Black Iron Hires Former Ferrexpo General Director as Chief Operating Officer

TORONTO, ONTARIO--(Marketwire - May 24, 2011) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) is pleased to announce the appointment of George A. Mover, P. Eng., as its Chief Operating Officer. Mr. Mover is the former Project General Director of Ferrexpo Yeristovo Mining, a subsidiary of Ferrexpo AG, where he led the development of an open pit iron ore mine and refinery slated to produce 10 million tonnes per annum of pellets; this development is similar in concept and size to Black Iron's current plans for its 100% owned Shymanivske project.

Matt Simpson, President and Chief Executive Officer of Black Iron, commented, "We are excited to have George Mover join the Black Iron team to lead our operations in Ukraine. George gives us a much needed senior presence on the ground in Ukraine, but more importantly, he brings a wealth of knowledge and experience including the development of an iron ore mine in Ukraine that is similar in scale to our initial plans for Shymanivske. Further, having had the opportunity over his career to work in many former Soviet Union countries and in Canada, George will play a significant role in helping us operate in Ukraine, while maintaining the controls and standards expected by international capital markets."

In his capacity as Project General Director with Ferrexpo, Mr. Mover was responsible for the start-up and overall development and operations of their Ukraine Greenfield iron ore open pit mine concentrator and pellet plant from 2007 until 2009.

Other highlights from Mr. Mover's career include:

• Overall responsibility for the development of one of the world's largest silver deposits in north eastern Russia on behalf of Pan American Silver Corporation.
• Vice President CIS Operations for World Wide Minerals accountable to restart four uranium mines and processing plants in Kazakhstan.
• Resident Manager Magadan for Davy International EPCM consultants

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 reviewed by, Matt Simpson, President & Chief Executive Officer of the Company, 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 anticipated effect of the appointment on the Company's operations and . 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 statements regarding the appointment are based on management's assessment on the date such assessments are made, based on past experience and competencies of the appointee. 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.