TORONTO, May 09, 2018 (GLOBE NEWSWIRE) — Black Iron Inc. (“Black Iron” or the “Company”) (BKI.TO) (BKIRF) (BIN.F) is pleased to announce the positive results of a recently completed technical study undertaken to evaluate the suitability of the iron content product expected to be produced from Black Iron’s Shymanivske project located in Kryviy Rih, Ukraine, as a raw material for the production of sinter for iron-making. This study conducted by the China Iron and Steel Research Institute (“CISRI”), China’s premier iron and steel research institute, concluded that the product expected to be produced from the Shymanivske project is well suited for this use.
Blast furnaces in the Asia Pacific region typically use 70% sinter, 15% lump ores and 15% pellets as iron ore raw materials. The CISRI study highlighted that the Shymanivske product is of high quality and versatile for use across different applications. CISRI found that because of its superior chemistry and other favourable sintering characteristics, such product is suitable for combining with coarse iron ore fines as part of an overall sinter feed blend. The Company believes these characteristics will translate to further demand for Shymanivske’s ultra high-quality product.
Previous technical studies conducted by Black Iron have shown that the iron product it expects to produce can also produce high quality iron ore blast furnace and direct reduction grade pellets. The CISRI results are significant as they demonstrate the wide range of markets that Black Iron’s product can supply. Iron ore used as sinter feed accounts for over 60% of global iron ore demand (1.3 Bt in 2016), while iron ore pellets account for about 15% of total global iron ore demand (0.3 Bt in 2016) and growing.
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 Shymanivske project contains a NI 43-101 compliant mineral resource estimated to be 646 Mt Measured and Indicated mineral resources, consisting of 355 Mt Measured mineral resources grading 31.6% total iron and 18.8% magnetic iron, and Indicated mineral resources of 290 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 Mt of Inferred mineral resources grading 30.1% total iron and 18.4% magnetic iron. Full mineral resource details can be found in the NI 43-101 compliant technical report entitled “Preliminary Economic Assessment of the Re-scoped Shymanivske Iron Ore Deposit” effective November 21, 2017 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 approved by Matt Simpson, P.Eng., CEO of Black Iron, who is a Qualified Person as defined by NI 43-101.