Black Iron Files Re-scoped Preliminary Economic Assessment Report for Phased Build Showing Post Tax 36.1% IRR and NPV of US$1.6 Billion

TORONTO, ONTARIO--(Marketwired - Dec. 14, 2017) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI)(OTC PINK:BKIRF) has filed on SEDAR its National Instrument 43-101 Technical Report entitled "Preliminary Economic Assessment of the Re-scoped Shymanivske Iron Ore Deposit" effective November 21, 2017 (the "re-scoped PEA") for its Shymanivske iron ore project located in Kryvyi Rih, Ukraine (the "Project"). 

The re-scoped PEA is based on a two-phased build out of the mine and production plant with the first phase operation producing 4MT per year of ultra high-grade 68% iron concentrate expanding to 8MT per year starting in the fifth year of production. By phasing the build, it significantly reduces the up-front construction costs of the Project thus increasing the projected returns of the Project. The Project is able to exhibit superior projected economics due to its proximity to major infrastructure including, railway, electrical power and a deep-sea port. 

A long-term iron ore benchmark price of US$61.88/t for products containing 62% iron was used in the re-scoped PEA and adjusted using the three-month average trailing spot iron premium of US$7.21 per 1% Fe above 62% as of November 7, 2017. Based on this pricing, the Project forecasts a pre-tax unlevered IRR of 42.6% and a NPV of US$2,115 million using a 10% discount rate as seen in the table below. The after-tax unlevered IRR using this price and premium is 36.1% and NPV is US1,662 million. 

Matt Simpson, Black Iron's CEO, commented: "The long-term price used in the re-scoped PEA is lower than the December month to date average price of US$69.95/t as reported by Metal Bulletin, which as seen in the table below results in significant investor return projections. Further, once debt leverage is added, the projected returns should further increase."

Pre-Tax IRR and NPV at 10% Discount Rate
Sensitivity to Base 62% Fe CFR and %Fe Grade Premium
 
62% Fe
$/dmt
  Fe Premium ($/dmt per 1% Fe)  
  $4.00   $5.00   $6.00   $7.21   $8.00   $9.00  
$50.00 IRR   22.2 %   26.4 %   30.4 %   35.2 %   38.2 %   41.9 %
NPV10% $ 706M   $ 977M   $ 1,249M   $ 1,577 M   $ 1,792M   $ 2,063M  
$61.88 IRR   30.4 %   34.3 %   38.1 %   42.6 %   45.5 %   49.1 %
NPV10% $ 1,243M   $ 1,515M   $ 1,786M   $ 2,115M   $ 2,329M   $ 2,600M  
$70.00 IRR   35.6 %   39.4 %   43.1 %   47.6 %   50.4 %   53.9 %
NPV10% $ 1,611M   $ 1,882M   $ 2,153M   $ 2,482M   $ 2,696M   $ 2,967M  
$80.00 IRR   41.9 %   45.6 %   49.2 %   53.5 %   56.3 %   59.7 %
NPV10% $ 2,063M   $ 2,334M   $ 2,606M   $ 2,934M   $ 3,148M   $ 3,420M  
$90.00 IRR   48.0 %   51.8 %   55.1 %   59.3 %   62.0 %   65.4 %
NPV10% $ 2,515M   $ 2,787M   $ 3,058M   $ 3,386M   $ 3,601M   $ 3,872M  

Conditions considered to be extreme (combinations of low and high 62% benchmark price and %Fe grade premium) are highlighted in brown in the above table as they are considered unlikely to occur. 

The table below shows the highlights from the re-scoped PEA, which are further elaborated in the detailed technical report filed on www.sedar.comunder the Company's profile.

PEA Highlights (all currency is US$)

IRR (pre-tax unlevered)IRR (after-tax unlevered) 42.6%
36.1%
NPV at 10% discount (pre-tax unlevered)NPV at 10% discount (after-tax unlevered) $2.12 billion
$1.66 billion
Projected Years to Payback Projected Years to Payback 2.6 years
2.9 years
Annual Production Rate: Phase 1 Phase 2 4 Mt
8 Mt
Capital Cost to build: Phase 1 Phase 2 $435.8 million
$312.2 million
Long Term Benchmark Iron Ore Price (62% Fe CFR Port in China) $61.88 /dmt
Final Product Iron Grade 68% Fe
Black Iron Projected Sale Price FOB Ukraine Port Yuzhny(Including product quality adjustments and net shipping costs) $97.19/dmt
Life of Mine FOB OPEX (Includes mining, beneficiation, rail, ship loading and G&A costs) $31.46/t
Proposed Initiation of Phase 2 Construction Post Phase 1 Startup Year 3
Estimated Mine Life (based on in-pit resources) 20 Years

The re-scoped NI 43-101 PEA Report replaces the Company's 2014 bankable feasibility study ("2014 BFS") as the current technical report for the Project. Significant portions of the PEA remain unchanged from the 2014 BFS, including sections relating to geology, exploration, drilling, sampling and data verification, and the mineral resource estimate. Consistent with practice in the industry, this PEA has been prepared with an engineering accuracy of +/-35%. Please see the Company's press release dated November 21, 2017 for a summary of the assumptions used in the re-scoped PEA.

Re-scoped Preliminary Economic Estimate Study Report

The re-scoped PEA has been prepared in accordance with the guidelines of National Instrument 43-101 by the independent firms BBA Inc. and Watts, Griffis and McOuat Limited (with the individual authors identified below) and is effective as of November 21st, 2017. The results of the re-scoped PEA are based on 100% ownership of the Project by Black Iron. 

