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BLACK IRON ANNOUNCES THE COMMENCEMENT OF DRILLING AT ITS SHYMANIVSKE IRON ORE PROJECT IN UKRAINE

04/05/2011

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BLACK IRON ANNOUNCES THE COMMENCEMENT OF DRILLING AT ITS SHYMANIVSKE IRON ORE PROJECT IN UKRAINE

For Immediate Release

TARGETING 7,500 METRES OF DIAMOND CORE DRILLING OVER A 3 MONTH PERIOD

PROGRAM WILL PROVIDE DRILL CORE FOR METALLURGICAL TEST WORK AND BE USED FOR THE ONGOING SCOPING STUDY

THREE DRILLS ON SITE AND STARTING TO DRILL

TORONTO, April 5 2011 – Black Iron Inc. (“Black Iron” or the “Company”) (TSX: BKI) is pleased to announce the commencement of an initial confirmation (“twin hole”) diamond drill program at the Company’s Shymanivske Iron Ore Project in Ukraine. The program will include the deployment of three drill rigs to complete 7,500 metres of drilling over a three month period.

Matt Simpson, President and Chief Executive Officer of Black Iron commented, “We are pleased to initiate a robust drilling program that will provide drill core suitable for metallurgical test work to establish an optimized process flow sheet for the ongoing scoping study. A secondary goal of this program is to check historic assay results and drill hole locations to validate past. Contingent on results from this confirmation drilling program, a follow-up infill and exploration drilling program will be initiated to upgrade the categorization of the Mineral Resources and to define additional resources.”

Black Iron has engaged Ukraine based GeoResource to complete the drill program using modern equipment under the direction of Watts, Griffis and McOuat Limited,

Consulting Geologists and Engineers, of Toronto, Canada, who are to ensure all field and laboratory work is conducted in compliance with National Instrument 43-101 standards and Best Practices guidelines.

About the Company

Black Iron is an iron ore exploration and development company advancing its 100%- owned Shymanivske project located in Krivoy Rog, Ukraine. This project contains a NI 43-101 compliant resource with 345Mt measured and indicated resources grading 32% iron and 469Mt of inferred resources grading 31% 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 Matt Simpson, President & Chief Executive Officer of the Company, 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.

For more information, please contact:

Investor Cubed, Investor Relations   Matt Simpson
Tel: +1 (647) 258-3311   President & Chief Executive Officer
Toll Free: 1 888 258 3323   Tel: +1 (416) 309-2138
info@blackiron.com  

Forward Looking Information

This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to the goals of the drill program and the expected results of the program on the Company’s performance. 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 in light of its experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate. 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.