TSX-IRON:
hbis2

News Release

VANCOUVER, BC--(Marketwired - May 11, 2017) - Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the "Company") announced that it has filed its financial results for its first quarter ended March 31, 2017. All amounts, unless indicated, are reported in CAD dollars.

"We've had a very exciting and busy start to 2017," says Mark Morabito, Chairman and Chief Executive Officer of Alderon Iron Ore. "We effectively re-booted our Kami Project with the release of a re-scoped Preliminary Economic Assessment, strengthened our board, worked with Memorial University in St. John's to prepare an Economic Impact Assessment study showing the significant number of jobs and considerable contributions to government treasuries that Kami will make, and adopted a new trading symbol, IRON. These efforts pave the way for continued advancement of the Kami project and capitalize on improved iron ore fundamentals."

Q1 2017 Highlights

  • Released the results of a Preliminary Economic Assessment ("PEA") that was prepared as a result of the Company's efforts to re-scope the capital and operating costs of the Kami Project given market conditions over the past several years, changes in ownership and management of assets in the Labrador Trough, and the availability of the idled Wabush Scully Mine as a tailings management solution.
    -- Estimated pre-tax Net Present Value (NPV) at 8% discount rate is $1.377 billion based on an average production rate of 7.8 million tonnes per year of iron ore concentrate at a grade of 65.2% iron, over the life of the mine;
    -- Total estimated capital cost (excluding sustaining capital) is $897.5 million, reduced from $1.3 billion in the 2012 Feasibility Study*;
    -- The FOB concentrate sales price used in the PEA is $65.30 per tonne.
    -- Internal rate of return (pre-tax) for the project is 23.8%; and
    -- Projected payback period is 3.9 years
  • Began trading under the symbol "IRON"

Subsequent to Quarter-End

  • Released the results of an independent Economic Impact Assessment ("EIA"). Highlights from the EIA include:
    -- $7.6 billion in income to workers and businesses across Canada
    -- $4.4 billion Federal and Provincial government revenues
    -- 100,000 direct and indirect jobs will be created
  • Appointed Dr. Andrew Furey as an Independent Director.
    -- Dr. Furey is an active member of Newfoundland and Labrador's business and medical communities and will be a valuable resource to the Company.

Outlook
"Our focus in the coming months will continue to center on advancing Kami's development and gaining access to the idled Scully pit for use as a tailings facility," added Mr. Morabito. "Targeted milestones in the near and longer term include the start of a feasibility study, re-assembling the owner's team, awarding an EPCM/EPC contract, resuming detailed engineering activities and securing construction financing."

Alderon's Management Discussion and Analysis and Financial Statements for the first quarter 2017 ended March 31, 2017 are available on the Company's website, http://www.alderonironore.com, and via the Company's SEDAR profile.

Alderon AGM
Alderon is also pleased to announce that it has received Toronto Stock Exchange ("TSX") approval to hold its annual general meeting ("AGM") on September 14, 2017, outside of the TSX requirement that a company hold an AGM within six months of its year end. The previously announced transaction regarding the Wabush Scully Mine (see Alderon news release dated April 5, 2017) may require shareholder approval depending on the final structure and the Company chose to delay the holding of its AGM rather than holding multiple shareholder meetings in short succession.

Technical Information
The results of the PEA are from, and the EIA was based on, the technical report entitled "Re-Scoped Preliminary Economic Assessment of the Kamistiatusset (Kami) Iron Ore Property, Labrador", dated effective February 28 2017 (the "PEA Report"). The PEA Report was prepared under the supervision of Mr. Angelo Grandillo, P.Eng, of BBA, a Qualified Person as defined by NI 43-101, with contributions from Gemtec and WGM. Mr. Grandillo is a Qualified Person as defined by NI 43-101 and Mr. Grandillo is independent of Alderon. Mr. Grandillo has reviewed and approved the technical information regarding the PEA results. Mr. Grandillo has verified all the data underlying the technical information disclosed with respect to the PEA results.

About Alderon
Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS Group Co. Ltd. (formerly Hebei Iron & Steel Group Co. Ltd.) ("HBIS") through The Kami Mine Limited Partnership, is located within Canada's premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America. HBIS is Alderon's strategic partner in the development of the Kami Project and China's second largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com

Alderon is part of the King & Bay West group of companies. King & Bay West is a merchant bank and management services company that specializes in identifying, funding, developing and managing growth opportunities in the resource and technology sectors.

ALDERON IRON ORE CORP.
On behalf of the Board
"Mark J Morabito"
Chairman & CEO

*The 2012 Feasibility Study used an exchange rate of $1.00CDN = US$1.00 and was in constant Q4-2012 dollars. No escalation or inflation was applied to costs to bring them to Q1-2017 dollars. The exchange rate used in this current PEA is $1.00CDN = US$0.77.

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the details of the re-scoping of the Kami Project including potential capital and operating cost savings, (ii) the market and future price of iron ore and related products; (iii) expected infrastructure requirements; (iv) the ability to access or acquire the Scully Assets, (v) the results of the EIA; and (vi) the results of the PEA Report including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines and production timelines for the Kami Project, (vii) targeted milestones, and (viii) the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the ability of the Company to gain access to the Wabush Scully Mine site, the ability of the Company to use the multi-user terminal facility at the Port of Sept-Îles, the receipt of necessary regulatory approvals, the estimation of insurance coverage, assumptions with respect to currency fluctuations and exchange rates, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, risks related to a third party acquiring the Wabush Scully Mine site, risks related to insufficient capacity being available for the Company to access the multi-user terminal facility at the Port of Sept-Îles, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's Annual Information Form for the most recently completed financial year, or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

VANCOUVER, BC--(Marketwired - May 03, 2017) - Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the "Company") is pleased to announce the appointment of Dr. Andrew Furey to the Board of Directors of Alderon effective immediately. An active member of Newfoundland and Labrador's business and medical communities, Dr. Furey will serve as an independent director.