Qualified Persons 

The contents of this press release have been reviewed and approved by Qualified Persons, as follows:

  • Angelo Grandillo, P. Eng. of BBA Inc. QP for Study Supervisor.
  • Jeffrey Cassoff, P.Eng. of BBA Inc. QP for In-Pit Resource estimate and mining engineering.
  • Michael Kociumbas, P.Geo. and Rick Risto, P.Geo., Watts, Griffis and McOuat Limited, QPs for mineral resources estimate and QA/QC and data verification; 

These persons are Qualified Persons as defined by NI 43-101, are independent of Black Iron, and have authored the technical report in respect of the re-scoped PEA. 

Cautionary Statement

The PEA is preliminary in nature, and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. 

Forward-Looking Information

This press release contains forward-looking information. Forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates of the date such statements are made based on information available to them at that time, including those factors discussed in the section entitled "Risk Factors" in the Company's annual information form for the year ended December 31, 2016 or as may be identified in the Company's public disclosure from time to time, as filed under the Company's profile on SEDAR at www.sedar.com. Forward-looking information may include, but is not limited to, statements with respect to the Project, the mineralization of the Project, the results of the PEA, the realization of the PEA, the expectations of future cash flows, the expected economics forecast, the geo-political climate in Ukraine, the Company's ability to obtain the requisite land rights for the Project and other requisite permits or approvals, and future plans for the Company's development. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Black Iron Inc.
Derek Wood
Manager, Investor Relations
Tel: +1 (403) 200-3569
info@blackiron.com

Matt Simpson
Chief Executive Officer
Tel: +1 (416) 309-2138

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Black Iron's New Preliminary Economic Assessment Shows Highly Favourable Returns Including 36.1% IRR Post Tax

- Preliminary Economic Assessment Based on a Phased, Lower Cost Buildout of the Mine Starting With 4 Mtpa Production and Future Expansion to 8Mtpa - Favourable Economics Including Post Tax 36.1% IRR and US$1.66 Billion NPV at a 10% Discount Rate Driven by Close Proximity to Railway, Powerlines and Skilled Low-Cost Labour Coupled With Production of Ultra High Grade 68% Iron Content Product - Management Continues to Execute on Its New Go Forward Plan to Advance the Shymanivske Project Towards Production

TORONTO, ONTARIO--(Marketwired - Nov. 21, 2017) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) (FRANKFURT:BIN) has received the results from BBA Inc. ("BBA") for a new Preliminary Economic Assessment ("PEA") that incorporates, among other things, a two-phased build out of the mine and production plant along with updated iron ore selling prices and Ukraine's favourable currency exchange rates for its Shymanivske iron ore project in Kryviy Rih, Ukraine (the "Project"). The updated PEA outlines a first phase operation producing 4Mtpa of ultra high-grade, low impurity, 68% Fe concentrate expanding to 8Mtpa starting in the fifth year of production. By phasing the build, it significantly reduces the up-front construction costs while still being highly economic given all high cost major infrastructure including railway, powerline and deep-sea port are located in very close proximity to the deposit. Using this phased build strategy coupled with Ukraine's highly favourable exchange rate of 28 Hryvnia to US$1, results in a projected pre-tax, post royalty, internal rate of return ("IRR") of 42.6%, a payback period of 2.6 years and a US$2.12 billion net present value ("NPV") at a 10% discount rate. The post tax unlevered economics show a compelling 36.1% IRR, 2.9 year payback period and US$1.66 billion NPV at a 10% discount rate.

Matt Simpson, Black Iron's CEO, commented: "The operation outlined in the re-scoped PEA for the Shymanivske Project continues to clearly demonstrate the potential for a high-value, low net cost iron ore development project. Use of ultra high-grade 68% iron content product in the production of steel is a value-added product to customers as it increases blast furnace productivity and reduces specific greenhouse gas emissions. By building the Project in phases, it also allows for a portion of the costs for the second phase expansion to 8Mtpa to be funded using internal cash that is expected to be generated from operations during the first phase which is expected to reduce dilution, maximize shareholder returns and reduce project financing risks. As a result of these improvements, the Project's access to significant existing infrastructure (railway, power lines and port), and the availability of a relatively low-cost, skilled labour pool, the re-scoped PEA continues to project extremely attractive and robust economics."

The primary reason for releasing a new PEA to replace the 2014 feasibility study ("BFS"), is to be able to communicate to investors, in a cost effective and timely manner, that the Project's economics remain very strong, even with the benchmark 62% iron content product selling for US$62/t (CFR Port in China) as compared to the spot plus broker outlook of US$95/t back in 2014. Iron content premiums and penalties relative to the 62% iron content benchmark, have significantly increased over the past year due to greater global concerns on reducing pollution and are currently ranging between US$7 to $8 for each 1% iron unit above or below 62%. At the reference date of November 10th 2017, Black Iron's ultra high-grade 68% product is indicated to receive a total premium of approximately $46.85/dmt over the 62% iron content benchmark price. This premium includes the iron grade premium as well as the net premium for other deleterious elements. The table below summarizes the key highlights of the re-scoped PEA.

