BKI Black Iron Inc

Black Iron Inc. (TSX:BKI)(FRANKFURT:BIN) - 



--  Rail Protocol (Letter) of Intent Agreement Executed to Secure Transfer
    of Up to 20 Million Tonnes of Iron Ore Annually



Black Iron Inc. ("Black Iron" or the "Company") through its wholly owned
subsidiary Shymanivske Steel LLC, an indirect, wholly-owned subsidiary of Black
Iron, has executed a Protocol of Intent Agreement ("PIA") with SE Prydniprovska
Zaliznytsia ("SE"), the government agency accountable for Ukraine's railways,
guaranteeing access to their rail transportation network to transport up to 20
million metric tonnes of iron ore annually from Shimanivska Station near Black
Iron's Shymanivske Project to Chernomorska Station at Port Yuzhny, Ukraine.
Although Black Iron only requires approximately half of the initial 20 million
tonne capacity on the rail based on initial production plans, securing this
increased capacity provides flexibility to allow for potential future expansion.
The rail PIA takes effect immediately and remains in place until a definitive
commercial contract is signed, which is expected to occur closer to the
commencement of production in mid-2015.


"We are extremely pleased to have executed this rail protocol agreement,
representing another significant milestone in the continued development of our
Shymanivske Iron Ore Project," stated Matt Simpson, President and CEO of Black
Iron. "This PIA confirms Black Iron's access to the rail network, which when
combined with our previously announced PIA's for port facility access and power
supply means all three critical pieces of infrastructure required to
successfully operate an iron ore mine have been secured."


The rail PIA, along with the previously announced port PIA (see press release
dated September 16, 2013), provides Black Iron the ability to access the global
seaborne iron ore market and target important growth markets of Turkey, the
Middle East, India and China, among others. The project's unique location also
allows Black Iron to target large end-users of iron ore in Europe and Russia
completely by rail. Both transportation options, along with a third alternative
of barging material on the Dnieper River, are being considered by the Company
and prospective off-take partners for the Project. 


Black Iron continues to progress on its timeline to production having recently
received approval from the Antimonopoly Committee of Ukraine for the previously
announced strategic investment and development arrangement with Metinvest B.V.
(see press releases dated January 9, 2014). The Company will continue working
together with its local development partner to complete other PIA's for the
remaining core infrastructure needs such as water and land in the near term. 


About Black Iron

Black Iron is an iron ore exploration and development company, advancing its 100
percent-owned Shymanivske project located in Kryviy Rih, Ukraine. This project
contains an NI 43-101 compliant resource, with 645.8 Mt Measured and Indicated
mineral resources, consisting of 355.1 Mt Measured mineral resources grading
32.0% Total iron and 19.5% Magnetic iron, and Indicated mineral resources of
290.7 Mt grading 31.1% Total iron and 17.9% Magnetic iron, using a cut-off grade
of 10% Magnetic iron. Additionally, the project contains 188.3 Mt of Inferred
mineral resources grading 30.1% Total iron and 18.4% Magnetic 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, follow us on
Facebook: BlackIronInc or Twitter: @BlackIronBKI or write us at
info@blackiron.com for more information.


The technical and scientific contents of this press release have been prepared
under the supervision of and have been reviewed and approved by Matt Simpson,
P.Eng, President and CEO of Black Iron Inc., 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. Forward-looking
information is based on what management believes to be reasonable assumptions,
opinions and estimates of the date such statements are made based on information
available to them at that time, including those factors discussed in the section
entitled "Risk Factors" in the Company's annual information form for the year
ended December 31, 2011 (and dated March 26, 2012) or as may be identified in
the Company's public disclosure from time to time, as filed under the Company's
profile on SEDAR at www.sedar.com. Forward-looking information may include, but
is not limited to, statements with respect to the execution of a commercial
agreement on terms acceptable to the Company, the effect of this PIA of the
Company and its project, the future financial or operating performance of the
Company, its subsidiaries and its projects, the development of and the
anticipated timing with respect to the Shymanivske project, the ability to
obtain financing; and the impact of concerns relating to permitting, regulation,
governmental and local community relations. Generally, forward looking
information can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved".. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such forward-looking
information, including but not limited to: general business, economic,
competitive, geopolitical and social uncertainties; the actual results of
current exploration activities; other risks of the mining industry and the risks
described in the annual information form of the Company. Although the Company
has attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking information, there may
be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward looking information. The Company does not undertake to
update any forward-looking information, except in accordance with applicable
securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Black Iron Inc.
Michael McAllister
Manager, Investor Relations
+1 (416) 309-2950
info@blackiron.com


Black Iron Inc.
Matt Simpson
President & Chief Executive Officer
+1 (416) 309-2138
www.blackiron.com

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