Black Iron Secures Access to Deep Water Port Facility With Executed Protocol Agreement

Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI)(FRANKFURT:BIN) is
pleased to announce that Shymanivske Steel LLC, a wholly-owned subsidiary of
Black Iron, (has executed a Protocol of Intent Agreement ("PIA") with the Sea
Terminal at Port Yuzhny for guaranteed access to their rail car dumper,
stockyard and port loading facilities to handle 9.5 million metric tonnes of
iron ore annually (+/- 15%) at Port Yuzhny, Ukraine. The port PIA takes effect
immediately and remains in place until a full commercial contract is signed,
which is expected to occur approximately mid-year 2015, closer to the
commencement of production given the contract would be on a take or pay basis.  


"We are extremely pleased to have executed this port protocol agreement, which
represents another significant milestone in the development of our Shymanivske
Iron Ore Project," stated Matt Simpson, President and CEO of Black Iron. "This
PIA provides Black Iron with confirmed access to the international iron ore
markets and substantially de-risks the Shymanivske Project." 


Port Yuzhny is the deepest of the five major shipping ports located on the Black
Sea in Ukraine and provides access to international markets. Large cape-sized
vessels up to 259,000 tonnes can and have been loaded at Port Yuzhny with
170,000 tonnes being loaded at the berth and the remaining vessel capacity
topped off via floating bridge cranes. Vessels can then access Turkish steel
mills directly, European mills by crossing into the Mediterranean Sea or the
growth markets of India and China by passing through the Suez Canal which can
accommodate vessels up to 240,000 tonnes. 


Black Iron continues to progress on its timeline to production and will continue
working in conjunction with its local development partner, to complete PIA's in
support of other core infrastructure needs such as rail, power, water, gas and
land in the near term. 


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. 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, follow us on
Facebook: BlackIronInc or Twitter: @BlackIronBKI or write us at
[e-mail] 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, 2011 (and dated March 26, 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 this PIA of 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Black Iron Inc.
Michael McAllister
Manager, Investor Relations
[phone]
[e-mail]


Black Iron Inc.
Matt Simpson
Manager, Investor Relations
[phone]
www.blackiron.com