Shymanivske Iron Ore Project’s Bankable Feasibility Study to be Released by Black Iron

Black Iron Inc. plans to release the results of its Current Bankable Feasibility Study for its wholly- owned Shymanivske Iron Ore Project in Kriyviy Rih, Ukraine prior to market open on January 23, 2014.

Black Iron continues to advance its Shymanivske Project and de-risk its pathway to production. As previously announced in September and October 2013 and earlier this month, the Company recently secured access to all three major infrastructure requirements for a successful iron ore producer including: 20 million tonnes per annum of rail capacity; 140 megawatts of power; and more than 9.5 million tonnes per annum of port capacity. In addition, as announced earlier in January, Black Iron has obtained all regulatory approvals to complete its strategic development arrangement with Metinvest B.V., Ukraine's largest company and a top 10 iron ore producer globally, a partnership that will provide significant capital and resources towards development of the Project. This strategic arrangement was originally announced on July 23, 2013 and is expected to close within two months.