"I am extremely pleased that Dr. Furey has agreed to join the Alderon Board at a key point in the re-boot of the Kami Project," says Mark Morabito, Chairman and Chief Executive Officer of Alderon. "Dr. Furey represents the next generation of leaders in Newfoundland and Labrador who are actively advancing the province's economic, health, and social interests. His credentials are extensive and he will be an extremely valuable resource for Alderon. We very much look forward to his counsel and contributions."

Dr. Furey is currently the Associate Professor of Surgery at Memorial University, the President of the Newfoundland and Labrador Surgical Society, Chief of Orthopedic Surgery at Eastern Health, and Director of Research for the Orthopedic Resident Training Program at the Memorial Medical School. In October 2015 Dr. Furey graduated from SAID School of Business at Oxford where he was the valedictorian of a graduating class of scholars from around the world.

Dr. Furey was recently named one of Atlantic Business Magazine's Top 50 CEOs, two years in a row, and was the recipient of the 2015 CBC Innovator of the year award. He also holds a B.Sc. Biology, M.D., and M.Sc., Medicine: Clinical Epidemiology, from Memorial University in Newfoundland. Dr. Furey is also the Co-Founder and President/CEO of Team Broken Earth, a non-profit medical organization providing Critical medical relief to Haiti and some of the poorest parts of the world.

The appointment of Dr. Furey is consistent with Alderon's strategy to effectively re-boot the Kami Project and take advantage of improving iron ore market fundamentals and favorable outlook.

Alderon recently released its Economic Impact Assessment ("EIA") for the Kami project and the full report is now available on the company's website at www.alderonironore.com.

The EIA estimates that the Kami project will, over the life of the project, generate the following benefits for the people, communities and the government of Newfoundland and Labrador:

  • $2.2-billion in direct, indirect and induced incomes to workers and local businesses;
  • Approximately 32,000 person years of direct, indirect and induced employment during construction and operations; and
  • Approximately $1.8-billion in treasury contributions from total direct, indirect and induced taxes;
  • $14-billion in contribution to the provincial GDP through incomes generation and the production undertaken.

About Alderon

Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS Group Co. Ltd. (formerly Hebei Iron & Steel Group Co. Ltd.) ("HBIS") through The Kami Mine Limited Partnership, is located within Canada's premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America. HBIS is Alderon's strategic partner in the development of the Kami Project and China's second largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com

Alderon is part of the King & Bay West group of companies. King & Bay West is a merchant bank and management services company that specializes in identifying, funding, developing and managing growth opportunities in the resource and technology sectors.

ALDERON IRON ORE CORP.
On behalf of the Board
"Mark J Morabito"
Chairman & CEO

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the benefits from the appointment of Dr. Furey, (ii) the results of the EIA, and (iii) the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the ability of the Company to gain access to the Wabush Scully Mine site, the ability of the Company to use the multi-user terminal facility at the Port of Sept-Îles, the receipt of necessary regulatory approvals, the estimation of insurance coverage, assumptions with respect to currency fluctuations and exchange rates, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, risks related to a third party acquiring the Wabush Scully Mine site, risks related to insufficient capacity being available for the Company to access the multi-user terminal facility at the Port of Sept-Îles, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's Annual Information Form for the most recently completed financial year, or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

VANCOUVER, BC--(Marketwired - April 05, 2017) - Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the "Company") today released an independent Economic Impact Assessment ("EIA") of the Kamistiatusset ("Kami") Iron Ore Project that indicates significant economic benefits and positive implications for the economies of Newfoundland and Labrador, Quebec and Canada. The Kami Project, which is located in the Labrador Trough, Canada's premier iron ore district, is expected to create more than 100,000 direct, indirect and induced jobs as well as generate $7.6 billion in incomes to workers and businesses, $4.4 billion in total revenue for federal and provincial treasuries and $19.5 billion in GDP over a 26-year period, which includes two years of construction activities. All dollar estimates are denoted in Canadian currency unless otherwise stated.

CEO Commentary

"The release of an independent economic impact assessment represents another significant milestone in our efforts to effectively re-boot the Kami Project and capitalize on improving iron ore market fundamentals," said Mark Morabito, Chairman and CEO of Alderon Iron Ore Corp. "The EIA results provide clear validation that Kami will have a positive economic impact in Labrador and beyond as demonstrated by the more than 100,000 per person years of employment that it is estimated to produce and an estimated $7.6 billion in total incomes expected over the life of the project.

"In Newfoundland and Labrador alone, we expect that Kami will create approximately 32,000 direct, and spinoff jobs, generate more than $2.2 billion in total incomes to workers and businesses and contribute more than $1.8 billion in much needed revenue for the provincial treasury."

The EIA was prepared by Strategic Concepts, Inc. (SCI) and Dr. Wade Locke of Memorial University on behalf of Alderon for the purposes of evaluating the economic impacts expected to emanate from the capital and operating expenditures associated with the development of the Kami Project. The Kami Project's economic impacts were analyzed for the economies for Newfoundland and Labrador, Quebec, Ontario, the other Provinces of Canada and Canada as a whole.

Kami's Economic Impact Estimated for Newfoundland and Labrador

The EIA estimates that the Kami Project will, over the life of the project, generate the following benefits for the people, communities and the Government of Newfoundland and Labrador:

  • $2.2 billion in direct, indirect and induced incomes to workers and local businesses;
  • Approximately 32,000 person years of direct, indirect and induced employment during construction and operations;
  • Approximately $1.8 billion in treasury contributions from total direct, indirect and induced taxes; and
  • $14 billion in contribution to the provincial GDP through incomes generation and the production undertaken.

Kami's Economic Impact Estimated for Quebec

The independent assessment anticipates that the Kami Project will generate the following benefits for the people, communities and the Government of Quebec:

  • $3.2 billion in direct, indirect and induced incomes to workers and local businesses;
  • 42,260 person years of direct, indirect and induced employment during construction and operations;
  • $459 million in treasury contributions through direct, indirect and induced taxes; and
  • $3.2 billion contribution to the provincial GDP.

