Black Iron Announces 2022 AGM Results and Project Update

TORONTO, June 30, 2022 (GLOBE NEWSWIRE) -- Black Iron Inc. (“Black Iron” or the “Company”) (TSX: BKI) reports, in accordance with the policies of the Toronto Stock Exchange, that the nominees listed in the management information circular dated May 24, 2022 were elected as directors of the Company at the annual general meeting of shareholders of the Company (the “Meeting”) held today.

Detailed results of the vote for the election of directors are as follows:

A total of 39,378,201 common shares were voted in connection at the Meeting, representing approximately 12.96% of the issued and outstanding common shares of the Company.

Black Iron’s management is continuing to advance discussions with Ukraine’s government, albeit at a slower than normal pace due to the challenges of reaching officials during this time of war, to secure land held by Ministry of Defence and permit renewals to ready the Shymanivske Iron Ore Project (the “Project”) for a quick restart upon there being peace in Ukraine. Management has been very proactive in supporting the local community of Kryviy Rih where the Project is located and this work was recently formally recognized by the Head of the Defence Council & Head of the Military Administration of Kryviy Rih, Oleksandr Vilkul.

While Black Iron waits for peace in Ukraine to advance the flagship Project, management has been actively reviewing complementary projects to generate shareholder value.

About Black Iron

Black Iron is an iron ore exploration and development company, advancing its 100% owned Shymanivske Iron Ore Project located in Kryviy Rih, Ukraine. Full mineral resource details and projected project economics can be found in the NI 43-101 technical report entitled “(Amended) Preliminary Economic Assessment of the Re-scoped Shymanivske Iron Ore Deposit” published in March 2020 with an effective date of November 21, 2017 under the Company’s profile on SEDAR at www.sedar.com. The Project is surrounded by five other operating mines, including Metinvest’s YuGOK and ArcelorMittal's iron ore complex. Please visit the Company's website at www.blackiron.com for more information

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Forward-Looking Information

This press release contains forward-looking information. Forward-looking information is based on what management believes to be reasonable assumptions, opinions and estimates of the date such statements are made based on information available to them at that time. Forward-looking information may include, but is not limited to, statements with respect to the election of directors, discussions with the Ukraine government, review of complementary project and the Company’s future plans. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the war in Ukraine; general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the annual information form of the Company. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, 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. The Company notes that mineral resources are not mineral reserves and do not have demonstrated economic viability.