Black Iron to release PEA for Shymanivske project on Monday

Black Iron (TSE:BKI) said Thursday that it plans to release the initial results of the company's preliminary economic assessment (PEA) for its Shymanivske iron ore project in Kryviy Rih, Ukraine prior to market open on October 31.
The company, which completed its initial public offering in March, continues to advance its project and remains on track for anticipated production in fiscal year 2015, it said.
Yesterday, Black Iron annonced that it received a favourable court ruling allowing it to resume drilling activities at its Shymanivske iron ore project.
The Dnepropetrovsk District Administrative Court ruled in favour of the company with respect to a temporary suspension of activity at the site, imposed by the Dnepropetrovsk Region Ecological Inspectorate.
Following the decision, the company will now apply for the required drilling permits and mobilize diamond drill rigs back to site in preparation for its first definition and exploration program, which is aiming to increase the size of the resource at the property to 1.0 to 2.0 billion tonnes at a grade of 28% to 32% iron.
Currently, the Shymanivske project has an existing NI 43-101 compliant measured and indicated mineral resource containing 345 million tonnes grading 32% iron, and an additional inferred mineral resource containing 469 million tonnes grading 31% iron.
The company's new targets are based on known mineralized zones open along strike to the north and at depth, as well as on results from a recently completed ground geophysical program.
The initial definition and exploration drill program will consist of 20,000 metres of drilling, laboratory assays of core, and an updated independent resource estimate by Watts, Griffis and McOuat Limited - due out in the second quarter of 2012.
The drill campaign will start with seven drills once necessary permits are received, and is expected to take five months to complete.
The Shymanivske project is surrounded by five other operating mines including ArcelorMittal's iron ore complex. Black Iron also holds an exploration permit for the adjacent Zelenivske project which it intends to further explore.