PEA Highlights (all currency is US$)
 
IRR (pre-tax unlevered)
IRR (after-tax unlevered)
  42.6%
36.1%
NPV at 10% discount (pre-tax unlevered)
NPV at 10% discount (after-tax unlevered)
  $2.12 billion
$1.66 billion
Projected Years to Payback (at 10% Discount Rate, pre-tax)
Projected Years to Payback (at 10% Discount Rate, after-tax)
  2.6 years
2.9 years
Nominal Annual Production Rate: Phase 1
Phase 2
4 Mt
8 Mt
Capital Cost to build: Phase 1
Phase 2
$435.8 million
$312.2 million
Long Term Benchmark Iron Ore Price (62% Fe CFR Port in China)   $61.88 /dmt
Final Product Iron Grade   68% Fe
Black Iron Projected Sale Price FOB Ukraine Port Yuzhny
(Including product quality adjustments and net shipping costs)
  $97.19/dmt
Life of Mine FOB OPEX 
(Includes mining, beneficiation, rail, ship loading and G&A costs)
  $31.46/t
Estimated Plant Construction Duration:  Phase 1 
Phase 2 
2.3 years
2.3 years
Proposed Initiation of Phase 2 Construction Post Phase 1 Startup   Year 3
Measured and Indicated Resources (at 18.8% Mag Fe, 31.6% Total Fe) 
Inferred Resources (at 18.4% Mag Fe, 30.1% Total Fe)
  645.8 Mt
188.3 Mt
In-Pit Measured and Indicated Resources (at 19.0% Mag Fe, 31.2% Total Fe)
In-Pit Inferred Resources (at 19.6% Mag Fe, 31.2% Total Fe)
  480.0 Mt
27.0 Mt
Strip Ratio (life of mine)   0.6:1.0
Estimated Mine Life (based on in-pit resources)   20 Years
Exchange Rate   28UAH:US$1

The re-scoped NI 43-101 PEA will replace the 2014 BFS as the current technical report for the Project. Significant portions of the PEA report remain unchanged from the 2014 BFS, including sections relating to geology, exploration, drilling, sampling and data verification, and the mineral resource estimate. 

Ukraine has a corporate tax rate of 18% and an effective mining royalty rate of 8% of net selling price as of the effective date of the PEA. Consistent with practice in the industry, the capital cost estimate in this PEA has been prepared with an intended accuracy of +/-35%.

Details and Assumptions

The PEA assumes a product selling price of US$108.73/dmt of concentrate, CFR China. This price was calculated using the 36-month trailing average price of US$61.88/dmt for the Platts IODEX 62% Fe, CFR North China, adding the three-month trailing average iron grade premium of US$7.21/dmt per 1%Fe above 62% Fe, which equates to $43.28/dmt for Black Iron's 68% Fe product, and applying a trace element premium (for silica, phosphorus and alumina), net of penalties, of $3.57/dmt of concentrate. The realized selling price for a ship loaded at Port Yuzhny (FOB) assumed in the financial analysis is US$97.19/dmt. The final price is determined after applying the current actual shipping cost of US$11.54/dmt to deliver product to North China.

The total capital expenditure to develop the mine, concentrator, infrastructure and tie-ins is estimated at US$435.8 million to produce an initial 4 million tonnes per year of ultra high-grade 68% Fe concentrate. Construction of the expansion to 8 million tonnes per year will start in year 3 of operations, and will be completed in year 5 at a cost of US$312.2 million as detailed in the table below. The capital cost estimate excludes the sustaining capital cost of US$348.3 million spread over the life of mine and closure costs of US$27.9 million. 

Capital Cost Breakdown (all currency is US$)
  Phase 1 Phase 2
Construction Indirects $5.1 $-
Mine Area $22.2 $3.3
Beneficiation Plant $192.0 $196.4
Tailings and Waste $11.1 $-
Project Infrastructure $44.1 $24.0
TOTAL DIRECT COSTS $274.5 $223.7
Owner's costs $38.2 $11.2
Project Indirect Costs $41.2 $33.6
Contingency $53.7 $43.7
TOTAL PROJECT CAPITAL COST $407.6 $312.2
Mine Pre-Stripping (Capitalized from Opex) $6.8 $-
Mining Equipment Leasing Cost (Capitalized) $21.4 $-
TOTAL PRE-PRODUCTION CAPITAL COST $435.8 $312.2

The life of mine strip ratio is estimated at 0.6:1, which is a significant decrease from the 2014 BFS reported value of 1.64:1 due to the inclusion of inferred resources and the lower operating costs resulting from a more favourable currency exchange rate. The total average Free On Board (FOB) operating costs over the 20 years of operation are estimated at US$31.46 per tonne of ultra high-grade 68% iron ore concentrate broken out as follows:

Estimated Average LOM Operating Costs
  US $/t
Mining $10.26
Mineral Processing $10.20
Site Infrastructure $0.69
General Administration $0.64
Environmental and Tailings Management $0.37
Rail Transportation and Port Services $9.30
TOTAL $31.46

Re-scoped Preliminary Economic Estimate Study Report

The re-scoped PEA has been prepared in accordance with the guidelines of National Instrument 43-101 by the independent firms BBA Inc. and Watts, Griffis and McOuat Limited (with the individual authors identified below) and is effective as of November 21st, 2017. The re-scoped PEA technical report will be filed on SEDAR and the Company's website within 45 days of this news release. The results of the PEA are based on 100% ownership of the Shymanivske Project by Black Iron. 

Qualified Persons

The contents of this press release have been reviewed and approved by the Qualified Persons, as follows:

  • Angelo Grandillo, P. Eng. of BBA Inc. QP for overall Study supervision.
  • Jeffrey Cassoff, P.Eng. of BBA Inc. QP for In-Pit Resource estimate and mining engineering.
  • Michael Kociumbas, P.Geo. and Rick Risto, P.Geo., Watts, Griffis and McOuat Limited, QPs for mineral resources estimate and QA/QC and data verification; 

These persons are Qualified Persons as defined by NI 43-101, are independent of Black Iron, and have reviewed and approved the content of this press release. 

