NEW YORK, Feb. 13, 2019 (GLOBE NEWSWIRE) -- via NetworkNewsAudio - NetworkNewsAudio (NNA), a NetworkNewsWire (NNW) Solution that delivers clients unparalleled visibility, recognition and brand awareness in the investment community, today announces the online availability of its interview with Black Iron Inc. (TSX: BKI) (OTC: BKIRF) (GR: BIN), a client of NNW and iron ore exploration and development company advancing to production its low cost, high purity grade iron ore project in Central Ukraine.
The interview can be heard at http://nnw.fm/bMI45
NNW’s Stuart Smith introduces Black Iron CEO Matt Simpson to an interview that first discusses the advantageous location of the company’s wholly owned Shymanivske project in Kryviy Rih, Ukraine.
“In order to make money in iron ore, there’s two really key things that are essential. The first is access to major infrastructure – being rail, power and port – and the second is proximity to people. That’s what really separates our project from others that are out there,” Simpson says.
The Shymanivske project is comprised of a two-phased build-out of the mine and production plant. While the aforenoted proximity to infrastructure significantly reduces the up-front build-out expenses, the relatively low cost of skilled labor in Ukraine reduces both construction and operating costs, Simpson says.
The success of any project is largely contingent on management’s ability to overcome challenges. Simpson next describes the qualifications of Black Iron’s management team and its ability to “relaunch” the company following Russia’s invasion of Eastern Ukraine in 2014.
“This project was really on the brink of construction in 2014 before Russia invaded Eastern Ukraine … we basically put the project on care and maintenance because we didn’t know what the outcome was ultimately going to be,” he explains.
Weathering the war, the company now benefits from a favorable exchange rate and an increase in iron ore prices.
“So now that we’re just starting this company, it’s about getting awareness out to investors, because they’re able to buy a fully de-risked company for the price of an early-stage exploration play,” Simpson says.
For 2019, Black Iron is focused on bringing the Shymanivske project to construction. The company is currently in discussions with steel mills, large commodity traders, and engineering and construction companies to secure offtake of its high-grade product in exchange for material investments to fund construction. Black Iron is also working to secure debt financing, as well as surface rights to build the mine and processing plants. With these initiatives underway, Black Iron expects completion of several significant milestones this year and ideally starting construction by the end of 2019.
The interview closes with Simpson describing why he believes Black Iron is a unique investment opportunity. “One thing that’s really unique and rare with this project … is that it’s almost agnostic to whatever the commodity price of iron ore is,” he says. “It’s very, very rare that you find a project, even in the 10-year downside pricing scenario, that still provides an after-tax rate of return in excess of 20 percent … we’re sitting on almost 70 percent after-tax return on this project at today’s iron ore prices. So very, very robust economics.”
About Black Iron Inc.
Black Iron is an iron ore exploration and development company, advancing its 100 percent owned Shymanivske project located in Kryviy Rih, Ukraine. The Shymanivske project contains a NI 43-101 compliant resource estimated to be 646 Mt Measured and Indicated mineral resources, consisting of 355 Mt Measured mineral resources grading 31.6 percent total iron and 18.8 percent magnetic iron, and Indicated mineral resources of 290 Mt grading 31.1 percent total iron and 17.9 percent magnetic iron, using a cut-off grade of 10% percent magnetic iron. Additionally, the Shymanivske project contains 188 Mt of Inferred mineral resources grading 30.1 percent total iron and 18.4 percent 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. The Shymanivske project is surrounded by five other operating mines, including ArcelorMittal’s iron ore complex. For more information, visit the company’s website at www.BlackIron.com.
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Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set in the company's SEC filings. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements.
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