Kami's Economic Impact Estimated for Canada

The independent assessment calculates that the Kami Project will generate the following benefits for the people, communities, provincial governments and the Government of Canada:

  • $7.6 billion in direct, indirect and induced incomes to workers and local businesses;
  • 100,405 person years of direct, indirect and induced employment during construction and operations;
  • $4.4 billion in total treasury contributions, including $2.0 billion in total contributions to the Federal treasury, through direct, indirect and induced taxes; and
  • $19.5 billion in contribution to the national GDP through income and production.

"Completion of the EIA now paves the way for the next phase of Kami's development," added Mr. Morabito. "Against a backdrop of improving iron ore sector fundamentals, our near-term focus will centre on gaining access to the idled Scully pit for use as a tailings facility and strengthening our leadership team."

The Economic Impact Assessment was based on the production profile, operating cost assumptions and capital cost projections included in the technical report entitled "Re-Scoped Preliminary Economic Assessment of the Kamistiatusset (Kami) Iron Ore Property, Labrador", dated effective February 28 2017 (the "PEA Report"). The economic impacts associated with the development of Kami were analysed from a number of perspectives, including cash-flow, employment, income, GDP, taxation and sensitivity to changes in commodity prices, capital and operating costs.

Wabush Update

The Company has submitted a binding offer (the "Offer") to purchase certain assets related to the Scully Mine that would be required for the Company to dispose of the tailings produced from the Kami Project as described in the PEA (the "Scully Assets"). As consideration for the Scully Assets, the Company has offered to pay $1,000,000 and assume certain liabilities and obligations associated with ownership and operation of the Scully Assets. The Company paid a deposit in the amount of $250,000 which shall be applied against the purchase price on closing.

The Offer was submitted in connection with formal sale procedures developed by Wabush Mines, Wabush Resources Inc., Wabush Iron Co. Limited, Wabush Lake Railway Company Limited (collectively, the "Vendors") in consultation with FTI Consulting Canada Inc. (the "Monitor"). In accordance with the sale procedures, all offers were due before 5:00 p.m. (Toronto time) on March 27, 2017. The Vendors, in consultation with the Monitor, will review all offers that were submitted and determine whether to accept any of the offers. In the event that the Company's Offer is rejected, the deposit shall be returned to the Company.

If the Company's Offer is accepted, the closing of any transaction related to the acquisition of the Scully Assets is subject to numerous conditions including the execution of a definitive agreement on terms acceptable to the Vendors and the Company, receipt of regulatory approvals, receipt of court approval, and other conditions customary to a transaction of this nature. There is no certainty that the Company's Offer will be accepted, or if the Offer is accepted, that a transaction to acquire the Scully Assets will be successfully concluded.

Preliminary Economic Assessment

Based on the PEA Report, it is estimated the Kami project will require approximately 29 months of construction, and is expected to produce 182 million tonnes of iron ore concentrate over a 24 year operational period. Alderon commissioned the PEA Report to identify capital and operational cost savings as a result of the recent state of the iron ore market.

The following highlights of the PEA Report demonstrate the improved market fundamentals of the project (all amounts in US$):

  • Estimated pre-tax Net Present Value (NPV) at 8% discount rate is US$1.377 billion based on an average production rate of 7.8 million tonnes per year of iron ore concentrate at a grade of 65.2% iron, over the life of the mine;
  • Total estimated capital cost (excluding sustaining capital) is US$897.5 million, reduced from US$1.3 billion in the 2012 Feasibility Study*;
  • Average estimated operating cost is US$31.08/tonne, reduced from US$42.17/tonne in the 2012 Feasibility Study*;
  • The FOB concentrate sales price used in the PEA is US$65.30 per tonne. This price was derived using an iron ore price that is well below the current spot price;
  • Internal rate of return (pre-tax) for the project is 23.8%; and
  • Projected payback period is 3.9 years.

*The 2012 Feasibility Study used an exchange rate of $1.00CDN = US$1.00 and was in constant Q4-2012 dollars. No escalation or inflation was applied to costs to bring them to Q1-2017 dollars. The exchange rate used in this current PEA is $1.00CDN = US$0.77.

On a post-tax basis, the PEA shows a NPV of US$712 million at a cash flow discount rate of 8%. The post-tax IRR for the project is 17.9% and the payback period is 4.7 years. The post-tax analysis is based on a number of assumptions fully set out in the Report.

The PEA Report was prepared under the supervision of Mr. Angelo Grandillo, P.Eng, of BBA, a Qualified Person as defined by NI 43-101, with contributions from Gemtec and WGM. Mr. Grandillo is a Qualified Person as defined by NI 43-101 and Mr. Grandillo is independent of Alderon. Mr. Grandillo has reviewed and approved the technical information contained in this section of the news release. Mr. Grandillo has verified all the data underlying the technical information disclosed in this section of the news release.

Additional information regarding the Kami Project and results of the PEA can be found in the PEA Report which is available on SEDAR at www.sedar.com

Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS Group Co. Ltd. (formerly Hebei Iron & Steel Group Co. Ltd.) ("HBIS") through The Kami Mine Limited Partnership, is located within Canada's premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America. HBIS is Alderon's strategic partner in the development of the Kami Project and China's second largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com

Alderon is part of the King & Bay West group of companies. King & Bay West is a merchant bank and management services company that specializes in identifying, funding, developing and managing growth opportunities in the resource and technology sectors.

