BKI Black Iron Inc

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 info@blackiron.com 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Black Iron Inc.
Michael McAllister
Manager, Investor Relations
+1 (416) 309-2134


Black Iron Inc.
Matt Simpson
President & Chief Executive Officer
+1 (416) 309-2138
info@blackiron.com
www.blackiron.com

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