Black Iron: Suspensions Lifted ON the Shymanivske Project
BLACK IRON: SUSPENSIONS LIFTED ON THE SHYMANIVSKE PROJECT
For Immediate Release
TORONTO, MARCH 22, 2017 – Black Iron Inc. (“Black Iron” or the “Company”) (TSX: BKI) is pleased to
report that the Company has received written notice from the Dnepropetrvosk Ecology Department (the
“Ecology Department”) that the suspensions on exploration activities imposed by the Ecology Department
on the Company’s Shymanivske project in 2011 and 2012 have been lifted.
Matt Simpson, Chief Executive Officer of Black Iron, commented : “We have always believed that the
basis for these suspensions were unfounded and we are glad to see Ukraine’s new government taking
action to resolve such suspensions and support international investors. It is refreshing to see support
from multiple levels of government to bring the Shymanivske project into production . In addition to the
suspensions being lifted, the Kryvyi Rih City Council has held public hearings in support of initiating a
process to lease to Black Iron surface rights for the land covering the Shymanivske project (see press
release dated January 23, 2017) . In the near term, t he Company expects to receive a positive decision
from the Kryvyi Rih C ity Council authorizing Black Iron to develop a detailed land allotment plan for the
Shymanivske project, as required by Ukrainian law, prior to signing a lease agreement with the city of
Kryvyi Rih for the Shymanivske project surface rights.”
With iron ore prices hold ing strongly at approximately US$90/T coupled with Ukraine’s heavily
depreciated currency, Black Iron believes the pieces are coming into place to bring the Shymanivske
project into production.
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, consi sting 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 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 appro ved 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 ti me, including those factors discussed in the
section entitled ‘‘Risk Factors’’ in the Company’s annual information form for the year ended December
31, 2016 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 impac t of Ecology Department lifting the
suspensions on the Shyman ivske project, the ability of the Company to bring the Shymanivske project
into production and its impact on the Company and its shareholders , 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 info rmation 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 u ndue reliance on forward looking information. The
Company does not undertake to update any forward -looking information, except in accordance with
applicable securities laws.