BKI Black Iron Inc

- FINAL US$5 MILLION INSTALLMENT PAYMENT HAS BEEN RECEIVED BY BLACK IRON,
COMPLETING THE INITIAL US$20 MILLION COMMITMENT


- ADDITIONAL POTENTIAL INVESTMENT BY METINVEST COULD REACH AS MUCH AS US$536
MILLION TO FINANCE HALF OF THE CONSTRUCTION COST


Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI)(FRANKFURT:BIN) has
received the fourth and final installment payment of US$5 million from Metinvest
B.V. ("Metinvest") as part of the previously announced closing schedule (see
press release dated April 15, 2014) for the strategic investment and development
arrangement (the "Arrangement") (see press release dated July 23, 2013)
pertaining to Black Iron (Cyprus) Ltd. ("BKI Cyprus").


In conjunction with the closing of the Arrangement and receipt of the US$20
million, Metinvest has been issued common shares in BKI Cyprus representing an
aggregate total of 49% of the share capital of BKI Cyprus. No common shares in
Black Iron have been issued as part of the Arrangement. Black Iron remains the
operator and developer of the Shymanivske Project and the Zelenivske Project
(collectively, the "Projects").


Each of Metinvest and Black Iron will have the option to participate in the
funding of the development of the Shymanivske Iron Ore Project based on their
proportionate interest in BKI Cyprus or be diluted down. Using the projected
total capital investment requirements as outlined in the Company's Bankable
Feasibility Study (as filed under the Company's profile on SEDAR on January 27,
2014) of US$1097 million, Metinvest's future capital contribution could be up to
US$536 million (being 49% of US$1097 million) for the development of the
Projects. The Arrangement contains strict dilution provisions designed to create
a strong incentive for continued participation in any future equity financings
for the Projects.


Yuriy Ryzhenkov, General Director and CEO of Metinvest, commented, "Metinvest
and Black Iron remain committed to helping rebuild Ukraine's economy through the
development of the Shymanivske Iron Ore Project. Apart from the creation of
thousands of new jobs and tens of millions annually in tax revenues, Ukrainians
will also benefit from new world class iron ore processing, safety and
environmental technologies."


Matt Simpson, President and CEO of Black Iron, commented, "With this strategic
arrangement now closed, and our relationship with Metinvest formally in place,
once there is peace in Ukraine, we look forward to building the world-class iron
ore producing mine outlined in our January 2014 Feasibility Study that shows a
pre-tax 48% internal rate of return, two year payback and US$3.3 billion net
present value. We see tremendous opportunities ahead for all stakeholders in
Black Iron as this project is needed more than ever to help reinvigorate
Ukraine's economy as the country emerges from the current revolution." 


About Metinvest 

Metinvest is a vertically integrated steel and mining group of companies,
managing every link of the value chain, from mining and processing iron ore and
coal to making and selling semi-finished and finished steel products. The Group
comprises steel and mining production facilities located in Ukraine, Europe and
the USA and has a sales network covering all key markets. Metinvest is the
largest employer in Ukraine and accounts directly for 2.3% of the country's
Gross Domestic Product (GDP) growing to 6.3% of Ukraine's GDP on an indirect
basis. Metinvest's Strategic Vision: Metinvest strives to become the leading
integrated steel maker in Europe demonstrating sustainable growth and
profitability independently from the phases of economic cycle and providing the
return on investment above the average industry levels. Metinvest Group is
structured into two operating divisions: Metallurgical Division and Mining
Division. Metinvest is made up of over 100,000 employees globally and in 2013
produced 36.9 million tonnes of iron ore, 11.4 million tonnes of coal and 12.4
million tonnes of steel. 


The major shareholder of Metinvest Group is Metinvest B.V., a holding company
owned by System Capital Management Group (71.25%) and Smart-Holding (23.75%).


About Black Iron

Black Iron is an iron ore exploration and development company, advancing its 51%
owned Shymanivske project located in Kryviy Rih, Ukraine. This project contains
an 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 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 National Instrument 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 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.


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, 2013 (and dated March 14, 2013) 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 closing of the Arrangement,
the impact of the Arrangement on the local economy, 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 on commercially reasonable terms; 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 & CEO
+1 (416) 309-2138


Metinvest Holdings LLC
Alexey Komlyk
Head of Media and Marketing Communications
+380623881703
press@metinvestholding.com

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