ALDERON IRON ORE CORP.
On behalf of the Board
"Mark J Morabito"
Chairman & CEO

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the details of the re-scoping of the Kami Project including potential capital and operating cost savings, (ii) the market and future price of iron ore and related products; (iii) expected infrastructure requirements; (iv) the ability to access or acquire the Scully Assets, (v) the results of the EIA; and (vi) the results of the PEA Report including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines and production timelines for the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the ability of the Company to gain access to the Wabush Scully Mine site, the ability of the Company to use the multi-user terminal facility at the Port of Sept-Îles, the receipt of necessary regulatory approvals, the estimation of insurance coverage, assumptions with respect to currency fluctuations and exchange rates, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, risks related to a third party acquiring the Wabush Scully Mine site, risks related to insufficient capacity being available for the Company to access the multi-user terminal facility at the Port of Sept-Îles, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's Annual Information Form for the most recently completed financial year, or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

VANCOUVER, BC--(Marketwired - March 14, 2017) - Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the "Company") today announced that it has filed its National Instrument 43-101 Technical Report entitled "Re-Scoped Preliminary Economic Assessment of the Kamistiatusset (Kami) Iron Ore Property, Labrador", dated effective February 28 2017 (the "Report"), on the SEDAR website at www.sedar.com. The Report is with respect to Alderon's preliminary economic assessment ("PEA") for its Kami Iron Ore Project located in the Labrador Trough.

The Report was prepared as a result of the Company's efforts to re-scope the capital and operating costs of the Kami Project given market conditions over the past several years, changes in ownership and management of assets in the Labrador Trough, and the availability of the idled Wabush Scully Mine as a tailings management solution. The results of the PEA were announced in the February 28, 2017 news release and there are no material differences between the results announced in that news release and those contained in the final Report, as filed on SEDAR.

"The completion of the PEA represents a significant milestone and reflects how economic conditions in the Labrador Trough and the iron ore sector have improved considerably," said Mark Morabito, Chairman & CEO of Alderon. "In the coming months, we will focus our efforts on advancing development of the Kami project and demonstrating the positive economic impact that our project will provide the region."

The PEA replaces the Company's previous 2012 Feasibility Study, and demonstrates robust economics, including lower initial and sustaining capital costs as well operating costs.

Highlight of the Kami Project Preliminary Economic Assessment (US dollars)

  • Estimated pre-tax Net Present Value (NPV) at 8% discount rate is $1.377 billion based on an average production rate of 7.8 million tonnes per year of iron ore concentrate at a grade of 65.2% iron, over the life of the mine;
  • Total estimated capital cost (excluding sustaining capital) is $897.5 million, reduced from $1.3 billion in the 2012 Feasibility Study*;
  • Average estimated operating cost is $31.08/tonne, reduced from $42.17/tonne in the 2012 Feasibility Study*;
  • The FOB concentrate sales price used in the PEA is $65.30 per tonne. This price was derived using an iron ore price that is well below the current spot price;
  • Estimated mine life of 24 years;
  • Internal rate of return (pre-tax) for the project is 23.8%; and
  • Projected payback period is 3.9 years.

*The 2012 Feasibility Study used an exchange rate of $1.00CDN = US$1.00 and was in constant Q4-2012 dollars. No escalation or inflation was applied to costs to bring them to Q1-2017 dollars. The exchange rate used in this current PEA is $1.00CDN = US$0.77.

On a post-tax basis, the PEA shows a NPV of US$712 million at a cash flow discount rate of 8%. The post-tax IRR for the project is 17.9% and the payback period is 4.7 years. The post-tax analysis is based on a number of assumptions fully set out in the Report.

Technical Report and Qualified Person

The Report was prepared under the supervision of Mr. Angelo Grandillo, P.Eng, of BBA, a Qualified Person as defined by NI 43-101, with contributions from Gemtec and WGM. Mr. Grandillo is a Qualified Person as defined by NI 43-101 and Mr. Grandillo is independent of Alderon. Mr. Grandillo has reviewed and approved the technical information contained in this news release. Mr. Grandillo has verified all the data underlying the technical information disclosed in this news release.

Additional information regarding the Kami Project and results of the PEA can be found in the Report which is available on SEDAR at www.sedar.com

About Alderon

Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS Group Co. Ltd. (formerly Hebei Iron & Steel Group Co. Ltd.) ("HBIS") through The Kami Mine Limited Partnership, is located within Canada's premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America. HBIS is Alderon's strategic partner in the development of the Kami Project and China's second largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com

Alderon is part of the King & Bay West group of companies. King & Bay West is a merchant bank and management services company that specializes in identifying, funding, developing and managing growth opportunities in the resource and technology sectors.

ALDERON IRON ORE CORP.
On behalf of the Board
"Mark J Morabito"
Chairman & CEO

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the details of the re-scoping of the Kami Project including potential capital and operating cost savings, (ii) the market and future price of iron ore and related products; (iii) expected infrastructure requirements; (iv) the ability to access the Wabush Scully Mine site, (v) the use of the multi-user terminal facility at the Port of Sept-Îles; and (vi) the results of the PEA including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines and production timelines for the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the ability of the Company to gain access to the Wabush Scully Mine site, the ability of the Company to use the multi-user terminal facility at the Port of Sept-Îles, the receipt of necessary regulatory approvals, the estimation of insurance coverage, assumptions with respect to currency fluctuations and exchange rates, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, risks related to a third party acquiring the Wabush Scully Mine site, risks related to insufficient capacity being available for the Company to access the multi-user terminal facility at the Port of Sept-Îles, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's Annual Information Form for the most recently completed financial year, or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

VANCOUVER, BC--(Marketwired - March 07, 2017) - Alderon Iron Ore Corp. (TSX: ADV) ("Alderon" or the "Company") is pleased to announce that its common share ticker symbol will change from 'ADV' to 'IRON' upon the commencement of trading on the Toronto Stock Exchange on March 8, 2017.

No action is required to be taken by current shareholders in connection with the change, and no change has been made to Alderon's share capital. There is no change in the Company's name, no change in its CUSIP number, and no consolidation of its share capital.

The ticker symbol change comes at a transformative time for the Company. The Company recently announced that it has received the results of the preliminary economic assessment ("PEA") on the Rose Deposit of the Kamistiatusset ("Kami") Iron Ore Property in Western Labrador. The PEA was prepared as a result of a re-scoping exercise of the capital and operating costs of the Kami Project, which was necessary in order to identify the savings that arose as a result of the depressed state of the market that existed over the last several years, changes in ownership and management of assets in the Labrador Trough, and the idling of the neighbouring Wabush Scully Mine. For further information please refer to the Company's February 28, 2017 press release.

