Black Iron Receives Approval from Serbia for Its Previously Announced Investment and Development Arrangement With Metinvest B.V.

- Antimonopoly Approval Received from Serbian Authorities

- Two of Three Transaction Approvals Are Now Complete With Only Ukraine Antimonopoly Approval Pending

- Ukraine Documentation has Been Submitted and Both Black Iron and Metinvest Remain Optimistic That Antimonopoly Approval Will Be Granted

TORONTO, ONTARIO--(Marketwired - Oct 7, 2013) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) (FRANKFURT:BIN) has received approval from Serbia's Commission for the Protection of Competition ("CPC") for its previously announced strategic investment and development arrangement with Metinvest B.V. ("Metinvest") in respect of Black Iron (Cyprus) Ltd. ("BKI Cyprus"), a wholly-owned subsidiary of Black Iron (please see Black Iron's news release dated July 23, 2013). The receipt of the Serbian CPC approval of the development arrangement satisfies the second of three approvals required for the arrangement to proceed. Black Iron has previously received approval from the Toronto Stock Exchange for the arrangement. The one remaining approval required to close the development arrangement is from the Antimonopoly Committee of Ukraine.

"We continue to de-risk the Black Iron story as we move towards construction of the Shymanivske Iron Ore Mine. The receipt of approval from the Serbian Commission for the Protection of Competition is an important step in completing the Metinvest transaction, which is our single largest strategic development to date," stated Matt Simpson, President & CEO of Black Iron Inc. "Documentation has been submitted by both Black Iron and Metinvest for the final antimonopoly approval in Ukraine and we remain confident the review process will conclude positively in three to five months. In the mean time, we continue to make significant strides on the development process and prospective off-take for Shymanivske. We anticipate significant developments with respect to the Project throughout the fourth quarter of this year and first quarter of 2014."

About Black Iron

Black Iron is an iron ore exploration and development company, advancing its 100 percent-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. 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, follow us on Facebook: BlackIronInc or Twitter: @BlackIronBKI 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, 2011 (and dated March 26, 2012) 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 completion of the transaction with Metinvest, the receipt of all governmental and regulatory approvals, 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; 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.