Black Iron Advances in Talks on Positioning and Updates the PEA Toronto Stock Exchange: BKI

TORONTO, March 02, 2020 (GLOBE NEWSWIRE) – Black Iron Inc. (Black Iron or Society) (TSX: BKI; OTC: BKIRF; FWB: BIN) management continues to make very positive progress in discussions with the steel mills and worldwide commodity trading companies that are showing a keen interest in financing a significant amount of the US $ 452 million required to build phase 1 of its Shymanivske iron ore project (the project) in exchange for # 39; obtaining direct debit rights. The levy rights involve the purchase of up to the total of four (4) million tonnes per year of very high grade 68% iron ore expected to be produced in phase 1 with a slight discount compared to the reference price of iron ore traded daily, and an equity stake. in the society.

A number of direct debits groups have started to discuss and propose terms and trade structure for a potential investment, while others continue to do in-depth analysis and due diligence, including requesting follow-up visits on the project site. Although many of these groups are based outside of Asia, there are potential investors in Asia-based order intake and construction. Due to the coronavirus epidemic, travel to and from Asia has been limited and as a result some of these potential collection groups have not been able to plan a site visit for the moment. Black Irons management is very focused on getting the best deal for shareholders, which involves getting the biggest investment to finance the construction of the project for the lowest amount of price discount Black Iron’s hold and equity.

As part of the detailed due diligence issues of potential holds investors, Black Iron modified the 2017 Preliminary Economic Assessment (PEA) mine model of its National Instrument 43-101 (NI 43-101) technical report entitled Pronomic Economic Assessment of the Re- Scoped Shymanivske Iron Ore Deposit "effective November 21, 2017 (2017 PEA). Updated mine model resulted in slightly revised mine life and stripping ratio (quantity of waste extracted per tonne of mineralized material) impact on the projected economy of the project, as shown in the summary table below, showing the results of the modified PEA in which all the figures are presented in US dollars.

The amended NI 43-101 Technical Report (the amended report) retains the same title and effective date: Preliminary Economic Assessment of the Reworked Shymanivske Iron Ore Deposit "effective November 21, 2017. The amended report replaces PEA 2017 as the current NI 43-101 Technical Report for the project, except for the updated mining plan and the economics of operations, capital and related project, the rest of the amended report remains unchanged from the 2017 PEA, including the sections relating to the estimation of mineral resources, the treatment of infrastructure management plans, infrastructure and the environment. www.sedar.com under the company profile.

Matt Simpson, CEO of Black Irons, said: A number of steel mills and global commodity trading companies are showing a keen interest in obtaining levy rights in exchange for spending a significant percentage of the capital needed to construction of the project. My main goal over the next few months is to get a significant investment from one of these groups to finance construction, as this is transformative for Black Iron.

Increased global attention to reducing the impacts of climate change leads to significant restructuring of the steel sector, which translates into growing demand for higher iron content, raw materials Low impurity which can be pelletized as steel mills strive to reduce emissions and increase the efficiency of furnaces. The projected quality of Black Irons expected with an ultra-high iron content of 68% from pellets containing low levels of alumina and phosphorus is perfectly positioned to meet this need, explained Matt Simpson.

The amended report was prepared in accordance with National Instrument 43-101 guidelines by the independent firms BBA Inc. and Watts, Griffis and McOuat Limited (with the individual authors identified below) and comes into force on November 21, 2017 ( same date as PEA 2017). PEA results are based on 100% ownership of the Shymanivske project by Black Iron.

Qualified persons
The content of this press release has been reviewed and approved by qualified persons, as follows:

• Angelo Grandillo, ing. from BBA Inc. QP for the overall supervision of the modified report.
• Jeffrey Cassoff, P.Eng. from BBA Inc. QP for pit resource estimation and mining engineering.
• Michael Kociumbas, geo. and Rick Risto, geo., Watts, Griffis and McOuat Limited, QP for the estimation and geology of mineral resources and QA / QC and data verification.

These persons are qualified persons as defined by National Instrument 43-101, are independent from Black Iron and have reviewed and approved the content of this press release. Qualified persons have also reviewed or verified all data, including the results of sampling, analysis and testing underlying the information or opinions contained in this document.

Warning statement
The PEA is preliminary in nature and includes inferred mineral resources which are considered to be too geologically speculative for economic considerations to apply to them which would allow them to be classified as mineral reserves. There is no certainty that the PEA will be carried out. Mineral resources which are not mineral reserves have not demonstrated economic viability.

In order for readers to fully understand the information contained in this press release, they must read the amended report in its entirety, which is filed in accordance with NI 43-101 on SEDAR (www.sedar.com) and will soon be available on the site Company web. , including all qualifications, assumptions and exclusions related to the modified PEA. The modified report is intended to be read in its entirety, and the sections should not be read or used out of context.

About Black Iron
Black Iron is an iron ore exploration and development company, advancing its 100% owned Shymanivske project located in Kryviy Rih, Ukraine. The Shymanivske project contains mineral resources prepared in accordance with NI 43-101 estimated at 646 Mt Measured and indicated mineral resources, composed of 355 Mt Measured mineral resources grading 32.0% total iron and 19.5% magnetic iron and mineral resources indicated from 290 Mt grading 31.1% total iron and 17.9% magnetic iron, using a cutoff content of 10% magnetic iron. In addition, the Shymanivske project contains 188 Mt of inferred mineral resources grading 30.1% total iron and 18.4% magnetic iron. Full details on mineral resources can be found in the 2017 PEA under the company profile on SEDAR at www.sedar.com. The Shymanivske project is surrounded by five other operating mines, including the ArcelorMittal iron ore complex. Please visit the company's website at www.blackiron.com for more information.

The technical and scientific content of this press release has been prepared under the supervision and has been reviewed and approved by Matt Simpson, P.Eng, CEO of Black Iron, who is a Qualified Person as defined in NI 43-101.

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Forward-looking information

This press release contains forward-looking information. The forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates as of the date these statements are made, based on the information available to them at that time. Forward-looking information may include, but is not limited to, statements regarding the ability of the company to develop the project, the results of the modified PEA, the completion of the modified PEA, expectations of future cash flows, prospects economic forecasts, the geopolitical climate in Ukraine, the ability of the company to raise adequate capital, the ability of the company to secure the required land rights and the future plans of the company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "is awaiting" or "is not expected", "is awaited", "budget", "Planned", "estimates", "plans", "hears", "anticipates" or "does not plan", or "believes", or variations of these words and expressions or states that certain actions, events or results "may "," could "," would "," could "or" will be taken "," will occur "or" will be reached ". Forward-looking information is subject to risks, uncertainties and other known and unknown factors which may cause that the actual results, the level of activity, the performances or the achievements of the Company are significantly different from those expressed or implied by this forward-looking information, including but not limited to: general commercial uncertainties , economic, competitive, geopolitical and t social; actual results of ongoing exploration activities; the other risks of the mining industry and the risks described in the Company's annual information form and those described in the 2017 PEA and the amended report. Although the Company has attempted to identify important factors which could cause actual results to differ materially from those contained in the forward-looking information, other factors may cause the results to be different than planned, estimated or planned. There can be no assurance that this information will prove to be correct as actual results and future events may differ materially from those predicted in these statements. Therefore, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.