Black Iron Engages BBA to Develop Revised PEA Based on Favourable Ukraine Exchange Rate & Phased Plant Development

TORONTO, ONTARIO--(Marketwired - July 19, 2017) - Having recently received extremely encouraging results from an order of magnitude economic estimate, Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) has decided to proceed with a new Preliminary Economic Assessment ("PEA") on its 100% owned Shymanivske Project ("Project"). The order of magnitude estimate was conducted to validate management's belief that the Project has maintained its economic viability given major changes that have occurred in both iron ore sales prices and Ukraine exchange rates. Although completed by a top tier engineering firm, the order of magnitude study is not NI 43-101 compliant and was only completed to reinforce the Company's internal work that it makes sense to proceed with a new PEA. Based on the study results, which use a conservative iron ore price of US$60/T, Black Iron management have engaged BBA to produce a new NI 43-101 compliant PEA so the projected financial returns can be shared with investors.