Black Iron intersects 32.1% iron over 164 meters in Twin Hole at its Shymanivske project in Ukraine

Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) is pleased to report initial assay results from its ongoing confirmation ("twin hole") and metallurgical diamond drill program at the Company's Shymanivske Iron Ore Project in Ukraine. The Company is encouraged by the results of the initial two holes highlighted by 20342-T that intersected 164 meters grading 32.1% iron, including 83 meters grading 33.8% iron.

Matt Simpson, President and Chief Executive Officer of Black Iron, commented, "As anticipated, the assay results from the first two twin holes align well with the historical drilling logs for the Project. More importantly, it is great to see the metallurgical test work program kick-off with the first composite sample assembled and second one selected. With 5,100 meters out of a target 7,500 meters drilled, we are on track to complete the twin hole drill program by late June and will then utilize these drills to explore Shymanivske's north extent with the aim of further increasing the resource."

Highlights from the first two twin holes include:

Hole No. From (meters) To
(meters)
Length
(meters)
Total Fe
(%)
Magnetic Fe
(%)
20342-T 24 188 164 32.1 18.9
including 65 148 83 33.8 21.6
and 237 274 37 29.8 17.5
5485-T 24.8 106.5 81.7 31.8 20.0
and 171 190.6 19.6 31.4 19.8
Holes 20342-T and 5485-T were both drilled vertically.

The two drill holes (20342-T and 5485-T) are part of a 7,500 meter twin hole program initiated by the Company on April 5, 2011. The twin hole program is designed to provide drill core suitable for metallurgical test work to establish an optimized process flow sheet for the ongoing scoping study, as well as to verify and confirm the previous drilling and resource work completed on the Project. There are currently eight diamond drills turning on the Shymanivske Project.

Black Iron has engaged Ukraine-based GeoResources to complete the drill program using modern equipment under the direction of Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers, of Toronto, Canada, who are to ensure all field and laboratory work is conducted in compliance with National Instrument 43-101 standards and best practices guidelines. Mekhanobrchermet (Research Institute of Mineral Processing in Ferrous Metals) has been engaged to complete independent metallurgical test work on the recovered drill core.

Read the full news release here.