Black Iron Strengthens Management Team With Addition of Igor Buchatskiy as Vice President Strategy

TORONTO, ONTARIO--(Marketwire - April 10, 2012) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI)(FRANKFURT:BIN) is pleased to announce the appointment of Igor Buchatskiy as its Vice President, Strategy, based in the Company's Kyiv office. Mr. Buchatskiy is presently a member of Black Iron's Ukraine Advisory Board and brings a wealth of knowledge on mining operations in Ukraine. Mr. Buchatskiy's credentials also include significant time spent operating and consulting to the iron ore sector through previous roles held with Arcelor S.A. (now ArcelorMittal S.A.) and McKinsey & Company.

Matt Simpson, President and Chief Executive Officer of Black Iron, commented, "We are very excited to have Igor Buchatskiy join the Black Iron team on a full-time basis to help augment our profile and business dealings throughout Ukraine. Igor will add to our senior presence on the ground in Ukraine and will play an important role in helping increase our presence throughout the nearby European and Euro-Asian markets. His extensive background in strategic planning and analysis, coupled with direct experience in the Ukraine iron ore market, will be invaluable to the Company as we work to finalize our infrastructure and other project development contracts."

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 spend advising to the steel and iron ore sectors. In October 2005, Mr. Buchatskiy joined Acrelor 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, 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. Mr. Buchatskiy has been a member of Black Iron's Ukraine Advisory Board since August 2011.

About Black Iron

Black Iron is an iron ore exploration and development company advancing its 100%-owned Shymanivske project located in Kryviy Rih, Ukraine. This project contains a NI 43-101 compliant resource with 373 Mt measured and indicated resources grading 31.3% iron and 480 Mt of inferred resources grading 30.2% 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.

Regulatory Notes

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.

This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to the effect of the appointment on the Company's development potential and the development of its projects, the timing and amount of future exploration and development of the project, resolution of land issues at 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 is 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.