About Alderon

Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS Group Co. Ltd. (formerly Hebei Iron & Steel Group Co. Ltd.) ("HBIS") through The Kami Mine Limited Partnership, is located within Canada's premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America. HBIS is Alderon's strategic partner in the development of the Kami Project and China's second largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

Alderon is part of the King & Bay West Group ("KBW") of companies. KBW is a merchant bank and management services company that specializes in identifying, funding, developing and managing growth opportunities in the resource and technology sectors.

ALDERON IRON ORE CORP.
On behalf of the Board
"Mark J Morabito"
Chairman & CEO

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the details of the re-scoping of the Kami Project including potential capital and operating cost savings, and (ii) the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the ability of the Company to gain access to the Wabush Scully Mine site, the ability of the Company to use the multi-user terminal facility at the Port of Sept-Îles, the receipt of necessary regulatory approvals, the estimation of insurance coverage, assumptions with respect to currency fluctuations and exchange rates, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, risks related to a third party acquiring the Wabush Scully Mine site, risks related to insufficient capacity being available for the Company to access the multi-user terminal facility at the Port of Sept-Îles, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's Annual Information Form for the most recently completed financial year, or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) ("Alderon" or the “Company”) is pleased to announce that it has received the results of the preliminary economic assessment (“PEA”) on the Rose Deposit of the Kamistiatusset (“Kami”) Iron Ore Property in Western Labrador. The PEA was prepared as a result of a re-scoping exercise of the capital and operating costs of the Kami Project, which was necessary in order to identify the savings that arose as a result of the depressed state of the market that existed over the last several years, changes in ownership and management of assets in the Labrador Trough (including the acquisition by Société du Plan Nord of rail and port infrastructure) and the idling of the neighbouring Wabush Scully Mine (please see news release dated October 19, 2016). With market conditions now improving, it is an ideal time for the completion of the re-scoping exercise.

CEO Commentary

“The completion of the PEA marks the beginning of the re-boot of the Kami Project in the new economic environment for iron ore,” said Mark Morabito, Chairman and CEO of Alderon.  “The Company has completed the economic analysis using an iron ore price assumption that is well below the current spot price, adjusted for 65% iron content and low impurities. The Wabush Scully Mine, which was operated from 1965-2014, is depleted of economic ore reserves. The Kami Project can utilize the depleted pit at Wabush as a tailings solution and bring much needed jobs and economic development to the region with a 29-month construction period, followed by a 24-year mine life. The PEA demonstrates that the capital and operating costs of the Kami Project have been significantly reduced in the current environment and the project has attractive economics at an iron ore price that is well below the current spot price.”

Highlights of the PEA include:

NPV at 8% discount rate US$1,377 M 
IRR 23.8% 
Total Estimated Capital Cost (excluding sustaining capital) US$897.5 M 
Average Estimated Operating Costs (loaded in ship Port of Sept-Îles) US$31.08
CFR Concentrate Sales Price Forecast - based on three year trailing average CFR benchmark price of $69.40/T @ 62% iron adjusted for Kami Fe grade, and Hesteel and Glencore agreement terms US$79.30 (FOB 65.30)
Estimated Mine Life 24 years
Final Product Iron Grade (%Fe) 65.2%
Measured and Indicated Resource of the Rose Deposit
(COG=15%, 29.6% Total Iron)
1093.2 Mt
Annual Production Rate (average life of mine, post ramp-up year) 7.8 Mtpa
Construction Period (incl. pre-operational verification and handover to operations) 29 months
Projected Years to Payback 3.9

The PEA replaces the previous 2012 Feasibility Study NI 43-101 report (the “2012 Feasibility Study”) as the current technical report for the Kami Project. Significant portions of PEA remain unchanged from the Feasibility Study, including sections relating to geology, exploration, drilling, sampling and data verification, and the mineral resource estimate. The current PEA includes the replacement of the port handling and terminal facilities in the Pointe-Noire area of ​​Sept-Îles, Québec, with proposed access to the new multi-user terminal facility at the Port of Sept-Îles that will be open to all market participants, and the integration of the Wabush Scully Mine property as a tailings solution. The present study was prepared as a PEA, not a feasibility study, as a result of the proposed integration of the Wabush Scully Mine property. The Company currently does not have access to the Wabush Scully Mine property to complete the additional engineering and technical work that would be required for the preparation of a feasibility study. For additional information, see below under the heading “Comparison to 2012 Feasibility Study”.

100% of the production from the Kami Project has been pre-sold under the terms of off-take agreements with Hesteel Iron & Steel Group Co., Ltd. (formerly Hebei Iron & Steel Group Co., Ltd.) (“Hesteel”) and a subsidiary of Glencore plc. The FOB concentrate sales price, which is 36% lower than the long-term price used in the 2012 Feasibility Study, was calculated based on the terms of these off-take agreements. Further details regarding the concentrate sale price are set out below in this news release.

The PEA was completed by BBA Inc. (“BBA”) located in Montreal, Quebec, Gemtec Limited (“Gemtec”) located in St. John’s, Newfoundland & Labrador and Watts, Griffis and McOuat Limited (“WGM”) located in Toronto, Ontario, and is effective as of February 28, 2017. The technical report (the “Report”) summarizing the results of the PEA and prepared in accordance with National Instrument (“NI”) 43-101 compliant will be filed on SEDAR and Alderon’s website within 45 days of this news release. The results of the PEA are based on 100% ownership of the Kami Project. The Kami Project is held through The Kami Mine Limited Partnership (“Kami LP”), as to 75% by Alderon and 25% by Hesteel. In addition, the results of the PEA disclosed in this press release are expressed in USD and pre-tax (except where otherwise indicated).

