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Black Iron Reports Three Additional Infill Drill Holes at Shymanivske

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Black Iron Reports Three Additional Infill Drill Holes at Shymanivske

 

 

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Assay Results from Holes BISH-31, BISH-33, and BISH-35 Continue to Confirm Iron Content and Band Lengths in the Mineral Resource –

All Three Holes Intersected Iron Bands Exceeding 50 Meters With Material Grading in Excess of 32% Iron – BISH-31 Intersected 60.2 Meters Grading 35.2% Iron and 141.0 Meters Grading 32.3% Iron, Including 95.0 Meters Grading 33.3% Iron

 

Black Iron Inc. (TSX:BKI)(FRANKFURT:BIN) report additional assay results from its definition and exploration  diamond drill program at the Company\’s Shymanivske Iron Ore Project in Ukraine. The Company continues to be encouraged by the results of the infill drilling and the intersection of thick iron bands, exceeding 50 meters, in each hole with grades continuing to exceed 30% total iron. Of note, hole BISH-31 intersected 60.2 meters grading 35.2% iron and 141.0 meters grading 32.3% iron, including 95.0 meters grading 33.3% iron.

 

The three drill holes (BISH-31, BISH-33, and BISH-35, highlighted on the map below) are part of a 12,000 meter definition and exploration drill program conducted by the Company between July 2011 and December 2011. The DE program drilling will result in a portion of the resource previously classified as inferred moving into the measured and indicated category in the next 43-101 compliant resource report. The drill program was conducted by Ukraine-based GeoResources under the direction of Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers, of Toronto, Canada, who ensure all field and laboratory work is conducted in compliance with National Instrument 43-101 standards and best practices guidelines. Ukraine-based Mekhanobrchermet (Research Institute of Mineral Processing in Ferrous Metals) completed the independent metallurgical test work on the recovered drill core.

 

To view the \”Shymanevski Geology Map\”, please visit the following link: http://media3.marketwire.com/docs/Shymanisvkemap.pdf. We note that no drilling is currently underway at the Shymanisvke project while the Company obtains additional permissions required to drill. Additional drilling is not required to complete the feasibility study and would be conducted in the future to potentially increase the pit resource estimate. Please refer to the Black Iron press release dated March 29, 2012 for the full update of progress at the Company\’s projects. About Black Iron Black Iron is an iron ore exploration and development company advancing its 100%-owned Shymanivske project located in Kryviy Rih, Ukraine. This project contains a NI 43-101 compliant resource with 373 Mt measured and indicated mineral resources grading 31.3% iron and 480 Mt of inferred mineral resources grading 30.2% iron. The project is surrounded by five other operating mines including ArcelorMittal\’s iron ore complex. The Company believes that existing infrastructure, including access to power, rail and port facilities, will allow for a quick development timeline to production. Further, the Company holds an exploration permit for the adjacent Zelenivske project which it intends to further explore to determine its potential. Please visit the Company\’s website at www.blackiron.com or write us at info@blackiron.com for more information. The technical contents of this press release have been prepared under the supervision of and has been reviewed and approved by Farshid Ghazanfari, P.Geo., Chief Geologist, who is a Qualified Person as defined by NI 43-101. For further information, please see the technical report of the Company, which is available on SEDAR at www.sedar.com.

Posted July 17, 2012

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