Black Iron Strengthens Management Team to Accelerate Shymanivske Project Development, Ukraine
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Black Iron Inc. has appointed Michael Spektor as president, effective immediately.
Michael Spektor is the former chief executive officer of VS Energy International LLC, a Ukrainian conglomerate with holdings in electricity distribution, multiple hotels, a bank and Dniprospetsstal, which is one of Ukraine’s largest steel mills. Spektor has been actively involved in the development and privatization of Ukraine’s energy sector in addition to assisting the Government of Ukraine with the shaping of legislation on energy security.
Spektor is also an active philanthropist who supported the creation of the Open Hearts of Ukraine foundation to assist needy children, sponsor talented youth and help people through difficult life situations.
“We are excited to have Michael join the Black Iron team to help accelerate development of our Shymanivske iron ore project particularly with iron ore prices on the rise. Michael brings with him a proven track record of building successful companies in Ukraine and substantial hands on experience constructing several large projects,” said Matt Simpson, chief executive officer of Black Iron.
In his capacity as president, Spektor’s top priority will be to bring the Shymanivske ore body into production by obtaining all required permits from Ukraine’s Government and negotiating contracts with local companies for construction and supply of services.
About Black Iron
Black Iron is an iron ore exploration and development company, advancing its 100 percent owned Shymanivske project located in Kryviy Rih, Ukraine. The Shymaniviske project contains a NI 43-101 compliant resource estimated to be 645.8 Mt Measured and Indicated mineral resources, consisting of 355.1 Mt measured mineral resources grading 32.0 percent total iron and 19.5 percent magnetic iron, and Indicated mineral resources of 290.7 Mt grading 31.1 percent total iron and 17.9 percent magnetic iron, using a cut-off grade of 10 percent magnetic iron. Additionally, the Shymanivske project contains 188.3 Mt of inferred mineral resources grading 30.1 percent total iron and 18.4 percent magnetic iron.
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