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

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) -- 10/07/13 -- 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.
Contacts:
Black Iron Inc.
Michael McAllister
Manager, Investor Relations
+1 (416) 309-2950 
Black Iron Inc.
Matt Simpson
President & Chief Executive Officer
+1 (416) 309-2138
info@blackiron.com
www.blackiron.com