Black Iron intersects iron grades over 30% at Shymanivske

Black Iron Inc. (TSE:BKI) Wednesday reported additional assay results from its definition and exploration drill program at the its Shymanivske Iron Ore Project in Ukraine.

The company said it continues to be encouraged by the results of the infill drilling and the intersection of thick iron bands in each hole with grades largely greater than 30% iron. Amongst the highlights, hole BISH-5 intersected iron ore grading in excess of 30% iron to depths of 436 meters, including 141 meters grading 32.3% iron and 26 meters grading 33.3% iron.

Three drill holes (BISH-5, BISH-6, and BISH-7) are part of a 20,000 meter definition and exploration drill program started by the company on October 26, 2011.

The diamond drilling program is designed to update the mineral resource categorization to allow a larger in-pit mineral resource estimate to be considered in the ongoing feasibility study.

Black Iron said that the program will also focus on exploration holes in the northern end of the property where the company believes additional mineral resources may exist, but has not yet been explored.

No drilling is currently underway at the Shymanivske project while the company obtains additional permissions required to drill.
Black Iron is an iron ore exploration and development company advancing its 100 percent-owned Shymanivske project located in Kryviy Rih, Ukraine.

The project contains a NI 43-101 compliant resource with 373 million tonnes measured and indicated mineral resources grading 31.3% iron and 480 million tonnes of inferred mineral resources grading 30.2% iron.

The company believes that existing infrastructure, including access to power, rail and port facilities, will allow for a quick development timeline to production.

Black Iron also holds an exploration permit for the adjacent Zelenivske project which it intends to further explore to determine its potential.

Full details of the drilling can be found at http://www.blackiron.com.