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Management

Matthew Simpson , , P.Eng, MBA , , President & Chief Executive Officer

From 2002 to 2010, Mr. Simpson worked for the Iron Ore Company of Canada (IOC), a subsidiary of Rio Tinto plc with annual production capacity of 17.5 million tonnes of iron ore concentrate as publicly reported in 2009. At IOC he held several progressive roles in Business Evaluation, Operations Planning, Continuous Improvement and for the past three years as Mine General Manager. His work with the IOC primarily took place at their Carol Lake iron ore deposit in Labrador. Prior to joining IOC, Mr. Simpson worked as a process engineer for Hatch Ltd. designing and debottlenecking metallurgical refineries around the world. Mr. Simpson has extensive experience in mine design, operations and project management. He holds a Master of Business Administration as well as a Bachelor of Science in Chemical Engineering both from Queen’s University.

George Mover , , P.Eng , , Chief Operating Officer

Mr. Mover is a professional engineer and is the former Project General Director of Ferrexpo Yeristovo Mining, a subsidiary of Ferrexpo AG. At Ferrexpo, Mr. Mover led the development of an open pit iron ore mine and refinery slated to produce 10 million tonnes per annum of pellets. Mr. Mover's career has provided him the opportunities to work in Ukraine, across many other former Soviet countries and in North America. He will play a significant role in helping Black Iron operate in Ukraine, while maintaining the controls and standards expected by international capital markets. Mr. Mover has also previously had overall responsibility for the development of one of the world's largest silver deposits in north eastern Russia on behalf of Pan American Silver Corporation; was Vice President CIS Operations for World Wide Minerals accountable to restart four uranium mines and processing plants in Kazakhstan; and was Resident Manager Magadan for Davy International EPCM consultants.

Paul Bozoki , , CA, MBA , , Chief Financial Officer

Mr. Bozoki is a Chartered Accountant and holds an MBA with over fifteen years of accounting, tax and corporate finance experience in Canada and Europe. From 2007 through September 2010, he was the Chief Financial Officer of CD Capital Partners, a privately held real estate development firm focused on developing mixed use retail and office real estate in Russia, Ukraine and Romania. From 2001 through 2006, he was the Chief Financial Officer of MAVA Investment Ltd., a private equity firm based in Budapest, Hungary with two funds under management and US$110 million of committed capital. Mr. Bozoki is experienced in matters of international taxation and foreign capital markets and began his career at Ernst & Young LLP where he spent six years auditing clients in mining and other industries in Canada, Australia and Hungary.

Aaron Wolfe , , HBA , , Vice President, Corporate Development

Mr. Wolfe is a corporate finance and advisory professional with experience in advising, structuring and financing junior resource, technology and renewable energy companies. He works as a corporate and business development consultant to several publicly traded companies in the resource industries. Previously, from 2006 to 2009, Mr. Wolfe was an Investment Banker with Macquarie Capital Markets Canada Ltd., the Canadian division of a global investment bank, and its predecessor Orion Securities Inc. From 2003 to 2006, Mr. Wolfe was an Associate Consultant with an international management and human resources consulting firm, Mercer (Canada) Ltd. Mr. Wolfe holds an Honours Business Administration degree from the Richard Ivey School of Business at the University of Western Ontario.

Christine Gallo , , LL.B, BBA , , Corporate Secretary

Ms. Gallo is a corporate securities lawyer who works as a legal consultant to several publicly traded companies in the mining industry. Previously, from 2007 to 2010, Ms. Gallo practiced securities law as an associate at Cassels Brock & Blackwell LLP. Ms. Gallo obtained her Bachelor of Laws from Osgoode Hall Law School in 2006 and a Bachelor of Business Administration from the Schulich School of Business in 2003.

Stefan Gueorguiev , , P.Eng. MPM , , Project Manager

Mr. Gueorguiev has 19 years experience In the field of consulting engineering and project management. Since 1999 he worked for AMEC, a large engineering company with 22,000 employees worldwide. At AMEC Mr. Gueorguiev held several progressive roles from Civil/ structural lead engineer, to Engineering and Project Manager for various large EPCM projects. His areas of expertise include mining, oil and gas, heavy industrial, and power projects. Mr. Gueorguiev has worked as part of design and construction teams in various parts of the world including North America, Africa, Europe, and the Middle east. He holds a degree in Civil/ Structural engineering from Sofia University and a Master degree in Project Management from Erie school of business, Penn State University.