TORONTO, ONTARIO--(Marketwired - March 22, 2017) -Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) is pleased to report that the Company has received written notice from the Dnepropetrvosk Ecology Department (the "Ecology Department") that the suspensions on exploration activities imposed by the Ecology Department on the Company's Shymanivske project in 2011 and 2012 have been lifted. Matt Simpson, Chief Executive Officer of Black Iron, commented: "We have always believed that the basis for these suspensions were unfounded and we are glad to see Ukraine's new government taking action to resolve such suspensions and support international investors. It is refreshing to see support from multiple levels of government to bring the Shymanivske project into production. In addition to the suspensions being lifted, the Kryvyi Rih City Council has held public hearings in support of initiating a process to lease to Black Iron surface rights for the land covering the Shymanivske project (see press release dated January 23, 2017). In the near term, the Company expects to receive a positive decision from the Kryvyi Rih City Council authorizing Black Iron to develop a detailed land allotment plan for the Shymanivske project, as required by Ukrainian law, prior to signing a lease agreement with the city of Kryvyi Rih for the Shymanivske project surface rights." With iron ore prices holding strongly at approximately US$90/T coupled with Ukraine's heavily depreciated currency, Black Iron believes the pieces are coming into place to bring the Shymanivske project into production. |