Black Iron continues to intersect thick iron bands with grades exceeding 30% with three additional infill holes at Shymanivske

The three drill holes (BISH-26, BISH-28, and BISH-29, highlighted on the map below) were part of a 12,000 meter definition and exploration drill program conducted by the Company between July 2011 and December 2011. The DE program drilling will result in a portion of the resources previously classified as inferred moving into the measured and indicated category in the next 43-101 compliant resource report.

The drill program was conducted by Ukraine-based GeoResources under the direction of Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers, of Toronto, Canada, who ensured that all field and laboratory work was conducted in compliance with National Instrument 43-101 standards and best practices guidelines. Ukraine-based Mekhanobrchermet (Research Institute of Mineral Processing in Ferrous Metals) completed the independent metallurgical test work on the recovered drill core.

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We note that no drilling is currently underway at the Shymanisvke project while the Company obtains additional permissions required to drill. Additional drilling is not required to complete the feasibility study and would be conducted in the future to potentially increase the in pit resource estimate. Please refer to the Black Iron press release dated March 29, 2012 for the full update of progress at the Company’s projects.

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 mineral resources grading 31.3% iron and 480 Mt of inferred mineral 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 [email protected] 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 effect of these drill results on the Company’s development and performance, the development potential of the Company and its projects, the timing and amount of future exploration and development of the project, receipt of necessary approvals, 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.