Alderon has engaged Strategic Concepts, Inc. of St. John’s, Newfoundland to update the economic impact assessment of the Kami Project previously released in June of 2012 for the Provinces of Newfoundland & Labrador and Québec (the two regions where the Kami Project has the largest impact) and all other regions across Canada. The updated economic impact analysis will be released in the near future. The completion of this study also forms the basis for Alderon to resume its financing and development efforts fort the Kami Project.

The PEA demonstrates robust project economics.  Based on a production rate of 7.8 million tonnes per year of iron ore concentrate at a grade of 65.2% iron, the PEA shows a Net Present Value (“NPV”) of US$1,377 million at a cash flow discount rate of 8%.  The internal rate of return (“IRR”) for the project is 23.8%. The level of accuracy of the PEA is considered to be +/-30% and an exchange rate of $1.00CDN = US$0.77 was used.

On a post-tax basis, the PEA shows a NPV of US$712 million at a cash flow discount rate of 8%.  The post-tax IRR for the project is 17.9% and the payback period is 4.7 years. The post-tax analysis is based on a number of assumptions which will be fully set out in the Report.

Financial Analysis

Based on the assumption that commercial production would begin 29 months after the start of construction and would continue for 24 years, the following results were obtained:

IRR          23.8%
Payback   3.9 years
Discount Rate

0%


US$

NPV
(Million $) 
4,688

5% US$ 2,151
8% US$ 1,377
10% US$ 1,023

Total capital expenditures (including contingency) are estimated at US$897.5 million.  The capital cost estimate excludes closure costs and sustaining capital, which are expected to be in the order of $30.7 million and $254.6 million respectively for the life of the project. These costs are included in the financial analysis for the project.

Summary of Estimated Initial Capital Costs (Million US$)   
Mine (Including Pre-Stripping) $91.8
Mineral Processing $286.3
Site Infrastructure and Utilities $195.9
TOTAL DIRECT COSTS $574.0
Indirect Costs (Including Owner’s Costs) $246.2
Contingency $77.3
TOTAL $897.5

The PEA assumes a Concentrate CFR selling price of US$79.30/tonne. This price was calculated using the 3-year trailing average price of US$69.40/tonne for the Platts IODEX 62% Fe, CFR North China, adding the spot Fe premium of US$12.50/tonne and applying the discounts and premiums from the Hebei and Glencore agreements. The final price of concentrate loaded in ship (FOB) at Port of Sept-Îles assumed in the financial analysis is US$65.30/tonne. The final price is determined after applying shipping costs estimate at US$14/tonne. Shipping costs were estimated based on a study performed by a reputed company retained by the Kami LP.

Average life-of-mine (“LOM”) operating costs, including annual costs for leasing of equipment (purchase value of US$166.8 million), are estimated at US$31.08/tonne of concentrate. During the life of the project, items of leased equipment are replaced as they reach the end of their service life and these replacement costs are capitalized and reflected as part of the sustaining capital expenditures.  Average LOM operating costs are based on the following:

Estimated Average LOM Operating Costs (US$/t Dry Concentrate)   
Mining (including mining equipment leasing costs) $11.16
Mineral Processing $5.55
General Site $0.50
General Administration $2.22
Environmental & Tailings Management $1.04
Rail Transportation and Port Services (including railcar leasing costs) $10.60
TOTAL $31.08

 Comparison to 2012 Feasibility Study

This present PEA replaces the 2012 Feasibility Study as the current technical report on the Kami Project. Significant portions of PEA remain unchanged from the Feasibility Study, including sections relating to geology, exploration, drilling, sampling and data verification, and the mineral resource estimate. Other sections such as mineral processing, mining methods, recovery methods, environmental studies, permitting and market studies were updated based on work done and developments since the 2012 Feasibility Study was published, including detailed engineering, completion of the environmental assessment process and execution of key project agreements. However, the present study was prepared as a PEA and not a feasibility study as a result of the following:

  • The present Re-Scope PEA Study is based on the concept whereby the concentrator is located at Wabush Scully Mine property;
  • Process tailings are assumed to be disposed of at the Wabush Scully Mine exhausted open pit;
  • Some existing Scully infrastructure will be reused by the Kami Project;
  • Kami LP has not acquired any right or assets on the Wabush Scully Mine property and there is no certainty that Kami LP will be successful in acquiring such rights and assets;
  • Kami LP has not acquired any environmental or other permits to dispose of its tailings into the Scully pit and there is no certainty that such permits would be acquired; and
  • Kami LP did not have access to the Wabush Scully Mine property to complete the additional engineering and technical work that would be required for the preparation of a feasibility study.

The present study is therefore qualified as a Preliminary Economic Assessment. As such, NI 43-101 guidelines do not permit the disclosure of mineral reserves. Although NI 43-101 allows the use of inferred resources to be included in an economic analysis for a PEA, as long as the appropriate cautionary language is used to qualify such an analysis, Alderon and BBA have chosen not to include inferred resources in the economic analysis of this present PEA and thus includes only resources that have been classified as measured and indicated.

The results of the 2012 Feasibility Study are presented for comparative purposes with the results of the PEA in the table below (pre-tax and in USD):

    2017 PEA 2012 FS(1)
NPV at 8% discount rate US$ 1,377 M  3,244 M 
IRR   23.8%  29.3% 
Total Initial Capital Cost US$ 897.5 M  1,273 M 
Total Sustaining Capital Cost US$ 254.6 M  642.4 M 
Average Estimated Operating Costs (loaded in ship Port of Sept-Îles) US$ 31.05  42.17 
FOB Concentrate Sales Price Forecast Per Tonne US$ 65.30 102 - 107
Estimated Mine Life   24 years 30 years
Final Product Iron Grade (%Fe)   65.2% 65.2%
Measured and Indicated Resource of the Rose Deposit
(COG=15%, 29.6% Total Iron)
  1093.2 Mt 1093.2 Mt
Annual Production Rate (average life of mine, post ramp-up year)   7.8 Mtpa 8.0 Mtpa
Construction Period   29 months 24 months
Projected Years to Payback   3.9 3.1
  1. The 2012 Feasibility Study used an exchange rate of $1.00CDN = US$1.00 and was in constant Q4-2012 dollars. No escalation or inflation was applied to costs to bring them to Q1-2017 dollars.

