Black Iron, Inc. has updated its current Bankable Feasibility Study (BFS), incorporating pilot plant test work, completed on its Shymanivske Iron Ore Project located in Krivoy Rog, Ukraine (the Project). The updated BFS outlines an operation producing 9.9 million tonnes per year of high-grade 68% iron ore concentrate, projecting a 48% internal rate of return (IRR), two year payback and a $3.3 billion net present value (NPV) at an 8% discount rate.