TORONTO, ONTARIO--(Marketwired - Nov 8, 2017) - Black Iron Inc. ("Black Iron" or the "Company") (BKI.TO) 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.