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Market: TSX
Sector: Mining
EPIC: BKI
Latest Price: 0.19  (-7.50% Descending)
52-week High: 0.48
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Market Cap: 26.80M
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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 receives independent validation of confirmation drill program at Shymanivske

5th Oct 2011, 1:38 pm by Deborah Sterescu
Black Iron receives independent validation of confirmation drill program at Shymanivske

Black Iron (TSE:BKI) reported Wednesday that it has received an independent validation for its now completed confirmation or twin hole diamond drill program at its Shymanivske iron ore project in the Ukraine, including for the final two twin holes.

The independent report, which was completed by Watts, Griffis and McOuat (WGM) Consulting Geologists and Engineers, concluded that the twin hole work "agrees very well" with historic drill holes, Black Iron said.

The twin hole program, which began in April of this year, consisted of 20 drillholes totaling 5,882 metres and was designed to provide drill core suitable for metallurgical test work to establish an optimized process flow sheet for the ongoing preliminary economic assessment, as well as to verify and confirm  previous drilling.

With all the assay results from the twin hole program and a positive independent assessment of the program in hand, the company has increased its confidence in the Shymanivske ore body, it added.

Chief Operating Officer of Black Iron, George Mover, commented: "We have now successfully completed the confirmatory drill work at Shymanivske and are very encouraged by the assay results and WGM report.

"We continue to work closely with our laboratories Mekhanobrchermet in Ukraine and SGS Lakefield in Canada to complete the required metallurgical test work...to deliver the preliminary economic assessment (PEA) for Shymanivske."

The company said its project development timeline remains on schedule, and anticipates the completion of the PEA in the fourth quarter.

In the independent report, WGM was cited as saying: "Lithologies and assay patterns in the twin drillholes agree very well with historic drillholes indicating collar locations for historic drillholes, and historic logging and sampling is reasonably reliable for the majority of the historic drillholes."

The assessment, however, also noted some issues regarding differences between magnetic iron results in its different labs. Testwork to resolve this is ongoing, Black Iron said.

Some notable results from the drilling program included 88.9 metres, grading 32.2% iron, and 23.9 metres of 31.2% iron, in twin hole 12009-T; and 78.2 metres grading 30.9% iron, and 31.1% iron over 34.9 metres in confirmation hole 20287-T.

The Shymanivske project contains NI 43-101 compliant measured and indicated resources of  345 million tonnes grading 32% iron, and 469 million inferred tonnes grading 31% iron.

The property in Krivoy Rog, Ukraine 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.

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