Cautionary Statement

The PEA is preliminary in nature, and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. 

Forward-Looking Information

This press release contains forward-looking information. Forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates of the date such statements are made based on information available to them at that time, including those factors discussed in the section entitled "Risk Factors" in the Company's annual information form for the year ended December 31, 2016 or as may be identified in the Company's public disclosure from time to time, as filed under the Company's profile on SEDAR at www.sedar.com. Forward-looking information may include, but is not limited to, statements with respect to the Project, the mineralization of the Project, the results of the PEA, the realization of the PEA, the price of iron and iron concentrate, foreign exchange rates, the expectations of future cash flows, the expected economics forecast, the geo-political climate in Ukraine, the quality of the concentrate to be produced at the Project, the Company's ability to obtain the requisite land rights for the Project and other requisite permits or approvals, and future plans for the Company's development. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Black Iron Inc.
Derek Wood
Manager, Investor Relations
+1 (403) 200-3569

Black Iron Inc.
Matt Simpson
Chief Executive Officer
+1 (416) 309-2138
info@blackiron.com

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Black Iron Hires Experienced Iron Ore Marketer to Initiate Offtake and Construction Financing Outreach

TORONTO, ONTARIO--(Marketwired - Nov. 8, 2017) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) is pleased to announce the hiring of Bill Hart as Senior Vice President Corporate Development. Mr. Hart's main responsibility will be to reach out to his extensive list of relationships with steel mills and trading houses to solicit interest for companies to invest in the construction of Black Iron's Shymanivske iron ore project pursuant to an offtake or constructing financing arrangement.

Mr. Hart has over 30 years of international experience selling iron ore and coal to steel mills and trading houses while working for companies including Rio Tinto, Cliffs Natural Resources and most recently Roy Hill Holdings Ltd. He speaks fluent Japanese and has exceptional relationships across Asia.

On July 19, 2017, Black Iron announced the engagement of BBA to develop a new National Instrument 43-101 compliant Preliminary Economic Assessment ("PEA") for the Shymanivske iron ore project (the "Project"). The revised PEA will be based on a plan to initiate operations with an annual production of 4 million tonnes of high-grade 68% iron ore concentrate followed by an expansion to 8 million tonnes per annum. The results from the PEA are on track to be released later this month followed by the comprehensive report within 45 days of such release.

Black Iron is a Toronto Stock Exchange listed company that went public in 2011, raising approximately $36 million at a price of CAD$1.40 per share. After completing its bankable feasibility study on the Project in 2014, Black Iron entered into funding and strategic arrangements to provide a significant portion of the capital required to move the Project forward towards production. Soon after, due to political unrest in Ukraine and a sharp correction in the price of iron ore, the development of the Project was delayed and funding agreements subsequently dissolved. During the last three years, Black Iron has been working in Ukraine to obtain the land rights for the Project (see press releases dated January 23, 2017 and July 27, 2017). Early in 2017, with a strong recovery in commodity price and little escalation in the Russia/Ukrainian conflict, Black Iron decided to restart the development of the Project with a new revitalized go forward plan.

Matt Simpson, Black Iron CEO, commented: "With the new PEA due out later this month and current factors including a favorable exchange rate and record premiums being realized for high-grade concentrates, the time is right to showcase the merits of the Shymanivske project to a wider audience. I am extremely pleased that Mr. Hart has decided to work with us and assist us in exploring various financing alternatives, and strategic partnerships."

Please visit the recently revised Company website (www.blackiron.com) to sign up for updates on the Project.

About Black Iron

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 645.8 Mt Measured and Indicated mineral resources, consisting of 355.1 Mt Measured mineral resources, grading 32.0% total iron and 19.5% magnetic iron, and Indicated mineral resources of 290.7 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 188.3 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 dated January 24, 2014 titled "Feasibility Study of the Shymanivske Iron Ore Deposit for Black Iron Inc." under the Company's profile on SEDAR at www.sedar.com. The Shymanivske deposit is surrounded by five other operating mines, including ArcelorMittal's iron ore complex. Please visit the Company's website at www.blackiron.com for more information.

The technical and scientific contents of this press release have been prepared under the supervision of and reviewed and approved by Matt Simpson, P.Eng., CEO of Black Iron, who is a Qualified Person as defined by NI 43-101. 

Forward-Looking Information

This press release contains forward-looking information. Forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates of the date such statements are made based on information available to them at that time, including those factors discussed in the section entitled "Risk Factors" in the Company's annual information form for the year ended December 31, 2016 or as may be identified in the Company's public disclosure from time to time, as filed under the Company's profile on SEDAR at www.sedar.com. Forward-looking information may include, but is not limited to, statements with respect to the Shymanivske project, preparation of a PEA, expected economics forecast, timing for PEA, the Company's ability to obtain the requisite land rights for the Shymanivske project, the impact of managerial appointments and future plans for the Company's development. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Matt Simpson
Chief Executive Officer
+1(416) 309 2138

Derek Wood
Conduit Investor Relations
+1 (403) 200 3569



Black Iron Provides Update on Go Forward Development Plan

TORONTO, ONTARIO--(Marketwired - Oct. 30, 2017) - The following is an update on the activities Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) is undertaking to increase shareholder value and move our flagship Shymanivske iron ore project (the "Project") forwards towards production. The following is a brief history of the Company:

Black Iron completed a successful initial public offering in 2011 raising approximately $36 million at $1.40/share

By 2014, Black Iron management completed a Bankable Feasibility Study showing great economics and reached an agreement with Metinvest to finance a sizable portion of the project construction costs

Unfortunately, also in 2014, Russia invaded Ukraine and iron ore prices subsequently fell dramatically

Black Iron divested Metinvest's position in January 2016 and currently owns 100% of the Project

 

Black Iron decided to put the Project on hold until recently, when for a number of reasons the timing looked right to create a new go forward plan to move the Project towards production. These reasons include:

Since November 2016, benchmark 62% iron content prices markedly increased from a low of US$37/T to hit a high of US$95/T in February 2017 and averaged ~US$74/T over the year to date in large part due to increased global steel demand.

