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Black Iron Executes Protocol of Intent Agreements Securing Access to Water, Roads, Emergency Services and Telecom & Provides Update on Metinvest Transaction

TORONTO, ONTARIO -- (Marketwired) -- 02/11/14 -- Black Iron Inc. (TSX: BKI)(FRANKFURT: BIN) -


--  WATER, ROAD, EMERGENCY SERVICES AND TELECOM PROTOCOL OF INTENT
    AGREEMENTS HAVE ALL BEEN EXECUTED

--  THE PROTOCOL OF INTENT AGREEMENTS TAKE EFFECT IMMEDIATELY AND REMAIN IN
    EFFECT UNTIL FULL COMMERCIAL CONTRACTS ARE EXECUTED

--  METINVEST'S INITIAL US$20M INVESTMENT ON TRACK TO CLOSE WITHIN THE NEXT
    30 DAYS

Black Iron Inc. ("Black Iron" or the "Company") is pleased to announce that Shymanivske Steel LLC, an indirect, wholly-owned subsidiary of Black Iron, has executed Protocol of Intent Agreements (individually a "PIA" and collectively the "PIAs") with several service providers in Ukraine for access to process, potable water supply and water process, public road usage, emergency and telecom services to Black Iron's Shymanivske Iron Ore Project located near Kryvyi Rih, Ukraine. The PIAs take effect immediately and remain in place until definitive commercial contracts are signed, which are expected to occur closer to the commencement of production.

"We are extremely pleased to have executed the remaining protocol agreements as these PIAs represent all of the outstanding contracts required for access to utilities and infrastructure required to develop our Shymanivske Iron Ore Project," stated Matt Simpson, President and CEO of Black Iron. "Economically priced access to essential infrastructure as achieved through these PIAs in combination with our previously announced PIAs for port facility use, rail capacity and power supply, pave the way for us to process our ore and access international steel mills. The Shymanivske Project is now completely prepared from an infrastructure point of view for construction and ultimately commercial production."

Black Iron continues to advance on its timeline to production and is actively working together with its local development partner, Metinvest B.V, to close its previously announced strategic arrangement within the next 30 days (see press release dated July 23, 2013). Amongst other things, the Company's focus will now shift to detailed engineering work as well as the completion of an off-take agreement with a strategic end-user of iron ore.

The details of the individual PIA agreements are as follows:

Potable Water

A PIA has been executed with SIE KrivbassPromVodosnabzhenie ("KPV") to provide potable water from the Karachuny water reservoir located approximately five kilometres from site.

Process Water

A PIA has been executed with SE KrivbassVodoKanal ("KVK") to provide treated waste water from KVK's south aeration station in Kryvyi Rih located approximately seven kilometres from site to be used as process water.

Public Roads

A PIA has been executed with OblAvtodor, the road service department in Dnipropetrovsk Region, for the reconstruction and use of public roads for delivery of materials, workers and various supplies necessary for the construction and operation of the Shymanivske Iron Ore Project.

Emergency Services

A PIA has been executed with the Shiroke District Department of the Main Management of State Emergency Services of Ukraine, for fire and industrial emergency services support during the design, construction, and operation of the Shymanivske Iron Ore Project.

Telecommunications

A PIA has been executed with Ukrtelecom JSC for the design, construction, and operation of the telecom systems required for the construction and operation of the Shymanivske Iron Ore Project.

About Black Iron

Black Iron is an iron ore exploration and development company, advancing its 100 percent-owned Shymanivske project located in Kryvyi Rih, Ukraine. This project contains an NI 43-101 compliant resource, with 645.8 Mt Measured and Indicated mineral resources, consisting of 355.1 Mt Measured mineral resources grading 32.0% Total iron and 19.5% Magnetic iron, and Indicated mineral resources of 290.7 Mt grading 31.1% Total iron and 17.9% Magnetic iron, using a cut-off grade of 10% Magnetic iron. Additionally, the project contains 188.3 Mt of Inferred mineral resources grading 30.1% Total iron and 18.4% Magnetic iron. The project is surrounded by five other operating mines, including ArcelorMittal's iron ore complex. The Company believes that existing infrastructure, including access to power, rail and port facilities, will allow for a quick development timeline to production. Further, the Company holds an exploration permit for the adjacent Zelenivske project, which it intends to further explore to determine its potential. Please visit the Company's website at www.blackiron.com or write us at [email protected] for more information.

The technical and scientific contents of this press release have been prepared under the supervision of and have been reviewed and approved by Matt Simpson, P.Eng, President and CEO of Black Iron Inc., who is a Qualified Person as defined by NI 43-101. For further information, please see the technical report of the Company, which is available on SEDAR at www.sedar.com.

Forward-Looking Information

This press release contains forward-looking information. Forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates of the date such statements are made based on information available to them at that time, including those factors discussed in the section entitled "Risk Factors" in the Company's annual information form for the year ended December 31, 2012 or as may be identified in the Company's public disclosure from time to time, as filed under the Company's profile on SEDAR at www.sedar.com. Forward-looking information may include, but is not limited to, statements with respect to the execution of a commercial agreement on terms acceptable to the Company, the effect of these PIAs on the Company and its project, the future financial or operating performance of the Company, its subsidiaries and its projects, the development of and the anticipated timing with respect to the Shymanivske project, the ability to obtain financing; and the impact of concerns relating to permitting, regulation, governmental and local community relations. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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