For Immediate Release
TORONTO, CANADA, May 18, 2021 – Black Iron Inc. (“Black Iron” or the “Company”) (TSX: BKI; OTC: BKIRF; FWB: BIN) is pleased to announce the addition of Zenon Potoczny to its Board of Directors, Stefan Gueorguiev as Project Director and retirement of Les Kwasik after nearly 51 years in industry.
Zenon Potoczny is currently the president-elect of the Canada-Ukraine Chamber of Commerce, VP Operations for the Ukrainian World Congress and Director of Sweden publicly listed Zhoda Investments. Zenon has successfully built and operated several companies in Ukraine ranging from oil and gas projects through to hotels. He has extensive relationships with senior members of Ukraine’s government and is typically involved in all major diplomatic visits between Canada and Ukraine.
Stefan Gueorguiev has over 25 years’ experience in the engineering, project management and construction industry. Most recently, Stefan was VP Projects & Capital Construction for Polyus where he was responsible for the construction of several Russian based gold mines valued at over US$800 million per year. Stefan is very familiar with Black Iron’s Shymanivske project as he led both the 2013 and further optimized 2014 feasibility studies.
Les Kwasik is retiring after an amazing career during which he has been involved in the design, construction and operation of mines in located in seven countries. Les started his career in Canada at Inco’s Copper Cliff mine where he quickly rose to the position of Pit Superintendent and then took off to see the world. Through his esteemed career, Les took on various roles ranging from Project Director through to Chief Operating officer in countries with vastly different cultures, language, food, weather including Columbia, Germany, Saudi Arabia, Indonesia, USA and Ukraine. Les has agreed to remain available to Black Iron in a causal consulting capacity as he transitions to enjoying retirement in Panama with his wife.
Black Iron’s CEO Matt Simpson stated “It has been a pleasure working with Les for several years as he has extensive knowledge and is great at forging relationships. It is very rare for someone to achieve 50 years professional work experience and this is a testament to Les’ love for the mining sector. I would like to welcome Zenon and Stefan to Black Iron’s team. The addition of Zenon to Black Iron’s board will strengthen our relationships in Ukraine during this critical time of project execution. Stefan is an exceptional Project Director that I have had the pleasure of working with previously and is coming back to Black Iron to finish what we started together, being to build the Shymanivske iron ore mine.”
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 NI 43-101 compliant mineral resource 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 compliant technical report entitled “Preliminary Economic Assessment of the Re-scoped Shymanivske Iron Ore Deposit” effective 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 that are not mineral reserves do not have demonstrated economic viability. Please visit the Company’s website at www.blackiron.com for more information.
For more information, please contact:
Chief Executive Officer
Black Iron Inc.
Tel: +1 (416) 309-2138
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 appointment of directors and officers 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 that are not mineral reserves do not have demonstrated economic viability.
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