Black Iron (“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.
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.