TORONTO, May 09, 2018 (GLOBE NEWSWIRE) -- Black Iron Inc. (“Black Iron” or the “Company”) (TSX:BKI) (OTC:BKIRF) (FRANKFURT:BIN) is pleased to announce the positive results of a recently completed technical study undertaken to evaluate the suitability of the iron content product expected to be produced from Black Iron’s Shymanivske project located in Kryviy Rih, Ukraine, as a raw material for the production of sinter for iron-making. This study conducted by the China Iron and Steel Research Institute (“CISRI”), China’s premier iron and steel research institute, concluded that the product expected to be produced from the Shymanivske project is well suited for this use.
Blast furnaces in the Asia Pacific region typically use 70% sinter, 15% lump ores and 15% pellets as iron ore raw materials. The CISRI study highlighted that the Shymanivske product is of high quality and versatile for use across different applications. CISRI found that because of its superior chemistry and other favourable sintering characteristics, such product is suitable for combining with coarse iron ore fines as part of an overall sinter feed blend. The Company believes these characteristics will translate to further demand for Shymanivske’s ultra high-quality product.
Previous technical studies conducted by Black Iron have shown that the iron product it expects to produce can also produce high quality iron ore blast furnace and direct reduction grade pellets. The CISRI results are significant as they demonstrate the wide range of markets that Black Iron’s product can supply. Iron ore used as sinter feed accounts for over 60% of global iron ore demand (1.3 Bt in 2016), while iron ore pellets account for about 15% of total global iron ore demand (0.3 Bt in 2016) and growing.
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 mineral 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 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:
Chief Executive Officer
Tel: +1 (416) 309-2138
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, 2017 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, the impact of CISRI’s study, the expected demand for the iron product expected to be produced from the Shymanivske project, the geo-political climate in Ukraine, the Company’s ability to obtain the requisite land rights for the Shymanivske 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.