Black Iron Adopts Shareholder Rights Plan

Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI)(FRANKFURT:BIN) today
announced that its Board of Directors has adopted a shareholder rights plan (the
"Rights Plan").


The Rights Plan has been adopted to ensure, to the extent possible, that all
shareholders of the Company are treated fairly and equally in connection with
any take-over bid or other acquisition of control of the Company and that the
Company's Board of Directors is provided with adequate time to evaluate such a
take-over bid and, if appropriate, seek alternatives to maximize shareholder
value.


"The Rights Plan has not been adopted in response to any specific take-over bid
or other proposal to acquire control of Black Iron and Black Iron is not aware
of any such pending or contemplated proposals," stated Bruce Humphrey, Chairman
of Black Iron. "In light of our recent announcement with regards to securing a
strong, respected, local development partner, and solidifying infrastructure
access for the Project, the Board decided we could no longer ignore the large
discrepancy that currently exists between the traded market value for the
Company and the Project potential as outlined in our economic studies, including
the Bankable Feasibility Study. Today's adoption of the Rights Plan provides
shareholders with some added protection from an opportunistic acquirer and
ensures that a full value maximization review can be completed before any
take-over is completed."


A copy of the Rights Plan agreement will be made available on SEDAR at
www.sedar.com.


Shareholders and interested parties wishing to discuss the adoption of the
Rights Plan are encouraged to contact either Matt Simpson or Michael McAllister
at the numbers outlined at the end of the news release.


Rights Plan Mechanics

At the close of business September 26, 2013, one right will be issued and will
automatically attach to each common share of Black Iron (each a "Common Share")
outstanding at that time without further action required by shareholders. A
right will also attach to each Common Share issued from and after the date
hereof.


Subject to the terms of the Rights Plan, and to certain exceptions provided
therein, the rights will become exercisable in the event that any person and its
related or joint parties, acquires or announces its intention to acquire 20% or
more of the Company's outstanding shares without complying with the "Permitted
Bid" provisions of the Rights Plan or where the application of the Rights Plan
is not waived in accordance with its terms. The "Permitted Bid" provisions
prevent the dilutive effects of the Rights Plan from operating if a take-over
bid is made to all holders of common shares of the Company (other than the
bidder) by way of a take-over bid circular that remains open for acceptance for
a minimum of 60 days and that satisfies certain other conditions. If a take-over
bid does not comply with the requirements of the Rights Plan or where
application of the Rights Plan is not waived in accordance with its terms, the
rights holders (other than the acquiring person and its joint actors) will be
entitled to purchase additional common shares of the Company at a significant
discount to the market price.


The issuance of rights will not change the manner in which shareholders
currently trade their Common Shares. The rights trade with, and are represented
by, Common Share certificates, including certificates issued prior to (insert
date). Until such time as the rights separate from the Common Shares and become
exercisable, rights certificates will not be distributed to shareholders.


The Rights Plan is subject to final approval of the Toronto Stock Exchange, and
requires confirmation by the Company's shareholders on or before March 26, 2014
being within six months of the Rights Plan's effective date. If the Rights Plan
is not confirmed by shareholders, the Rights Plan and all outstanding rights
will terminate and be void and of no further force and effect.


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]


Black Iron Inc.
Matt Simpson
President & Chief Executive Officer
[phone]
[e-mail]
www.blackiron.com