Also, interestingly, during this period, the iron content premium and corresponding penalty relative to the benchmark price materially increased as seen in the chart below. 

To view the chart associated with this release, please visit the following link: 

 

Historically, the premium/penalty per 1% iron above or below 62% iron was charged at US$3 to $4 per percent. This premium/penalty has significantly increased to the current US$7 to $8 per percent due to several factors including:

  1. Steel mill profitability - premiums for high grades usually rise when steel mills are profitable as the mills are seeking to increase output by using more productive raw materials.
  2. Metallurgical coal prices - high grade iron ore demand usually goes up when coking prices rise as steel mills try to reduce fuel rates by using better quality ores.
  3. Chinese environmental policy - pollution is a major issue in China forcing steel mills to curb emissions and driving a preference for high quality raw materials to help reduce emissions.

Black Iron plans to make an ultra-high grade 68% iron content product that, using today's prices, would sell for US$42 to $48 per tonne more than the benchmark 62% iron content product often quoted in news articles resulting in a current selling price of ~US$105 per tonne.Ukraine direly needs successful examples of foreign direct investment to help kickstart the country's economy and Black Iron's near shovel ready project is ideal to support investment in Ukraine while providing highly favourable returns to shareholders.

The front line of conflict in Ukraine is located ~450km away from the Project site and has not geographically advanced since the invasion occurred over three years ago. During this entire period, the iron ore mines surrounding the Project continued to operate with parents going to work and kids to school as usual. It is Black Iron management's view that it is highly unlikely the front line ever further advances given Russia achieved their main objectives during the initial invasion. Major international companies are also starting to share this view that it is safe to invest again in Ukraine. For example, ArcelorMittal which owns an iron ore mine and steel mill located only 1km north of the Project recently announced their intention to invest US$1.1 billion into their operation over the next few years.

When Black Iron completed its feasibility study in 2014, Ukraine's exchange rate was fixed at 8UAH:US$1. As part of Ukraine's International Monetary Fund bailout provisions, the exchange rate was unpegged to the U.S. dollar and is currently sitting at ~27UAH:US$1. Using this lower exchange rate is expected to significantly reduce Black Iron's construction cost and operating costs for the Project. In July of this year Black Iron announced that it had commissioned a new Preliminary Economic Assessment (PEA) for the Project that will be based on a much more favorable exchange rate and phased development plan starting with 4MTpa production ramping up to 8MTpa using self-generated cash to fund the expansion. The PEA is expected to be completed in mid-fourth quarter of this year and BKI expects it to show extremely favourable economics. In addition to having favourable exchange rates and low highly skilled labour costs, Black Iron benefits from not needing to build any major infrastructure such as railways, power lines or a port as these are all in existence within very close proximity to the ore body allowing us to build the mine in a scalable manner while still achieving favourable economic returns.

As was done back in 2014, Black Iron will also be engaging firms to seek prepaid offtake and/or a joint development partner to significantly reduce the amount of equity that needs to be raised to build the mine. Additionally, we will be initiating discussions with debt finance sources including the European Bank for Reconstruction and Development (EBRD) who have committed to invest US$350M into ArcelorMittal's iron ore mine and steel mill located beside the Shymanivske pit.

Finally, management continues to make good progress with both the city of Kryviy Rih on the Project and also the Ministry of Defense of Ukraine to secure the surface rights necessary for the open pit, processing plant, tailings and waste rock at the Project.

Please visit the Company website (www.blackiron.com) to sign up for updates on the Project.

About Black Iron

Black Iron is an iron ore exploration and development company, advancing its 100% owned Shymanivske project located in Kryviy Rih, Ukraine. The Shymaniviske project contains a NI 43-101 compliant resource estimated to be 645.8 Mt Measured and Indicated mineral resources, consisting of 355.1 Mt Measured mineral resources grading 32.0% total iron and 19.5% magnetic iron, and Indicated mineral resources of 290.7 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 188.3 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 dated January 24, 2014 titled "Feasibility Study of the Shymanivske Iron Ore Deposit for Black Iron Inc." 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. Please visit the Company's website at www.blackiron.com for more information.

The technical and scientific contents of this press release have been prepared under the supervision of and have been reviewed and approved by Matt Simpson, P.Eng., CEO of Black Iron, who is a Qualified Person as defined by NI 43-101. 

Forward-Looking Information 

This press release contains forward-looking information. Forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates of the date such statements are made based on information available to them at that time, including those factors discussed in the section entitled "Risk Factors" in the Company's annual information form for the year ended December 31, 2016 or as may be identified in the Company's public disclosure from time to time, as filed under the Company's profile on SEDAR at www.sedar.com. Forward-looking information may include, but is not limited to, statements with respect to the Shymanivske project, preparation of a PEA, expected economics forecast, timing for PEA, the Company's ability to obtain the requisite land rights for the Shymanivske project, and future plans for the Company's development. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

 

Matt Simpson
Chief Executive Officer
Tel: +1(416) 309 2138

Derek Wood
Conduit Investor Relations
+1 (403) 200 3569



Black Iron CEO to Participate in a Live Video Interview on August 14, 2017

TORONTO, ONTARIO--(Marketwired - Aug. 11, 2017) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) Chief Executive Officer, Matt Simpson, will participate in a live video interview with Proactive Investors on Monday, August 14, 2017.

