Black Iron Strengthens Management Team To Accelerate Shymanivske Project Development
Black Iron Strengthens Management Team To Accelerate
Shymanivske Project Development
For Immediate Release
• BLACK IRON APPOINTS MICHAEL SPEKTOR, A HIGHLY SUCCESSFUL UKRAINE
BUSINESSMAN AND THE FORMER CEO OF UKRAINE BASED VS ENERGY
INTERNATIONAL LLC, AS PRESIDENT
• VS ENERGY INTERNATIONAL IS A UKRANIAN CONGLOMERATE WHICH OWNS
ONE OF THE LARGEST STEEL MILLS IN UKRAINE AND UNDER MR. SPEKTOR’S
LEADERSHIP BECAME ONE OF THE LARGEST DISTRIBUTORS OF ELECTRICITY
IN UKRAINE
TORONTO, February 7, 2017 – Black Iron Inc. (“Black Iron” or the “Company”) (TSX: BKI) is
pleased to announce the appointment of Michael Spektor as President of the Company,
effective immediately . Mr. Spektor is the former Chief Executive Officer of VS Energy
International LLC , a Ukrain ian conglomerate with holdings in electricity distribution, multiple
hotels, a bank and Dniprospetsstal , which is one of Ukraine’s largest steel mills. Mr. Spektor
has been actively involved in the development and privatization of Ukraine’s energy sector in
addition to assisting the Government of Ukraine with the shaping of legislation on energy
security.
Mr. Spektor is also an active philanthropist who supported the creation of the Open Hearts of
Ukraine foundation to assist needy children, sponsor talented youth and help people through
difficult life situations.
Matt Simpson, Chief Executive Officer of Black Iron, commented: “We are excited to have
Michael join the Black Iron team to help accelerate development of our Shymanivske iron ore
project particularly with iron ore prices on the rise. Michael brings with him a proven track
record of building successful companies in Ukraine and substantial hands on experience
constructing several large projects.”
In his capacity as President, Mr. Spektor’s top priority will be to bring the Shymanivske ore body
into production by obtaining all required permits from Ukraine’s Government and negotiating
contracts with local companies for construction and supply of services.
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 Shymaniviske 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. Additionally, the Shymanivske
project contains 188.3 Mt of Inferred mineral resources grading 30.1% total iron and 18.4%
magnetic iron. Full mineral resource details can be found in the N I 43-101 compliant technical
report dated January 24, 2014 titled "Feasibility Study of the Shymanivske Iron Ore Deposit for
Black Iron Inc." under t he Company's profile on SEDAR at www.sedar.com . The Shymanivske
project is surrounded by five other operati ng 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:
Matt Simpson
Chief Executive Officer
Black Iron Inc.
Tel: +1 (416) 309-2138
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, including
those factors discussed in the section entitled ‘‘Risk Factors’’ in the Company’s annual
information form for the year ended December 31, 2015 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 Company’s ability to obtain the requisite land rights
for the Shymanivske project, the impact of the appointment and resignation of officers of the
Company, 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 thos e 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.