BKIRF - NetworkNewsBreaks - Black Iron Inc. (TSX: BKI) (OTC: BKIRF) (GR: BIN) Focuses on Securing Financing Land for Shymanivske Project
Black Iron (TSX: BKI) (OTC: BKIRF) (GR: BIN), a Canadian iron ore exploration and development company, is focused on securing financing and land to start construction of its low-cost Shymanivske iron ore project in the historically rich Kryvyi Rih region of Ukraine. An article discussing the company reads, “Black Iron has been pushing to begin construction at its Shymanivske project by the end of the year and is focused on raising capital to fund construction and securing essential land-surface rights for the central Ukraine site. The company recently signed a memorandum of understanding (MOU) with Glencore, one of the world’s largest commodity traders, to make an investment toward funding construction of the project in exchange for securing the offtake of up to the full phase one planned annual production of four million tons. Additionally, the MOU outlines cooperation between Black Iron and Glencore to leverage their relationships to source the balance of funds required to construct the project. Debt finance discussions are ongoing with international financial institutions and Europe-based banks, which have shown interest in the projected robust economics of Black Iron’s project due to its low operating cost and construction capital intensity. . . . Solid progress is also being made to secure land that’s essential for construction of the processing plant, tailings and waste-rock stockpiles. On March 14, Black Iron announced that Ukraine’s Ministry of Defense has developed a plan to transfer the land being sought.”
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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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