Despite the significant reduction in initial and sustaining capital costs as well as operating costs, the NPV and IRR are lower and the payback period is longer than the 2012 Feasibility Study in large part due to the 36% reduction in the long-term FOB concentrate sales price forecast per tonne.

There are two key changes that have resulted in the significant reduction in initial and sustaining capital costs. The first is the re-scoped Tailings Management Facility (TMF) which proposes to utilize the existing Wabush Scully Mine open pits for tailings disposal. In addition to the capital cost savings, this will provide a significant reduction in greenfield footprint and a net benefit to the Wabush Scully Mine property relative to the current closure scenario of allowing the pits to partially flood and otherwise leave them as-is and the demolition of existing infrastructure.

The second key change is with respect to the port terminal facilities. Specifically, on March 8, 2016 the Government of Quebec became the owner of rail, stockyard and terminal facilities located in Pointe-Noire area of the Port of Sept-Ȋles. The Government of Quebec acquired these facilities from Cliffs Natural Resources and has announced its plans to use these assets to create a multi-user terminal facility at the Port of Sept-Îles that will be open to all market participants. The multi-user facility may be accessed by participants as either a partner in a newly formed limited partnership or as a non-partner regular user. The Kami LP’s ability to access the multi-user terminal facility will result in a significant capital cost savings as it will no longer need to construct its own stockyard and material handling facilities. The multi-user terminal facility will allow the Kami LP to connect to the completed multi-user dock facility that the Kami LP has an existing contract to ship 8 million tonnes per annum of material through.

Mineral Resources

The mineral resources are reported in accordance with NI 43-101 and Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and their Guidelines.

The mineral resource estimate for the Kami Project is set out below. WGM was retained to audit an in-house estimate completed by Alderon. Mr. Michael Kociumbas, P.Geo. with independent firm, WGM, is a Qualified Persons as defined by NI 43-101 and is responsible for reviewing and approving this mineral resource estimate and the QA/QC associated with the estimate. Mr. Kociumbas has verified, reviewed and approved the technical data contained in this news release and underlying sampling, analytical and test data. The mineral resource estimate has been prepared using a 15% Total Fe cut-off grade, is effective December 17, 2012.

Zone Category

Tonnes (Million)

TFe% magFe% hmFe%
Rose Central Measured 249.9 29.4 17.6 8.1
  Indicated 294.5 28.5 17.7 5.9
  Total M&I 544.4 28.9 17.7 6.9
           
  Inferred 160.7 28.9 16.9 7.1
           
Rose North Measured 236.3 30.3 13.0 14.7
  Indicated 312.5 30.5 11.8 17.1
  Total M&I 548.8 30.4 12.3 16.1
           
  Inferred 287.1 29.8 12.5 15.5
           
Mills Lake Measured 50.7 30.5 21.5 7.0
  Indicated 130.6 29.5 20.9 3.9
  Total M&I 181.3 29.8 21.1 4.8
           
  Inferred 74.8 29.3 20.3 2.7

The mineral resource estimate for the Kami Project was completed in GemcomTM using block sizes of 15 m x 15 m x 14 m for Rose Central and Rose North and 5 m x 20 m x 5 m for Mills Lake and is based on results from 209 diamond drillholes at Rose Central and Rose North (170 holes) and Mills Lake (39 holes) zones totaling 62,247 m. These holes were drilled within the iron mineralization for approximately 2,000 m of strike length and a range of 200 to 400 m of width for Rose Central and Rose North. The holes were drilled on section lines that were spaced 100 m apart for both deposits in the main area of mineralization. For the geological modelling, 3-D bounding boxes defining the maximum extents of the Rose and Mills Lake deposit areas were created. The boxes extended approximately 200 m along strike from the outermost drillholes in each area. Mineralized boundaries extended up to a maximum of about 400 m on the ends of the zones and at depth where there was no/little drillhole information, but only if the interpretation was supported by drillhole intersections on adjacent cross sections or by solid geological inference.

Only the measured and indicated mineral resources within the Rose Deposit, which consists of the Rose Central and the Rose North deposits, have been considered in the PEA. The mineral resources within the Mills Lake Deposit, and the inferred mineral resources within the Rose Deposit, have not been considered in the economic analysis of this PEA.

The mineral resources included within the PEA mine plan (“In-Pit Mineral Resources”) for the Rose Deposit, which consider the pit design parameters and include mining dilution and losses, total 536.8 Mt with an average grade of 28.6 % TFe. The total stripping is estimated at 698.5 Mt, which includes 128.5 Mt of overburden and which results in a stripping ratio of 1.3 to 1. The In‑Pit Mineral Resources consider a cut‑off grade of 15% TFe. The table below presents a summary of the In‑Pit Mineral Resources.

Material

Tonnes (Millions)

TFe% WREC% MTFe MAG% Mn%
Measured 399.9 28.9 34.6 15.2 21.0 1.19
Indicated 136.9 27.9 31.9 11.8 16.2 1.08
Total 536.8 28.6 33.9 14.3 19.8 1.17
Waste Rock 570.0          
Overburden 128.5          
Total Stripping 698.5  
Strip Ratio 1.3  

Project Summary

The re-scoped Kami Project is located on two sites: the Kami open pit mine area and the Wabush Scully Mine site. A conceptual project plot plan has been developed for the PEA. The following approach was taken in order to develop the conceptual site plan:

