Black Iron Strengthens Management Team to Accelerate Shymanivske Project Development
TORONTO, ONTARIO--(Marketwired - Feb 7, 2017) -
- BLACK IRON APPOINTS MICHAEL SPEKTOR, A HIGHLY SUCCESSFUL UKRAINE BUSINESSMAN AND THE FORMER CEO OF UKRAINE BASED VS ENERGY INTERNATIONAL LLC, AS PRESIDENT
- VS ENERGY INTERNATIONAL IS A UKRANIAN CONGLOMERATE WHICH OWNS ONE OF THE LARGEST STEEL MILLS IN UKRAINE AND UNDER MR. SPEKTOR'S LEADERSHIP BECAME ONE OF THE LARGEST DISTRIBUTORS OF ELECTRICITY IN UKRAINE
Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) is pleased to announce the appointment of Michael Spektor as President of the Company, effective immediately. Mr. Spektor is the former Chief Executive Officer of VS Energy International LLC, a Ukrainian conglomerate with holdings in electricity distribution, multiple hotels, a bank and Dniprospetsstal, which is one of Ukraine's largest steel mills. Mr. Spektor has been actively involved in the development and privatization of Ukraine's energy sector in addition to assisting the Government of Ukraine with the shaping of legislation on energy security.
Mr. Spektor is also an active philanthropist who supported the creation of the Open Hearts of Ukraine foundation to assist needy children, sponsor talented youth and help people through difficult life situations.
Matt Simpson, Chief Executive Officer of Black Iron, commented: "We are excited to have Michael join the Black Iron team to help accelerate development of our Shymanivske iron ore project particularly with iron ore prices on the rise. Michael brings with him a proven track record of building successful companies in Ukraine and substantial hands on experience constructing several large projects."
In his capacity as President, Mr. Spektor's top priority will be to bring the Shymanivske ore body into production by obtaining all required permits from Ukraine's Government and negotiating contracts with local companies for construction and supply of services.
About Black Iron
Black Iron is an iron ore exploration and development company, advancing its 100% owned Shymanivske project located in Kryviy Rih, Ukraine. The Shymaniviske project contains a NI 43-101 compliant resource estimated to be 645.8 Mt Measured and Indicated mineral resources, consisting of 355.1 Mt Measured mineral resources grading 32.0% total iron and 19.5% magnetic iron, and Indicated mineral resources of 290.7 Mt grading 31.1% total iron and 17.9% magnetic iron, using a cut-off grade of 10% magnetic iron. Additionally, the Shymanivske project contains 188.3 Mt of Inferred mineral resources grading 30.1% total iron and 18.4% magnetic iron. Full mineral resource details can be found in the NI 43-101 compliant technical report dated January 24, 2014 titled "Feasibility Study of the Shymanivske Iron Ore Deposit for Black Iron Inc." under the Company's profile on SEDAR at www.sedar.com. The Shymanivske project is surrounded by five other operating mines, including ArcelorMittal's iron ore complex. Please visit the Company's website at www.blackiron.com for more information.
The technical and scientific contents of this press release have been prepared under the supervision of and have been reviewed and approved by Matt Simpson, P.Eng, CEO of Black Iron, who is a Qualified Person as defined by NI 43-101.
Forward-Looking Information
This press release contains forward-looking information. Forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates of the date such statements are made based on information available to them at that time, including those factors discussed in the section entitled "Risk Factors" in the Company's annual information form for the year ended December 31, 2015 or as may be identified in the Company's public disclosure from time to time, as filed under the Company's profile on SEDAR at www.sedar.com. Forward-looking information may include, but is not limited to, statements with respect to the Shymanivske project, the Company's ability to obtain the requisite land rights for the Shymanivske project, the impact of the appointment and resignation of officers of the Company, and future plans for the Company's development. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.