Black Iron to Release Preliminary Economic Assessment for the Shymanivske Iron Ore Project on October 31, 2011

TORONTO, ONTARIO--(Marketwire - Oct. 27, 2011) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI)(FRANKFURT:BIN) is pleased to announce its plan to release the initial results of the Company's Preliminary Economic Assessment ("PEA") prior to market open on October 31, 2011.

The PEA represents the second significant milestone delivered on time by Black Iron since the Company's initial public offering in March 2011. The Company continues to advance its Shymanivske iron ore project in Kryviy Rih, Ukraine and remains on track within its planned development schedule for anticipated production in fiscal year 2015.

Following the release of the PEA, Black Iron plans to host a conference call at 8:00 AM (ET) on October 31, 2011. To participate in the call please dial the following:

To register and listen to the webcast of the call, please go to Black Iron's website at www.blackiron.com. A webcast play back recording will remain on the Company's website after the completion of the call.

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 results stated in the PEA and its effect on the Company's understanding of the project, the timing and amount of future exploration and development of the project, the timing of future production 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.