Black Iron Inc has announced the additional assay results from its definition and exploration diamond drill program at the company's Shymanivske iron ore project in Ukraine.

The company continues to be encouraged by the results of the infill drilling and the intersection of thick iron bands, in each hole with grades up to 35% total iron. Of note, hole BISH-72 intersected 46.5 meters grading 35.1% iron and 20 meters grading 24.4% iron.

Highlights from the two additional DE holes include:

The two drill holes (BISH-71 and BISH-72) are part of a 12,000 meter definition and exploration drill program conducted by the company between July 2011 and December 2011. The DE program drilling will result in a portion of the resource previously classified as inferred moving into the measured and indicated category in the next 43-101 compliant resource report, which is anticipated to be completed by the end of the third quarter of 2012.

The drill program was conducted by Ukraine based GeoResources under the direction of Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers, of Toronto, Canada, who ensure all field and laboratory work is conducted in compliance with National Instrument 43-101 standards and best practices guidelines. Ukraine based Mekhanobrchermet (Research Institute of Mineral Processing in Ferrous Metals) completed the independent metallurgical test work on the recovered drill core.

We note that no drilling is currently underway at the Shymanisvke project while the company obtains additional permissions required to drill. Additional drilling is not required to complete the feasibility study and would be conducted in the future to potentially increase the pit resource estimate. Please refer to the Black Iron press release dated March 29th 2012 for the full update of progress at the company's projects.

Source - Black Iron Inc

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