Black Iron is a Canadian iron ore exploration and development company advancing its 51% owned Shymanivske Project located in Krivyi Rih, Ukraine, to production. The Shymanivske Project contains 646 million tonnes measured and indicated resources grading 31.6% iron and 188 million tonnes inferred resources grading 30.1% iron. A bankable feasibility study for the Shymanivske Project demonstrates excellent economics for 9.9 million tonnes per year of 68% iron ore concentrate production, including an NPV of US$3.3 billion (8% discount), an IRR of 48% and a 2 year payback period based on a conservative long term iron ore benchmark price of $95/tonne, as published to SEDAR.com on January 24, 2014. The project is in a mining friendly region as it is surrounded by five other operating iron ore mines including ArcelorMittal. Existing infrastructure with surplus capacity, including confirmed access to power, rail and port facilities, allows for a quick and relatively low cost development to production.