Years-Long Suspensions Lifted on Black Iron Project

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Thursday, March 23, 2017

It's been years coming and Black Iron Inc. (TSX:BKI) can finally get back to business in Ukraine following the Dnepropetrvosk Ecology Department lifting a suspension on the company's flagship property in the country. In 2011 and 2012, the ecology department put the nix to exploration activities at the company's Shymanivske project, suspensions that Black Iron claimed were unfounded.
Additional to the suspension being removed, the Kryvyi Rih City Council held public hearings in support of initiating a process to lease to Black Iron surface rights for the land covering the Shymanivske project. The company anticipates a positive decision from the council authorizing Black Iron to develop a detailed land allotment plan for the Shymanivske project, which is necesary by law ahead of signing a lease agreement with the city for the surface rights.
The 100%-owned Black Iron project contains a National Instrument compliant resource estimated at 355.1 million tonnes Measured grading 32.0% total iron and 19.5% magnetic iron, 290.7 million tonnnes Indicated greating 31.1% total iron and 17.9% magnetic iron at a cut-off grade of 10% magnetic iron. The Inferred category shows 188.3 million tonnes grading 30.1% total iron and 18.4% magnetic iron.
Investors were glad to hear about the suspension removal, so Black Iron can work towards extracting the resources.
Shares shot ahead from a close at 8.5 cents on Wednesday to as high as 12.5 cents and are currently holding at 11 cnets just ahead of the closing bell for a gain of 29.1% on the day.

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