| TORONTO, ONTARIO--(Marketwired - Feb. 11, 2014) - Black Iron Inc. (TSX:BKI)(FRANKFURT:BIN) - -- WATER, ROAD, EMERGENCY SERVICES AND TELECOM PROTOCOL OF INTENT AGREEMENTS HAVE ALL BEEN EXECUTED -- THE PROTOCOL OF INTENT AGREEMENTS TAKE EFFECT IMMEDIATELY AND REMAIN IN EFFECT UNTIL FULL COMMERCIAL CONTRACTS ARE EXECUTED -- METINVEST'S INITIAL US$20M INVESTMENT ON TRACK TO CLOSE WITHIN THE NEXT 30 DAYS Black Iron Inc. ("Black Iron" or the "Company") is pleased to announce that Shymanivske Steel LLC, an indirect, wholly-owned subsidiary of Black Iron, has executed Protocol of Intent Agreements (individually a "PIA" and collectively the "PIAs") with several service providers in Ukraine for access to process, potable water supply and water process, public road usage, emergency and telecom services to Black Iron's Shymanivske Iron Ore Project located near Kryvyi Rih, Ukraine. The PIAs take effect immediately and remain in place until definitive commercial contracts are signed, which are expected to occur closer to the commencement of production. "We are extremely pleased to have executed the remaining protocol agreements as these PIAs represent all of the outstanding contracts required for access to utilities and infrastructure required to develop our Shymanivske Iron Ore Project," stated Matt Simpson, President and CEO of Black Iron. "Economically priced access to essential infrastructure as achieved through these PIAs in combination with our previously announced PIAs for port facility use, rail capacity and power supply, pave the way for us to process our ore and access international steel mills. The Shymanivske Project is now completely prepared from an infrastructure point of view for construction and ultimately commercial production." Black Iron continues to advance on its timeline to production and is actively working together with its local development partner, Metinvest B.V, to close its previously announced strategic arrangement within the next 30 days (see press release dated July 23, 2013). Amongst other things, the Company's focus will now shift to detailed engineering work as well as the completion of an off-take agreement with a strategic end-user of iron ore. The details of the individual PIA agreements are as follows: Potable Water A PIA has been executed with SIE KrivbassPromVodosnabzhenie ("KPV") to provide potable water from the Karachuny water reservoir located approximately five kilometres from site. Process Water A PIA has been executed with SE KrivbassVodoKanal ("KVK") to provide treated waste water from KVK's south aeration station in Kryvyi Rih located approximately seven kilometres from site to be used as process water. Public Roads A PIA has been executed with OblAvtodor, the road service department in Dnipropetrovsk Region, for the reconstruction and use of public roads for delivery of materials, workers and various supplies necessary for the construction and operation of the Shymanivske Iron Ore Project. Emergency Services A PIA has been executed with the Shiroke District Department of the Main Management of State Emergency Services of Ukraine, for fire and industrial emergency services support during the design, construction, and operation of the Shymanivske Iron Ore Project. Telecommunications A PIA has been executed with Ukrtelecom JSC for the design, construction, and operation of the telecom systems required for the construction and operation of the Shymanivske Iron Ore Project. |