Black Iron Inc.

Black Iron Inc.

April 03, 2012 07:53 ET

Black Iron Intersects Iron Grades Exceeding 30% Across First Three Infill Holes at Shymanivske

- Assay Results from First Three Infill Drill Holes at Shymanivske Line Up Well With Iron Bands and Grades Encountered in the Confirmatory Drilling Campaign

- Hole Bish-63 Intersected 150 Meters Grading 33.2% Total Iron, Including 74 Meters Grading 35.0% Total Iron

- Focus of the Infill Drill Program is to Upgrade the Resource Classification at Shymanivske for Inclusion in the Ongoing Feasibility Study

TORONTO, ONTARIO--(Marketwire - April 3, 2012) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI)(FRANKFURT:BIN) is pleased to report the first assay results from its definition and exploration ("DE") diamond drill program at the Company's Shymanivske Iron Ore Project in Ukraine. The Company is encouraged by the results of the initial three infill drill holes, with each hole intersecting significant iron bands grading 30% iron ore or greater. The initial assay results are highlighted by hole BISH-63 that intersected 150 meters grading 33.2% total iron, including 74 meters grading 35.0% total iron.

George Mover, Chief Operating Officer of Black Iron, commented, "As anticipated, the assay results from the first three definition and exploration holes line up well with the previously completed drill work on the property, both the historical drilling logs and the confirmation drilling we completed last year. The first phase of our current drilling program is focused on infill drilling to update the classification of mineral resources, which is required for the ongoing Feasibility Study. Upon completion of the first phase, which is expected to convert a large portion of the current inferred resources to measured and indicated resources, we will turn our attention to the northern part of Shymanivske, which has not yet been included in any mineral resource estimates.

Highlights from the first three DE holes include:

Hole No. From (meters) To
Total Fe
Magnetic Fe
BISH-62 83.5 111.5 28.0 31.5 16.3
and 127.0 199.0 72.0 34.2 23.1
and 218.0 240.0 22.0 30.2 14.9
BISH-63 21.0 171.0 150.0 33.2 22.1
including 24.0 98.0 74.0 35.0 25.3
and 198.0 232.0 34.0 29.7 13.3
BISH-65 69.0 214.0 145.0 32.7 19.7
including 96.0 173.0 77.0 34.1 24.5
and 263.0 298.0 35.0 32.1 16.1

The three drill holes (BISH-62, BISH-63 and BISH-65) are part of a 20,000 meter definition and exploration drill program initiated by the Company on October 26, 2011. The DE program is designed to increase the mineral resource categorization to allow a larger mineral resource estimate to be considered in the ongoing Feasibility Study. The DE program will also focus on exploration holes in the northern end of the property where the Company believes additional mineral resource may exist, but has not yet been explored.

Black Iron has engaged Ukraine-based GeoResources to complete the drill program using modern equipment under the direction of Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers, of Toronto, Canada, who are to ensure all field and laboratory work is conducted in compliance with National Instrument 43-101 standards and best practices guidelines. Mekhanobrchermet (Research Institute of Mineral Processing in Ferrous Metals) has been engaged to complete independent metallurgical test work on the recovered drill core. We note that no drilling is currently underway at the Shymanisvke project while the Company obtains additional permissions required to drill. Please refer to the Black Iron press release dated March 29, 2012 for the full update of progress at the Company's projects.

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 with 373 Mt measured and indicated resources grading 31.3% iron and 480 Mt of inferred resources grading 30.2% iron. The 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. Further, the Company holds an exploration permit for the adjacent Zelenivske project which it intends to further explore to determine its potential. Please visit the Company's website at or write us at for more information.

The technical contents of this press release have been prepared under the supervision of and has been reviewed and approved by Farshid Ghazanfari, P.Geo., Chief Geologist, who is a Qualified Person as defined by NI 43-101. For further information, please see the technical report of the Company, which is available on SEDAR at

Forward Looking Information

This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to the effect of these drill results on the Company's development and performance, the development potential of the Company and its projects, the timing and amount of future exploration and development of the project, and the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or by the use of words or phrases that state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking information are based on certain assumptions and analyses made by the Company based on known facts at the time. Forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this press release, including, without limitation those described in the Company's public disclosure documents which may be found under the Company's profile on SEDAR. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in such forward-looking information, there may be other factors that may cause actions, events or results to differ from those anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize or should assumptions underlying such forward-looking information prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking information contained in this press release. The forward-looking information contained herein are made as of the date of this press release and the Company disclaims any obligation to update or review such information or statements, whether as a result of new information, future events or results of otherwise, except as required by law.

Contact Information

  • Investor Cubed
    Investor Relations
    +1 (647) 258-3311
    Toll Free: 1 888 258 3323

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