On July 19, 2017, Black Iron announced the engagement of BBA to develop a new National Instrument 43-101 compliant Preliminary Economic Assessment ("PEA") on its wholly owned Shymanivske iron ore project (the "Project"). As background, Black Iron released a positive bankable feasibility study on the Project in 2014. The study was based on the annual production of 9.9MT of high grade 68% iron content concentrate at an estimated cost of US$45/T, used the long-term broker consensus iron ore price at the time of US$95/T and an exchange rate of eight Ukrainian Hryvnia (UAH) to the U.S. dollar. Today, the exchange rate is approximately 26UAH:US$1 and iron ore with 62% iron content is selling for approximately US$77/T. Using the current exchange rate is expected to materially reduce the projected upfront capital cost since a significant amount of the construction costs including labour, concrete, steel and secondary equipment such as conveyors will be Ukraine based. The lower exchange rate also results in significantly lower operating costs as achieved by existing Ukraine iron ore miners such as Ferrexpo, who has seen its reported full year operating costs decrease from approximately US$46/T in 2014 to US$28/T in 2016.

Black Iron is a TSX listed company that went public in 2011, raising approximately $36 million at a price of CAD$1.40 per share. After completing its bankable feasibility study on the Project in 2014, Black Iron entered into funding and strategic arrangements to provide a significant portion of the capital required to move the Project forward towards production. Soon after, due to political unrest in Ukraine and a sharp correction in the price of iron ore, the development of the Project was delayed and funding agreements subsequently dissolved. During the last three years, Black Iron has been working in Ukraine to obtain the land rights for the Project (see press releases dated January 23, 2017, March 29, 2017, and July 18, 2017). Early in 2017, with a strong recovery in commodity price and little escalation in the Russia/Ukrainian conflict, Black Iron developed a new revitalized go-forward plan for the development of the Project, which included the preparation of the PEA.

In this upcoming live interview, Matt Simpson will discuss the merits of the Project, the political environment inside Ukraine, his outlook for iron ore prices moving forward, and why an investment in Black Iron, at current valuations, is well justified given the potential impressive rates of return.

The interview will take place at 10.00 a.m. (EST). Those interested in learning more about Black Iron as an investment opportunity are encouraged to send in questions for Black Iron's management to stocktube@proactiveinvestors.com.

Please join the broadcast by clicking on the following link at the specified time: https://www.youtube.com/watch?v=oGMkIv2ykDU.

About Black Iron

Black Iron is an iron ore exploration and development company, advancing its 100% owned Shymanivske project located in Kryviy Rih, Ukraine. This project contains a NI 43-101 compliant resource estimated to be 645.8 Mt Measured and Indicated mineral resources, consisting of 355.1 Mt Measured mineral resources grading 32.0% total iron and 19.5% magnetic iron, and Indicated mineral resources of 290.7 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 188.3 Mt of Inferred mineral resources grading 30.1% total iron and 18.4% magnetic iron. Full mineral resource details can be found in the National Instrument 43-101 compliant technical report dated January 24, 2014 titled "Feasibility Study of the Shymanivske Iron Ore Deposit for Black Iron Inc." 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. The Company believes that existing infrastructure, including access to power, rail and port facilities, will allow for a quick development timeline to production. Please visit the Company's website at www.blackiron.com for more information.

The technical and scientific contents of this press release have been prepared under the supervision of and have been reviewed and approved by Matt Simpson, P.Eng, CEO of Black Iron, who is a Qualified Person as defined by NI 43-101. 

 

Forward-Looking Information

This press release contains forward-looking information. Forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates of the date such statements are made based on information available to them at that time, including those factors discussed in the section entitled "Risk Factors" in the Company's annual information form for the year ended December 31, 2016 or as may be identified in the Company's public disclosure from time to time, as filed under the Company's profile on SEDAR at www.sedar.com. Forward-looking information may include, but is not limited to, statements with respect to the Shymanivske project, preparation of a PEA, expected economics forecast, timing for PEA, the Company's ability to obtain the requisite land rights for the Shymanivske project, prices of commodities, performance of the Company's securities, geo-political situation in Ukraine, and future plans for the Company's development. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Black Iron Inc.
Matt Simpson
Chief Executive Officer
+1 (416) 309-2138

Conduit Investor Relations
Derek Wood
+1 (403) 200-3569



 

Black Iron Announces Transfer and Rezoning Of Key Land for the Shymanivske Project

Toronto, Ontario (FSCwire) - Black Iron Inc. (“Black Iron” or the “Company”) announces that the Kryvyi Rih City Council has publicly announced that two parcels of land held by the city of Kryvyi Rih are being transferred to Ukraine’s State Forestry Department in exchange for the future transfer of two parcels of land overlapping a portion of the land Black Iron proposes to use for the pit at the Shymanivske project.  As announced on March 29, 2017, based on supportive public hearings, Black Iron was granted permission by the Kryvyi Rih City Council to develop a detailed plan in connection with the Company’s proposal to lease the surface rights for the Shymanivske project from the City of Kryviy Rih.  This plan will show how Black Iron proposes to use the land leased from the City of Kryviy Rih by describing the proposed major infrastructure to be constructed and major utility tie-ins. The exchange of the parcels of land between the City of Kryviy Rih and Ukraine’s State Forestry Department is another important milestone in the development of the Shymanivske project.

