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Black Iron Files Positive NI 43-101 Report for Shymanivske Project; Shares Up Slightly

Black Iron Inc. (BKI.TO) has filed a National Instrument 43-101 compliant technical report dated December 17, 2012 titled "Feasibility Study of the Shymanivske Iron Ore Deposit for Black Iron Inc." The Report contains a comprehensive mine to port breakdown of Black Iron's Bankable Feasibility Study on the Shymanivske Iron Ore Property in the Dnepropetrovsk region of Kryvyi Rih, Ukraine.

The Feasibility Study outlines an operation producing 9.2 million tonnes per year of high-grade 68% iron ore concentrate, projecting a 45.9% internal rate of return ("IRR") and a U.S. $3.5 billion net present value ( NPV ) at an 8% discount rate. The Project continues to have favourable economic potential across a range of discount rates. The operations outlined in this Feasibility Study are projected to generate over U.S. $1,136 million in average annual revenue over the life of mine. The total average operating costs over 16 years are estimated at U.S. $43.97 per tonne of high grade 68% iron ore concentrate.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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