President of Ukraine Reinforces Support of Black Iron’s Project

The following is an excerpt from the article: "[President Zelenskyy] …stressed that economic relations between Ukraine and Canada develop in real steps, not in words. In particular, this concerns the solution of problems of the Canadian company Black Iron, which wanted to invest in a mining and processing plant in Kryvyi Rih.

I know this very well, because I am from Kryvyi Rih and this is the investment in my hometown. This problem has been "hanging" for 10 years, but it is such a big investor. The size of the investment is 1.1 billion US dollars. They could not enter Ukraine."

According to the Head of State, now this issue is almost resolved.

"It will be a very big cooperation. After all, this is more than a billion dollars of investment in Ukraine, it is very important for Canada, for Black Iron, and it is important for us.", [President] Volodymyr Zelenskyy stressed.

The Company believes that the reference to "this issue is almost resolved" is most likely regarding currently ongoing positive discussions between Black Iron, Ukraine's Ministry of Defense and other Ukraine government agencies on the transfer of state-owned land essential for construction of Black Iron's Shymanivske iron ore project (the "Project").

Black Iron's CEO, Matt Simpson, stated, "President Zelenskyy's strong and consistent support of Black Iron's project is important as it provides the Company and its investors with confidence that the Shymanivske project will obtain the necessary land and permits required for construction in a timely manner. The Deputy Head of the President's Office, Mr. Ihor Zhovkva, has taken on the responsibility to be Black Iron's "Investment Nanny", a formal role created by Ukraine's government to support foreign investors, to personally ensure all items requiring Ukraine government support to implement Black Iron's project are addressed by the various impacted government departments as a priority."

The full article containing President Zelenskyy's comments on Ukraine's relationship with Canada and his support of Black Iron can be viewed on President Zelenskyy's website by typing in the following link: https://www.president.gov.ua/en/news/ukrayina-ta-kanada-posilyuyut-ekonomichni-j-politichni-zvyaz-61749

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 mineral resource estimated to be 646 Mt Measured and Indicated mineral resources, consisting of 355 Mt Measured mineral resources grading 32.0% total iron and 19.5% magnetic iron, and Indicated mineral resources of 290 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 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 entitled "Preliminary Economic Assessment of the Re-scoped Shymanivske Iron Ore Deposit" effective November 21, 2017 (the "PEA" or "Preliminary Economic Assessment") under the Company's profile on SEDAR at www.sedar.com. The Shymanivske project 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 have been reviewed and approved by Matt Simpson, P.Eng, CEO of Black Iron, who is a Qualified Person as defined by NI 43-101.

For more information, please contact:

Matt Simpson
Chief Executive Officer
Black Iron Inc.
Tel: +1 (416) 309-2138

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. Forward-looking information may include, but is not limited to, statements with respect to the Company's ability to develop the Shymanivske project, the support of the Ukrainian government to develop the Shymanivske project, the timing of Project development, the commercial viability of the Project, the costs to develop the Project, the Company's ability to raise adequate capital, the Company's ability to secure the requisite land rights and the Company's future plans. 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. The Company notes that mineral resources that are not mineral reserves do not have demonstrated economic viability.

SOURCE: Black Iron