Black Iron Q2 Update

TORONTO, ONTARIO -- (Marketwire) -- 08/11/11 -- Black Iron Inc. ("Black Iron" or the "Company") (TSX:BKI) has filed its interim financial statements and MDA for the three and six months ended June 30, 2011 on SEDAR (www.sedar.com).

"Our technical and corporate development teams have made significant strides since Black Iron successfully debuted on the TSX March 29, 2011," said Matt Simpson, President and CEO of Black Iron. "On the technical side, our scoping study and metallurgical test work for the Shymanivske Iron Ore Project in Ukraine is advancing nicely and remains on schedule for delivery in the fourth quarter of this year. We have successfully completed a 6,700 meter confirmatory twin hole drilling program and are preparing for our first exploration and definition drilling campaign which will start upon resolution of our temporary suspension of activity from the Dnipropetrovsk Region Ecological Inspectorate. This new drill program will target the north end of our property boundary, as well as the overall deposit at depth, with the aim of both increasing the resource size and classification."

Simpson also added, "We have also been very active on the corporate side adding key hires such as George Mover as our Chief Operating Officer based in Ukraine with previous experience with Ferrexpo, and other key additions to our teams in Toronto and Krivoy Rog. Jaroslav Kinach joined our Board of Directors and will provide guidance on a variety of financial fronts as well as insight on doing business in Ukraine. Finally, we have successfully attracted equity research coverage from five investment banks: Cormark, Northland, Union, Macquarie and Desjardins, and look to continue to work with these analysts and others as we continue to develop our projects."

Further information on Black Iron and on the Shymanivske Project can be accessed at Black Iron's corporate website at www.blackiron.com or on Black Iron's SEDAR profile at www.sedar.com.