As background, the development of Black Iron’s Shymanivske iron ore project requires certain land parcels to be transferred to it and rezoned from (i) the City of Kryvyi Rih City Council and State Forestry department for the open pit and crusher placement, and (ii) from the Ukraine Ministry of Defense for the processing plant, tailings and waste rock stockpiles.  In addition to the meaningful recent progress made with the City of Kryvyi Rih, a memorandum of understanding is also well advanced with the Ministry of Defense who are supportive to transfer land in exchange for Black Iron funding some newly needed barracks to house military personnel.

On July 19, 2017, Black Iron announced its decision to proceed with a new Preliminary Economic Assessment (“PEA”) on its Shymanivske project in light of (i) greater political stability in Ukraine, (ii) improved iron ore prices, and (iii) the substantially devalued Ukrainian currency which is expected to reduce construction capital and operating costs.

 Over the past year, the benchmark iron ore price has averaged US$70/T, hitting a high of US$95/T in February and is currently approximately US$70/T.  It is important to note that the current price of approximately US$70/T is based on a 62% iron concentrate.  Recently, the world-wide demand for higher grade concentrates has increased the premium paid for such higher grade concentrates to the current $4 to $5 per 1% iron content above the quoted 62% benchmark. Black Iron plans to produce a concentrate with an average grade of 68% iron. At current prices, this would translate to an extra $24 to $30/T of premium above the current quoted price.

The PEA will be based on a scalable production design starting with the first phase to produce approximately 4MT annually followed by a largely self-funded expansion to 8MT per annum.  Black Iron management expects substantially lower capital expenditure requirements versus the original feasibility study due to the substantially more favourable current exchange rate and lower upfront production rate.

The PEA report is expected to be released mid Q4 2017.

About Black Iron

Black Iron is an iron ore exploration and development company, advancing its 100% owned Shymanivske project located in Kryvyi Rih, Ukraine. The Shymanivske project contains a NI 43-101 compliant resource estimated to be 645.8 Mt Measured and Indicated mineral resources, consisting of 355.1 Mt Measured mineral resources grading 32.0% total iron and 19.5% magnetic iron, and Indicated mineral resources of 290.7 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 188.3 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 dated January 24, 2014 titled "Feasibility Study of the Shymanivske Iron Ore Deposit for Black Iron Inc." 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.  Please visit the Company's website at www.blackiron.com for more information.

The technical and scientific contents of this press release have been prepared under the supervision of and have been reviewed and approved by Matt Simpson, P.Eng., CEO of Black Iron, who is a Qualified Person as defined by NI 43-101. 

 

For more information, please contact:

Matt Simpson                        Derek Wood                                                                 

Chief Executive Officer              Conduit Investor Relations

Tel: +1(416) 309 2138            +1 (403) 200 3569            

 

Forward-Looking Information  

This press release contains forward-looking information. Forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates of the date such statements are made based on information available to them at that time, including those factors discussed in the section entitled ‘‘Risk Factors’’ in the Company’s annual information form for the year ended December 31, 2016 or as may be identified in the Company’s public disclosure from time to time, as filed under the Company’s profile on SEDAR at www.sedar.com .  Forward-looking information may include, but is not limited to, statements with respect to the Shymanivske project, preparation of a PEA, expected economics forecast, timing for PEA, the Company’s ability to obtain the requisite land rights for the Shymanivske project, and future plans for the Company’s development. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

To view this press release as a PDF file, click onto the following link:

public://news_release_pdf/blackiron07272017.pdf

 

Source: Black Iron Inc. (TSX:BKI)

 



Black Iron Engages BBA to Develop Revised PEA Based on Favourable Ukraine Exchange Rate & Phased Plant Development

TORONTO, ONTARIO--(Marketwired - July 19, 2017) - Having recently received extremely encouraging results from an order of magnitude economic estimate, Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) has decided to proceed with a new Preliminary Economic Assessment ("PEA") on its 100% owned Shymanivske Project ("Project"). The order of magnitude estimate was conducted to validate management's belief that the Project has maintained its economic viability given major changes that have occurred in both iron ore sales prices and Ukraine exchange rates. Although completed by a top tier engineering firm, the order of magnitude study is not NI 43-101 compliant and was only completed to reinforce the Company's internal work that it makes sense to proceed with a new PEA. Based on the study results, which use a conservative iron ore price of US$60/T, Black Iron management have engaged BBA to produce a new NI 43-101 compliant PEA so the projected financial returns can be shared with investors.

As background, Black Iron released a positive feasibility study on the Project in 2014. The study was based on the annual production of 9.9MT of high grade 68% iron content concentrate, used the long-term broker consensus iron ore price at the time of US$95/T and an exchange rate of eight Ukrainian Hryvnia (UAH) to the U.S. dollar. Today the exchange rate is approximately 26UAH:US$1 and iron ore with 62% iron content is selling for ~US$64/T. Using the current exchange rate is expected to materially reduce the projected upfront capital cost since a significant amount of the construction costs including labour, concrete, steel and secondary equipment such as conveyors will be Ukraine based. The lower exchange rate also results in significantly lower operating costs as achieved by existing Ukraine iron ore miners including Ferrexpo, Metinvest and ArcelorMittal. 

