Black Iron Announces the Creation of A Highly Connected Non-Executive Ukraine Advisory Board

TORONTO, ONTARIO--(Marketwire - Aug. 30, 2011) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI), a Canadian iron ore exploration and development company advancing its 100% owned Shymanivske Project located in Krivoy Rog, Ukraine, is pleased to announce the creation of a non-executive Ukraine advisory board ("Ukraine Advisory Board") and the appointment of three inaugural Ukraine-based members. Joining the Ukraine Advisory Board, tasked with advising the Company on how to operate effectively in Ukraine, are Mr. Daniel Bilak, a Partner, based in Kyiv, Ukraine, of the international law firm CMS Cameron McKenna LLP, Mr. Jaroslav Kinach, an independent director of the Company and former Ukraine Country Head of the European Bank of Reconstruction and Development ("EBRD"), and Mr. Igor Buchatskiy, former Director of Smart-Holdings and former Chief Executive Officer of Smart-Holdings portfolio company SARGO LLC.

Matt Simpson, President and Chief Executive Officer of Black Iron, commented, "Establishing a Ukraine Advisory Board is another significant corporate development for Black Iron and we are fortunate to be able to attract highly respected Ukraine-based professionals like Messrs Bilak, Kinach and Buchatskiy. I look forward to working with the Ukraine Advisory Board as we continue to develop the Shymanivske Project into a world-class iron ore pellet producer and become a significant employer in the Krivoy Rog area."

Mr. Bilak holds a Bachelor of Laws from McGill University in Montreal, Canada. He is a Partner at the international law firm CMS Cameron McKenna LLP and is Head of the Infrastructure and Property Practice Group in Kyiv. With more than 17 years of experience working in the private and public sectors in Ukraine, Mr. Bilak has extensive knowledge of the local market and established experience in managing legal risk on behalf of clients. He has represented major international and Ukrainian real estate developers, institutional property owners and lender clients in connection with construction and commercial financing, mortgage lending, acquisitions and sales of commercial real estate, property acquisition and development, leasing of land and premises, and licensing of construction companies. From 1997 to 2001, and again in 2005 to 2006, Mr. Bilak served as a Senior Governance Advisor to the Government of Ukraine providing policy advice on judicial reform, rule of law and anti-corruption issues, regulatory reform, decentralization of public services, and public sector restructuring.

Mr. Kinach, currently an independent director of the Company, holds an MBA from the Graduate School of Business at Columbia University in New York and is a Fellow of the Institute of Canadian Bankers. He started his career in Canada with the Toronto Dominion Bank where he spent more than twenty years in several roles of increasing responsibility related to corporate and international finance. From January 1995 to November 1999, Mr. Kinach was Ukraine Country Head of the European Bank of Reconstruction and Development ("EBRD"). During his tenure, EBRD became the largest foreign investor in Ukraine and substantially expanded its portfolio of business from about US$50 million in commitments to circa US$1 billion covering both the public and private sectors. After EBRD, Mr. Kinach held the position of Advisor to the Prime Minister of Ukraine under a special technical assistance project arranged by the Canadian International Development Agency ("CIDA"). In this capacity, Mr. Kinach initiated the establishment of a national investment agency to attract foreign investments, and promoted a national policy leading to the formation of a vertically integrated national petroleum company. Mr. Kinach also worked with Kyiv's municipal finance department on its debut US$150 million Eurobond placement in 2003.

Mr. Buchatskiy holds a Master of Science in Mechanical Engineering from the Odessa State Academy of Low Temperatures and an International Master of Business Administration from the Graduate School of Business at the University of Chicago. He started his career in the engineering field before joining the international management consulting firm of McKinsey & Company in 2001. Throughout five years with McKinsey, Mr. Buchatskiy advised several clients in Brazil and Ukraine with a significant amount of time spent advising to the steel and iron ore sectors. In October 2005, Mr. Buchatskiy joined Arcelor S.A. (now ArcelorMittal S.A.) as General Manager, International Business Development, where he spent a year evaluating acquisition opportunities across the geographies of the former Soviet Union. Mr. Buchatskiy then spent two years with Smart-Holding, a leading Ukraine-focused private investment group owned by a wealthy Ukraine national, as Director, Business Development. Smart-Holding's largest investment is a 25% stake in Metinvest Group, but also holds interest in many shipyards and ports. In late 2008, Mr. Buchatskiy joined Smart-Holding's agricultural company SARGO LLC as CEO.

Messrs Bilak, Kinach and Buchatskiy all bring unique Ukraine-based experience to Black Iron in the areas of land acquisition, government relations and iron ore.

About the Company

Black Iron is an iron ore exploration and development company advancing its 100%-owned Shymanivske project located in Krivoy Rog, Ukraine. This project contains a NI 43-101 compliant resource with 345Mt measured and indicated resources grading 32% iron and 469Mt of inferred resources grading 31% 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 contents of this press release have been prepared under the supervision of and has been reviewed and approved by Farshid Ghazanfari, P.Geo., Chief Geologist, 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 with respect to the expected effect of these results on the Company and its understanding of the project, 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 are based on certain assumptions and analyses made by the Company based on known facts about the Ukraine Advisory Board members at the time, based on past experience and successes. Forward-looking information involve 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 are 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 of otherwise, except as required by law.