the company has recently reached an agreement with Ukraine’s Ministry of Defence on the coordinates for a parcel of land that, subject to preconditions currently under negotiation, it is willing to turn over to Black Iron. The year to date 45% increase in the sale price of iron ore is helping attract potential investors to finance construction of Black Iron’s Shymanivske project. Currently, 62% iron content product sells for ~US$117 per tonne and 65% iron content product for ~US$128 per tonne. Black Iron aims to produce premium 68% iron content product, which is expected to sell for a much higher price than the benchmarks while being produced at an estimated cost of US$31 per tonne.
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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 mineral resource estimated to be 646 Mt Measured and Indicated mineral resources, consisting of 355 Mt Measured mineral resources grading 32.0% total iron and 19.5% 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 at www.sedar.com. 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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