Black Iron Continues to Progress Project Development IN Central Ukraine
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22 February 2022
BLACK IRON CONTINUES TO PROGRESS PROJECT DEVELOPMENT
IN CENTRAL UKRAINE
For Immediate Release
TORONTO, CANADA , February 22, 202 2 – Black Iron Inc. (“ Black Iron ” or the
“Company”) (TSX: BKI; OTC: BKIRF; FWB: BIN) management want to reassure
investors that the Company is continuing development of its Shymanivske Iron Ore
Project (the “Project”) located in Central Ukraine on the west side of the Dnieper River
while carefully monitoring Russia’s incursion into Eastern Ukraine. The adjacent iron ore
mines to the Project continue to operate without interruption and our employees are going
to work to as usual.
The Company intends to provide updates regarding product offtake and the economics
of an updated feasibility study for the Project (the “Updated Feasibility Study”) in the near
future. Additionally, the Company anticipates filing the Updated Feasibility Study w ithin
thirty days of the feasibility study economics being released.
Legislation regarding the criteria that needs to be met to qualify for Ukraine’s new
investment support law is currently being adopted upon which Black Iron plans to submit
its application. This investment support agreement has the potential to eliminate the need
for Black Iron to pay import duties and VAT (value added tax) on equipment required for
Project construction and include support for government land transfer . To apply for this
government support, a comprehensive study was prepared covering several aspects of
the Project such as anticipated employment, tax payments, technical design, social
impacts and benefits.
Progressive discussions on government land transfer have also occurred with Ukraine’s
new Minister of Defence and one of the Deputy Ministers of Defence who are both
supportive for this to occur in exchange for a compensation package. Finally, field
baseline work remains ongoing as required to complete an Environmental and Social
Impact Assessment (“EISA”). The EISA along with the Updated Feasibility Study are key
inputs for the royalty provider and banks providing debt to conduct their due diligence for
funding of Project construction.
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About Black Iron
Black Iron is an iron ore exploration and development company, advancing its 100%
owned Shymanivske Iron Ore Project located in Kryviy Rih, Ukraine. Full mineral resource
details and projected project economics can be found in the NI 43 -101 technical report
entitled “(Amended) Preliminary Economic Assessment of the Re -scoped Shymanivske
Iron Ore Deposit” published in March 2020 with an effective date of November 21, 2017
under the Company’s profile on SEDAR at www.sedar.com. The Project is surrounded by
five other operating mines, including Metinvest’s YuGOK and ArcelorMittal's iron ore
complex. Please visit the Company's website at www.blackiron.com for more information.
For more information, please contact:
Matt Simpson
Chief Executive Officer
Black Iron Inc.
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 updates regarding product offtake agreements,
construction financing of the Project, the Updated Feasibility Study and the timing of delivery thereof,
Ukraine’s new investment support law and the Company’s app lication thereunder, discussions with the
Ukraine government on land transfer, the Environmental and Social Impact Assessment, construction and
development of the Project and the Company’s future plans. 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, geopolitica l and social uncertainties ; progress of the Company’s service providers ;
negotiations with third parties and the Ukrainian government; 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 are not mineral reserves and do not have demonstrated economic viability.