Black Iron Receives Approval from Serbia for Its Previously Announced Investment and Development Arrangement With Metinvest B...

Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) (FRANKFURT:BIN) has
received approval from Serbia's Commission for the Protection of Competition
("CPC") for its previously announced strategic investment and development
arrangement with Metinvest B.V. ("Metinvest") in respect of Black Iron (Cyprus)
Ltd. ("BKI Cyprus"), a wholly-owned subsidiary of Black Iron (please see Black
Iron's news release dated July 23, 2013). The receipt of the Serbian CPC
approval of the development arrangement satisfies the second of three approvals
required for the arrangement to proceed. Black Iron has previously received
approval from the Toronto Stock Exchange for the arrangement. The one remaining
approval required to close the development arrangement is from the Antimonopoly
Committee of Ukraine.


"We continue to de-risk the Black Iron story as we move towards construction of
the Shymanivske Iron Ore Mine. The receipt of approval from the Serbian
Commission for the Protection of Competition is an important step in completing
the Metinvest transaction, which is our single largest strategic development to
date," stated Matt Simpson, President & CEO of Black Iron Inc. "Documentation
has been submitted by both Black Iron and Metinvest for the final antimonopoly
approval in Ukraine and we remain confident the review process will conclude
positively in three to five months. In the mean time, we continue to make
significant strides on the development process and prospective off-take for
Shymanivske. We anticipate significant developments with respect to the Project
throughout the fourth quarter of this year and first quarter of 2014."


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 completion of the transaction
with Metinvest, the receipt of all governmental and regulatory approvals, 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