• (TSX: BKI) (OTC: BKIRF) (FSE: BIN)
  • +1.416.309.2138
  • info@blackiron.com

For Immediate Release

TORONTO, CANADA, June 24, 2021 – Black Iron Inc. (“Black Iron” or the “Company”) (TSX: BKI) reports, in accordance with the policies of the Toronto Stock Exchange, that the nominees listed in the management information circular dated May 26, 2021 were elected as directors of the Company at the annual and special meeting of shareholders of the Company (the “Meeting”) held today.

Detailed results of the vote for the election of directors are as follows:

Votes For % Votes For Votes Withheld % Votes Withheld
John Detmold 56,523,749 98.690 750,083 1.310
Bruce Humphrey 56,375,249 98.431 898,583 1.569
Pierre Pettigrew 56,213,749 98.149 1,060,083 1.851
David Porter 56,471,249 98.599 802,583 1.401
Matthew Simpson 57,012,749 99.544 261,083 0.456
Zenon Potoczny 57,053,749 99.616 220,083 0.384

Shareholders at the Meeting also approved the Company’s stock option plan (the “Stock Option Plan”), the Company’s deferred share unit plan (the “DSU Plan”) and the appointment of the Company’s auditors. A total of 64,601,713 common shares were voted in connection at the Meeting, representing approximately 24.56% of the issued and outstanding common shares of the Company.

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 Shymanivske project contains a mineral resource estimated in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014), and reported using NI 43-101 standards. There are estimated to be 646 Mt Measured and Indicated mineral resources, consisting of 355 Mt Measured mineral resources grading 32.0% total iron and 19.5% magnetic iron, and Indicated mineral resources of 290 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 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 technical report entitled “Preliminary Economic Assessment of the Re-scoped Shymanivske Iron Ore Deposit” published in March 2020 with an effective date of November 21, 2017 (the “PEA”) 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. 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 are not mineral reserves and do not have demonstrated economic viability. Please visit the Company’s website at www.blackiron.com for more information.

For more information, please contact:

Matt Simpson
Chief Executive Officer
Black Iron Inc.
Tel: +1 (416) 309-2138

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. Forward-looking information may include, but is not limited to, statements with respect to the election of directors, the Stock Option Plan, the DSU Plan and the Company’s future plans. 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. The Company notes that mineral resources are not mineral reserves and do not have demonstrated economic viability.