Black Iron is Proud to Celebrate Ukraine's 20th Anniversary of Independence at the U.S.-Ukraine Gala

TORONTO, ONTARIO--(Marketwire - Dec. 1, 2011) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI)(FRANKFURT:BIN) is pleased to announce that the Company will participate in the celebration of Ukraine's twentieth anniversary of independence today at the U.S.-Ukraine Gala in Washington, D.C. The U.S.-Ukraine Gala is an event celebrating the December 1, 1991 successful referendum pursuant to which Ukrainians overwhelmingly (90.32% of the popular vote) voted for peaceful democracy and independence. The Gala will also focus on Ukraine's contribution to a nuclear weapon free world and will actively discuss the role of business in Ukraine's development.

Paul Bozoki, Chief Financial Officer of Black Iron, commented "Initiatives like the U.S.-Ukraine Gala are important in continuing to advance Ukraine's profile and role in the global business community going forward. Throughout this one day celebration, many Ukrainian officials, U.S. diplomats, and Ukrainian private enterprise leaders will work together on strategies to augment Ukraine's profile and promote good governance and business advancement initiatives. From Black Iron's perspective, this is the perfect opportunity to continue to develop our relationships with Ukrainian officials and other Ukrainian business operators and supporters. It also allows us the chance to discuss the success we've had at our Shymanivske iron ore project in Kryviy Rih, Ukraine. We have recently issued the favourable results of a Preliminary Economic Assessment for Shymanivske and are preparing to become one of the major foreign direct investors in the country as we build our first iron ore mine, which will require in excess of US$1 billion in capital investment and create over 1,000 new jobs in Ukraine."

Additional information on the U.S.-Ukraine Gala, including a list of all the participants and the Gala agenda can be found on the conference website at www.usukrainegala.org.

About Black Iron

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 345 Mt measured and indicated resources grading 32% iron and 469 Mt 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 results of the PEA and the development potential of the Company and its projects, 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 at the time. 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.