Black Iron Announces $5 Million Bought Deal Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI)(FRANKFURT:BIN) has
entered into an agreement with Dundee Securities Ltd. (the "Underwriter")
whereby the Underwriter has agreed to purchase, on a "bought deal" private
placement basis, 29,500,000 units of the Company (each, a "Unit") at a price of
$0.17 per Unit (the "Offering Price") for total gross proceeds of $5,015,000
(the "Offering"). Each Unit shall consist of one common share of the Company and
one common share purchase warrant ("Warrant"). Each Warrant shall entitle the
holder thereof to acquire one common share of the Company at a price of $0.25
for a period of 36 months following the closing date of the Offering (the
"Closing Date"). The Warrants will not be listed for trading.


The Underwriter has been granted the option to purchase up to an additional 15%
of the Offering at any time up to 48 hours before the Closing Date (the
"Option").


The Offering is expected to close on or about February 20, 2014. The net
proceeds will be used for continued advancement of the Company's Shymanivske
Project and for working capital and general corporate purposes. All securities
issued will be subject to a four month hold period. The Offering is subject to a
number of conditions, including, without limitation, receipt of all regulatory
approvals.


This press release does not constitute an offer to sell or a solicitation of an
offer to buy securities, nor shall there be any sale of securities, in any
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of such jurisdiction.
The securities have not been and will not be registered under the United States
Securities Act of 1933, as amended, (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United States or to or
for the account or benefit of a U.S. person (as defined in Regulation S under
the U.S. Securities Act) unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such registration is
available.


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 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 which may include, but
is not limited to, statements about the completion of the Offering and the
expected use of proceeds; the timing and amount of future exploration and
development of the project; and the future financial or operating performance of
the Company and its projects. Often, but not always, forward-looking information
can be identified by the use of words such as "plans", "expects", "is expected",
"budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or
"believes" or variations (including negative variations) of such words and
phrases, or by the use of words or phrases that state that certain actions,
events or results "may", "could", "would", "might" or "will" be taken, occur or
be achieved.


Forward-looking information is based on certain assumptions and analyses made by
the Company and based on known facts at the time. Forward-looking information
involves known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company and/or its
subsidiaries to be materially different from any future results, performance or
achievements expressed or implied by the forward-looking information contained
in this press release, including, without limitation, those described in the
Company's public disclosure documents which may be found under the Company's
profile on SEDAR. Although the Company has attempted to identify important
factors that could cause actual actions, events or results to differ materially
from those described in such forward-looking information, there may be other
factors that may cause actions, events or results to differ from those
anticipated, estimated or intended. Should one or more of these risks or
uncertainties materialize, or should assumptions underlying such forward-looking
information prove incorrect, actual results, performance or achievements may
vary materially from those expressed or implied by the forward-looking
information contained in this press release. The forward-looking information
contained herein is made as of the date of this press release and the Company
disclaims any obligation to update or review such information or statements,
whether as a result of new information, future events or results or otherwise,
except as required by law.


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]