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Black Iron Welcomes Former Ukraine Prime Minister's Advisor Jaroslav Kinach to the Board


TORONTO, ONTARIO--(Marketwire - July 5, 2011) - Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) is pleased to announce the appointment of Mr. Jaroslav Kinach to the Company's Board of Directors. Mr. Kinach will be instrumental in providing guidance to the Company on operating in Ukraine and on a broad range of financial matters as Black Iron continues to develop its Shymanivske Iron Ore Project in Krivoy Rog, Ukraine into a world-class iron ore pellet producer. The Company welcomes Mr. Kinach to the Board and looks forward to working with him as the Company's strategic focus is realized.

Mr. Kinach holds an MBA from the Graduate School of Business at Columbia University in New York and is a Fellow of the Institute of Canadian Bankers. He started his career in Canada with the Toronto Dominion Bank where he spent more than twenty years in several roles of increasing responsibility related to corporate and international finance. From January 1995 to November 1999, Mr. Kinach was Ukraine Country Head of the European Bank of Reconstruction and Development ("EBRD"). During his tenure, EBRD became the largest foreign investor in Ukraine and substantially expanded its portfolio of business from about US$50 million in commitments to circa US$1 billion covering both the public and private sectors. After EBRD, Mr. Kinach held the position of Advisor to the Prime Minister of Ukraine under a special technical assistance project arranged by the Canadian International Development Agency ("CIDA"). In this capacity, Mr. Kinach initiated the establishment of a national investment agency to attract foreign investments, and promoted a national policy leading to the formation of a vertically integrated national petroleum company. Mr. Kinach also worked with Kiev's municipal finance department on its debut US$150 million Eurobond placement in 2003.

The appointment of Mr. Kinach remains subject to the receipt of all regulatory approvals, including the approval of the Toronto Stock Exchange. His addition increases the number of Directors of Black Iron to seven. A complete listing of the Board of Directors, along with the individuals' respective qualifications and biographies can be found on Black Iron's corporate website at

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 or write us at for more information.

Forward Looking Information

This press release contains "forward-looking information" which may include, but is not limited to, statements with expected performance of the individual and the effect realized by the appointment. 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 the past performance and experience of the appointee. 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.

        Investor Cubed
        Investor Relations
        +1 (647) 258-3311 or Toll Free: 1 888 258 3323

        Black Iron Inc.
        Matt Simpson
        President & Chief Executive Officer
        +1 (416) 309-2138

Source: Black Iron Inc.