The new PEA, like the recent order of magnitude study, will be based on a scaled down, yet expandable design. Instead of producing 9.9MT per year as used in the 2014 feasibility study, the new PEA will illustrate the economics of developing the Project in several phases starting with a 4MT per year operation. Given the current market and political environment, management feels that the smaller operation with far less capital expenditure requirements will be better received by investors. Subsequent phases to increase production can also be largely self funded using the cash flows generated from the first 4MT per year operation. 

Shymanivske is a very unique project in that all of the major infrastructure including rail, power, port and skilled local people are located in very close proximity to the deposit allowing for the project to be economic at lower than typical production rates required for an iron ore mine. Further, Shymanivske concentrate is expected to be a superior 68% product with very low impurities making it a premium priced product ideal for blending with lower grade products to make quality steel. Currently, each additional 1% iron content is commanding a ~US$4 per 1% premium so at today's benchmark price of ~$65/T, Black Iron's product should sell for ~US$89/T. 

Black Iron's CEO Matt Simpson commented, "I am very excited to reinvigorate the Shymanivske Project as this is a mine that is technically de-risked based on the favourable 2014 feasibility study and was very close to be constructed with funding largely from our former development partner Metinvest and a large international trading company that had visited site multiple times to discuss a prepaid offtake agreement. Based on the current favourable exchange rate largely offsetting lower iron prices, I am confident that the PEA results will demonstrate to both existing and new shareholders the robust and economic attractiveness of the Shymanivske Project."

BBA led the preparation of the Company's former PEA and therefore is highly familiar with the Project to complete the new PEA in an efficient manner. The Company expects to release the results of the PEA and file a technical report prepared in accordance with National Instrument 43-101 in Q4 2017.

About Black Iron

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 645.8 Mt Measured and Indicated mineral resources, consisting of 355.1 Mt Measured mineral resources grading 32.0% total iron and 19.5% magnetic iron, and Indicated mineral resources of 290.7 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 188.3 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 dated January 24, 2014 titled "Feasibility Study of the Shymanivske Iron Ore Deposit for Black Iron Inc." 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. Please visit the Company's website at www.blackiron.com for more information.

The technical and scientific contents of this press release have been prepared under the supervision of and have been reviewed and approved by Matt Simpson, P.Eng., CEO of Black Iron, who is a Qualified Person as defined by NI 43-101. 

 

Forward-Looking Information

This press release contains forward-looking information. Forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates of the date such statements are made based on information available to them at that time, including those factors discussed in the section entitled "Risk Factors" in the Company's annual information form for the year ended December 31, 2016 or as may be identified in the Company's public disclosure from time to time, as filed under the Company's profile on SEDAR at www.sedar.com. Forward-looking information may include, but is not limited to, statements with respect to the Shymanivske project, preparation of a PEA, expected economics forecast, timing for PEA, the Company's ability to obtain the requisite land rights for the Shymanivske project, and future plans for the Company's development. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

 

Matt Simpson
Chief Executive Officer
+1(416) 309 2138

Derek Wood
Conduit Investor Relations
+1 (403) 200 3569

 



May 31, 2017 5:00 PM

Black Iron Announces AGM Results

TORONTO, ONTARIO--(Marketwired - May 31, 2017) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) reports, in accordance with the policies of the Toronto Stock Exchange, that the nominees listed in the management information circular dated May 2, 2017 were elected as directors of the Company at the annual and general meeting of shareholders of the Company (the "Meeting") held on May 31, 2017. At the Meeting, shareholders also approved the appointment of the Company's auditors, KPMG LLP. Black Iron would like to thank its shareholders for their participation and continuing support.

Detailed results of the vote for the election of directors are as follows:

 

Votes For

% Votes For

Votes Withheld

% Votes Withheld

John Detmold

58,445,771

100%

Nil

Nil

Bruce Humphrey

58,445,771

100%

Nil

Nil

Pierre Pettigrew

58,435,771

99.98%

10,000

0.02%

David Porter

58,440,271

99.99%

5,500

0.01%

Matthew Simpson

58,445,771

100%

Nil

Nil

 

About Black Iron

Black Iron is an iron ore exploration and development company, advancing its 100% owned Shymanivske project located in Kryviy Rih, Ukraine. This project contains a NI 43-101 compliant resource estimated to be 645.8 Mt Measured and Indicated mineral resources, consisting of 355.1 Mt Measured mineral resources grading 32.0% total iron and 19.5% magnetic iron, and Indicated mineral resources of 290.7 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 188.3 Mt of Inferred mineral resources grading 30.1% total iron and 18.4% magnetic iron. Full mineral resource details can be found in the National Instrument 43-101 compliant technical report dated January 24, 2014 titled "Feasibility Study of the Shymanivske Iron Ore Deposit for Black Iron Inc." 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. The Company believes that existing infrastructure, including access to power, rail and port facilities, will allow for a quick development timeline to production. Please visit the Company's website at www.blackiron.com for more information.

The technical and scientific contents of this press release have been prepared under the supervision of and have been reviewed and approved by Matt Simpson, P.Eng, CEO of Black Iron, who is a Qualified Person as defined by NI 43-101. 

Forward-Looking Information

 

This press release contains forward-looking information. Forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates of the date such statements are made based on information available to them at that time. Forward-looking information may include, but is not limited to, statements with respect to the election of directors and the Company's ability to develop the Shymanivske project. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. The Company notes that mineral resources that are not mineral reserves do not have demonstrated economic viability.

Matt Simpson
Chief Executive Officer
Black Iron Inc.
Tel: +1 (416) 309-2138

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