Metinvest B.V. Completes Third US$5 Million Investment in Black Iron

Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI)(FRANKFURT:BIN) has
received the third 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") pertaining to Black Iron (Cyprus) Ltd. ("BKI
Cyprus").


In conjunction with the closing of the Arrangement, Metinvest has now paid US$15
million of the initial US$20 million financial contribution to the Shymanivske
Iron Ore Project through the subscription of shares of BKI Cyprus. The final
US$5 million installment is scheduled to be received on July 15, 2014. Metinvest
has also been issued common shares totaling approximately 36% of the share
capital of BKI Cyprus to date. 


Matt Simpson, President and CEO of Black Iron commented, "With the recently
completed Presidential election now behind us, we are optimistic about getting
back to business in Ukraine. The continued commitment by Metinvest and Black
Iron to the development of the Shymanivske Iron Ore Project demonstrates a
dedication to rebuilding Ukraine through the creation of new jobs, tax revenues,
and the introduction of world-class technologies, equipment and best
international practices for operations and environmental impact." 


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, 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. Full mineral
Resource details can be found in the National Instrument 43-101 compliant
technical report dated December 17, 2012 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: 
Michael McAllister
Manager, Investor Relations
Black Iron Inc.
Tel: +1 (416) 309-2950
Email: info@blackiron.com


Matt Simpson
President & CEO
Black Iron Inc.
Tel: +1 (416) 309-2138


Alexey Komlyk
Head of Media and Marketing
Communications
Metinvest Holdings LLC
Tel: +380623881703
Email: press@metinvestholding.com
Black Iron (TSX:BKI)
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