Black Iron Progresses Offtake Discussions and Updates PEA - Seite 3

Matt Simpson, Black Iron’s CEO, commented: “There is strong interest from a number of steel mills and global commodity trading companies to secure offtake rights in exchange for making a significant percentage of the needed capital towards Project construction.  My main goal over the coming months is to secure a large investment from one of these groups to fund construction as doing so is transformative for Black Iron.”

“The increased focus globally to reduce the impacts of climate change is leading to significant steel sector restructuring resulting in a growing demand for higher iron content, low-impurity feedstock that can be pelletized as steel mills strive to lower emissions and boost furnace efficiency. The projected quality of Black Iron’s expected ultra premium 68% iron content pellet feed with low levels of alumina and phosphorus is perfectly positioned to meet this need”, explained Matt Simpson.

The Amended Report has been prepared in accordance with the guidelines of National Instrument 43-101 by the independent firms BBA Inc. and Watts, Griffis and McOuat Limited (with the individual authors identified below) and is effective November 21, 2017 (same date as 2017 PEA). The results of the PEA are based on 100% ownership of the Shymanivske Project by Black Iron.

Qualified Persons
The contents of this press release have been reviewed and approved by the Qualified Persons, as follows:

• Angelo Grandillo, P. Eng. of BBA Inc. QP for overall Amended Report supervision.
• Jeffrey Cassoff, P.Eng. of BBA Inc. QP for In-Pit Resource estimate and mining engineering.
• Michael Kociumbas, P.Geo. and Rick Risto, P.Geo., Watts, Griffis and McOuat Limited, QPs for mineral resources estimate and geology and QA/QC and data verification.

These persons are Qualified Persons as defined by NI 43-101, are independent of Black Iron, and have reviewed and approved the content of this press release. The Qualified Persons have also reviewed or verified all data including sampling, analytical, and test results underlying the information or opinions contained herein.

Cautionary Statement
The PEA is preliminary in nature, and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized.  Mineral resources that are not mineral reserves do not have demonstrated economic viability.