Shares in iron ore project developer Black Iron Inc (TSE:BKI) surged 10% as it revealed it had hired, Bill Hart, an experienced iron ore marketer, as senior vice-president of corporate development.
He will use his extensive contacts among steel mills and trading houses to garner interest in investing in the firm's Shymanivske project in Ukraine via and offtake deal or other arrangement.
Fluent Japanese....
Hart speaks fluent Japanese and has over 30 years' experience selling iron ore and coal while working for companies including Rio Tinto (LON:RIO), Cliffs Natural Resources and most recently Roy Hill Holdings Ltd.
"With the new PEA due out later this month and current factors including a favorable exchange rate and record premiums being realized for high-grade concentrates, the time is right to showcase the merits of the Shymanivske project to a wider audience," said Matt Simpson, Black Iron's chief executive.
"I am extremely pleased that Mr. Hart has decided to work with us and assist us in exploring various financing alternatives, and strategic partnerships."
The revised preliminary economic assessment (PEA) will be based on plans to start operations with an annual production of 4mln tonnes of high-grade 68% iron ore concentrate followed by an expansion to eight million tonnes per annum.
PEA results imminent ..
The results from the PEA are on track to be released later this month followed by the comprehensive report within 45 days.
The Shymanivske project contains an NI-43-101 resource estimated to be 645.8mln tonnes in the measured and indicated mineral resources.
This consists of 355.1mln tonnes in the measured mineral resources grading 32% total iron and 19.5% magnetic iron, and indicated mineral resources of 290.7 million tonnes grading 31.1% iron and 17.9% magnetic iron, using a cut-off grade of 10% magnetic iron.
Additionally, the Shymanivske project contains 188.3 million tonnes of inferred resources grading 30.1% total iron and 18.4% magnetic iron.
Black Iron shares added 15% to C$0.12 in Toronto.