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Market: TSX
Sector: Mining
EPIC: BKI
Latest Price: 0.18  (-8.75% Descending)
52-week High: 0.48
52-week Low: 0.16
Market Cap: 25.74M
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Black Iron
www.blackiron.com

Black Iron is a Canadian iron ore exploration and development company advancing its 100% owned Shymanivske Project located in Krivoy Rog, Ukraine, to production.

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Black Iron intersects 3 holes with grades of over 30% iron, over 100 metres in Ukraine

16th Aug 2011, 11:50 am by Deborah Sterescu
Black Iron intersects 3 holes with grades of over 30% iron, over 100 metres in Ukraine

Black Iron (TSE:BKI) reported Tuesday that it has intersected more thick iron bands with lengths of over 100 metres and grades of 30% or more, at its Shymanivske iron ore project in the Ukraine.

The company announced three additional drill hole results from the property today, part of the recently completed confirmation and metallurgical diamond drill program, and said it continues to be encouraged.

Of note, hole 20349-T intersected 194.7 metres grading 32.4% iron, including 99 metres of 34.1% iron.

"Results from the twin hole program continue to validate the historical work completed on Shymanivske," said COO, George Mover.

"Our twin hole assay results continue to align very well with past drilling logs for the project...both in terms of iron grade and band length."

The company said all three holes intersected thick iron bands over 100 metres, with grades exceeding 30%.

Other notable results included twin hole 21732-T, which returned 126.5 metres of 33% iron, including 60.5 metres of 34.6% iron, and 28.0 metres of 31.7% iron.

The company started the twin hole program in April, which was designed to provide drill core suitable for metallurgical test work, in order to establish an optimized process flow sheet for the ongoing scoping study at the project, as well as to confirm previous drilling work.

The Shymanivske project, located in Krivoy Rog, Ukraine, contains an NI 43-101 compliant resource of 345 million tonnes of measured and indicated resources grading 32% iron and 469 million tonnes of inferred resources grading 31% iron.

The project is surrounded by five other operating mines, including ArcelorMittal's iron ore complex. Existing infrastructure in the area, including access to power, rail and port facilities, is expected to allow for a quick development timeline to production for the property.

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

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