July 20, 2011 09:32 ET

eResearch Issues Initiating Report on Black Iron Inc.

TORONTO, ONTARIO--(Marketwire - July 20, 2011) - Black Iron Inc. (TSX VENTURE:BKI) is a junior exploration company with two iron ore properties in Ukraine's Kryvyj Rih iron ore basin.

The Company's Shymanivske property has more than 346Mt of iron ore in a NI 43-101 M+I resource, and 814 Mt of iron ore in a combined M+I+I resource. This resource estimate is likely to grow from both drilling to depth and exploration of its northern part which has promising historic drilling results.

Black Iron's near-by Zelenivske property also has promising historic drilling results, and the Company plans to start exploration this year.

Both projects are sandwiched between already-producing iron ore projects owned by Metinvest, Ukraine's largest steel-maker, and metals giant ArcelorMittal. Together these companies have 2+Bt of iron ore resources. Since the area may be part of a bigger mineralization, Black Iron is likely to explore in its projects' vicinity to extend its resource.

We are initiating coverage of Black Iron Inc. with a Speculative Buy rating, and a Target Price of $1.80.

This Press Release was prepared by eResearch and was not vetted by Black Iron Inc. Further, the Recommendation and Target Prices contained in this Press Release and in the Initiating Report are strictly those of eResearch and, due to securities laws, are not endorsed by Black Iron Inc.

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Black Iron Inc. paid eResearch a fee to conduct research on the Company, on an Annual Continuous Coverage basis.

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