Black Iron to Participate in PDAC 2012 (Booth #2527)

TORONTO, ONTARIO--(Marketwire - March 1, 2012) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI)(FRANKFURT:BIN) will be exhibiting at this year's Prospectors and Developers Association of Canada ("PDAC") Investors Exchange taking place at the Metro Toronto Convention Centre, South Building, from Sunday, March 4^th to Wednesday, March 7^th, 2012.

The team from Black Iron, including Matt Simpson, President & CEO, Paul Bozoki, CFO, Aaron Wolfe, VP Corporate Development, and representatives from Investor Cubed Inc., Black Iron's investor relations team, will be available to speak to shareholders and interested investors about the Company's developments at its flagship Shymanivske Iron Ore Project in Kryviy Rih, Ukraine, including the results of a robust Preliminary Economic Assessment ("PEA") filed for the project in December 2011. The PEA outlines an operation producing 7.3 million tonne per year of 67% iron ore pellet plant feed, projecting a 42.1% internal rate of return ("IRR") and a $3.0 billion net present value ("NPV") at an 8% discount rate. The PEA also outlines Black Iron's option to produce 7.6 million tonnes per year of 65% pellets, which generates a much higher NPV of $4.1 billion, along with a reduced IRR of 35.2%, due to higher construction costs. All-in-all, Black Iron benefits from favourable operating conditions in Ukraine including access to all the required infrastructure for a successful iron ore producer: skilled labour, rail, port, and power.

Exhibit Location & Hours

Black Iron will be located at booth #2527 on level 800 of the Metro Toronto Convention Centre, South Building:

The Metro Toronto Convention Centre, South Building, is located at 222 Bremner Boulevard in Toronto. For additional information and to register for the conference, please visit www.pdac.ca.

About Black Iron

Black Iron is an iron ore exploration and development company advancing its 100%-owned Shymanivske project located in Kryviy Rih, Ukraine. This project contains a NI 43-101 compliant resource with 373 Mt measured and indicated resources grading 31.3% iron and 480 Mt of inferred resources grading 30.2% 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 or write us at info@blackiron.com for more information.

The technical contents of this press release have been prepared under the supervision of and has been reviewed and approved by Farshid Ghazanfari, P.Geo., Chief Geologist, 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" which may include, but is not limited to, statements with respect to the development potential of the Company and its projects, the timing and amount of future exploration and development of the project, and the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "believes" or variations (including negative variations) of such words and phrases, or by the use of words or phrases that state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking information are based on certain assumptions and analyses made by the Company based on known facts at the time. Forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this press release, including, without limitation those described in the Company's public disclosure documents which may be found under the Company's profile on SEDAR. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in such forward-looking information, there may be other factors that may cause actions, events or results to differ from those anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize or should assumptions underlying such forward-looking information prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by the forward-looking information contained in this press release. The forward-looking information contained herein are made as of the date of this press release and the Company disclaims any obligation to update or review such information or statements, whether as a result of new information, future events or results of otherwise, except as required by law.