TORONTO, ONTARIO--(Marketwired - Nov 8, 2017) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) is pleased to
announce the hiring of Bill Hart as Senior Vice President Corporate Development. Mr. Hart's main responsibility will be to reach
out to his extensive list of relationships with steel mills and trading houses to solicit interest for companies to invest in the
construction of Black Iron's Shymanivske iron ore project pursuant to an offtake or constructing financing arrangement.
Mr. Hart has over 30 years of international experience selling iron ore and coal to steel mills and trading houses while
working for companies including Rio Tinto, Cliffs Natural Resources and most recently Roy Hill Holdings Ltd. He speaks fluent
Japanese and has exceptional relationships across Asia.
On July 19, 2017, Black Iron announced the engagement of BBA to develop a new National Instrument 43-101 compliant Preliminary
Economic Assessment ("PEA") for the Shymanivske iron ore project (the "Project"). The revised PEA will be based on a plan to
initiate operations with an annual production of 4 million tonnes of high-grade 68% iron ore concentrate followed by an expansion
to 8 million tonnes per annum. The results from the PEA are on track to be released later this month followed by the
comprehensive report within 45 days of such release.
Black Iron is a Toronto Stock Exchange listed company that went public in 2011, raising approximately $36 million at a price
of CAD$1.40 per share. After completing its bankable feasibility study on the Project in 2014, Black Iron entered into funding
and strategic arrangements to provide a significant portion of the capital required to move the Project forward towards
production. Soon after, due to political unrest in Ukraine and a sharp correction in the price of iron ore, the development of
the Project was delayed and funding agreements subsequently dissolved. During the last three years, Black Iron has been working
in Ukraine to obtain the land rights for the Project (see press releases dated January 23, 2017 and July 27, 2017). Early in
2017, with a strong recovery in commodity price and little escalation in the Russia/Ukrainian conflict, Black Iron decided to
restart the development of the Project with a new revitalized go forward plan.
Matt Simpson, Black Iron CEO, commented: "With the new PEA due out later this month and current factors including a favorable
exchange rate and record premiums being realized for high-grade concentrates, the time is right to showcase the merits of the
Shymanivske project to a wider audience. I am extremely pleased that Mr. Hart has decided to work with us and assist us in
exploring various financing alternatives, and strategic partnerships."
Please visit the recently revised Company website (www.blackiron.com) to
sign up for updates on the Project.
About Black Iron
Black Iron is an iron ore exploration and development company, advancing its 100% owned Shymanivske project located in Kryviy
Rih, Ukraine. The Shymanivske project contains a NI 43-101 compliant resource estimated to be 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 Shymanivske project contains 188.3 Mt of Inferred mineral resources, grading 30.1% total iron and 18.4%
magnetic iron. Full mineral resource details can be found in the NI 43-101 compliant technical report dated January 24, 2014
titled "Feasibility Study of the Shymanivske Iron Ore Deposit for Black Iron Inc." under the Company's profile on SEDAR at
www.sedar.com. The Shymanivske deposit is surrounded by five other operating
mines, including ArcelorMittal's iron ore complex. Please visit the Company's website at www.blackiron.com for more information.
The technical and scientific contents of this press release have been prepared under the supervision of and reviewed and
approved by Matt Simpson, P.Eng., CEO of Black Iron, who is a Qualified Person as defined by NI 43-101.
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, 2016 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 Shymanivske project, preparation of a PEA, expected economics
forecast, timing for PEA, the Company's ability to obtain the requisite land rights for the Shymanivske project, the impact of
managerial appointments and future plans for the Company's development. 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.