Jul. 20, 2011 (Baystreet.ca) --
Black
Iron Inc. (TSX-V: BKI) is a junior exploration company with two iron ore
properties in Ukraine’s Kryvyj Rih iron ore basin.
Black
Iron’s projects are strategically located in Ukraine, close to the European and
Middle East steel markets, and considerably closer to the key Chinese market
than either Brazilian or Canadian peer projects.
The
Shymanivske property has more than 346Mt of iron ore in NI 43-101 M+I resource
and 814 Mt of iron ore in a combined M+I+I resource. The Company’s near-by Zelenivske
property also has promising historic drilling results, and exploration is to
start later this year.
Location
and infrastructure are excellent. The projects are located 2-3
km from the main railroad, which provides ready access to Ukraine’s western
border and to southern seaports just 200 km away. Electricity and paved roads
are readily available, and the area has a skilled work force.
Both
Black Iron projects are sandwiched between already-producing iron ore projects,
which are owned by Metinvest, Ukraine’s largest steel-maker, and metals giant
ArcelorMittal. Together these companies have 2+Bt of iron ore resources. Since
the area may be part of a bigger mineralization, Black Iron is likely to
explore in its projects’ vicinity to extend its resource.
We
are initiating coverage of Black Iron Inc. with a Speculative Buy rating, and a
Target Price of $1.80.
To read
the complete Initiating Report, click here: http://www.eresearch.ca/_report/BKI_071911-I.pdf
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