BKIRF - 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
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.
About NetworkNewsWire
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive instant SMS alerts, text STOCKS to 77948
For more information, please visit https://www.NetworkNewsWire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com