  • The updated Rose Deposit pit shell footprint was based on the 2012 resource estimate and block model. The open pit footprint was updated from the 2012 Feasibility Study to take into account the revised In-Pit Mineral Resources (disclosed above) in consideration of revised economic parameters applied in the current study.
  • Waste rock and overburden stockpiles are at the same location as in the 2012 Feasibility Study. Their profiles have been adjusted based on the revised quantities determined in the mining study.
  • The Kami mine site and crusher area infrastructure design was based on the layout developed during detailed engineering.
  • The Kami concentrator footprint is based on the process equipment layout developed during detailed engineering.
  • The Kami concentrator has been conceptually located in an area between the existing Scully concentrator and the exhausted Scully pit. The proposed location is well suited for re-use of some existing Scully infrastructure and for tie-ins to existing services.
  • A corridor for services was defined at a conceptual level for connecting the Kami mine site to the Scully site. No consideration was given for topography optimization and geotechnical soil conditions for this corridor at this time. A more detailed analysis of this corridor, including a geotechnical study will be required in the next study phase. This should include an analysis of stream crossings and impact on environmental permitting. This corridor will provide right of way for the following major services:
    • The overland conveyor;
    • The access road for the Kami mine site;
    • The power lines for supplying power to the Kami mine site from the Scully substation.
  • Concerning electrical power supply, it is assumed that the power is supplied to the project by the existing Nalcor substation (Wabush Terminal) and the Scully substation. It is also assumed that electric power will be available without the need to build a new transmission line, as was the case in the 2012 Feasibility Study.

The proposed project will produce 7.8 million metric tonnes of 65% iron, low impurity iron ore concentrate per year and will ship concentrate to market via the Port of Sept-Îles facilities at Pointe Noire, Quebec. Mineral processing and concentrate handling for the Project will involve the following steps:

  • Mining of the open pit and adjacent crushing plant at the Kami mine area;
  • Crushed ore conveyed from the crusher to the crushed ore stockpile, ahead of the concentrator, located at Scully in a location adjacent to the existing Scully process plant;
  • Tailings disposed of in the exhausted Scully open pit;
  • Concentrate load-out located at the existing Scully rail loop;
  • Rail transportation of concentrate from the Scully rail loop to the common port terminal facilities in Sept-Îles Quebec (Pointe Noire, owned and operated by a third party);
  • Shiploading services provided by Port of Sept-Îles;
  • In this PEA it is assumed that labor requirements for mining and processing operations will be sourced from Labrador West residents.

Project Schedule

A project schedule has been established that starts at the point where construction financing is in place, detailed engineering has been completed, and permits have been obtained such that construction can commence:

Major Milestones Month
Permit to Start Construction Available M0
Start Construction M0
First Concrete M8
First Structural Steel at Concentrator M12
Construction Completed M26
POV Completed M27
Full Handover to Operations M29

Prior to construction commencing the Company will have to complete a feasibility study for the re-scoped Project, re-assemble the owner’s team, award an EPCM/EPC contract, resume detailed engineering, and have construction financing in place. This process could take several months to complete once it is commenced. 

Technical Report and Qualified Person

A NI 43-101 Technical Report will be filed on SEDAR and on Alderon’s website within 45 days of the date of this news release.  The Report will consist of a summary of the PEA. The Report is being prepared under the supervision of Mr. Angelo Grandillo, P.Eng, of BBA, a Qualified Person as defined by NI 43-101, with contributions from Gemtec and WGM. Mr. Grandillo is a Qualified Person as defined by NI 43-101 and Mr. Grandillo is independent of Alderon.  Mr. Grandillo has reviewed and approved the technical information contained in this news release, with the exception of the mineral resource estimate which was reviewed and approved by WGM as noted above.  Mr. Grandillo has verified all the data underlying the technical information disclosed in this news release.

About Alderon

Alderon is a leading iron ore development company in Canada.  The Kami Project, owned 75% by Alderon and 25% by Hesteel Group Co. Ltd. (formerly Hebei Iron & Steel Group Co. Ltd.) (“Hesteel”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America. Hesteel is Alderon’s strategic partner in the development of the Kami Project and China’s second largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

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www.kingandbay.com

Alderon is part of the King & Bay West Group (“KBW”) of companies. KBW is a merchant bank and management services company that specializes in identifying, funding, developing and managing growth opportunities in the resource and technology sectors.

ALDERON IRON ORE CORP.
On behalf of the Board
"Mark J Morabito"
Chairman & CEO

E: info@alderonironore.com        
W: www.alderonironore.com       

For further information please call:
Jennifer Paterson
1-604-681-8030 Ext 248

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the details of the re-scoping of the Kami Project including potential capital and operating cost savings, (ii) the estimation of mineral resources; (iii) the market and future price of iron ore and related products; (iv) the negotiation and conclusion of infrastructure contracts; (v) expected infrastructure requirements; (vi) the ability to access the Wabush Scully Mine site, (vii) the use of the multi-user terminal facility at the Port of Sept-Îles; and (viii) the results of the PEA including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines and production timelines for the Kami Project. 

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the ability of the Company to gain access to the Wabush Scully Mine site, the ability of the Company to use the multi-user terminal facility at the Port of Sept-Îles,  the receipt of necessary regulatory approvals, the estimation of insurance coverage, assumptions with respect to currency fluctuations and exchange rates, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, risks related to a third party acquiring the Wabush Scully Mine site, risks related to insufficient capacity being available for the Company to access the multi-user terminal facility at the Port of Sept-Îles, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) ("Alderon" or the “Company”) is pleased to announce that Mr. Tayfun Eldem, P. Eng. has returned to its Board of Directors effective immediately. Mr. Eldem was Alderon’s President & Chief Executive Officer until August 2015. His return to the Board coincides with the near completion of the re-scoping process that Alderon has been undertaking on the Kami Iron Ore Project Labrador (“Kami Project”) located in Western Labrador (see news release dated October 19, 2016 for additional details).

 “We are thrilled that Tayfun has agreed to rejoin the Board of Directors board at such a crucial time in the Company’s development,” says Mark Morabito, Chairman and CEO of Alderon. “As we are in the final stages of the re-scoping exercise for the Kami Project, Tayfun’s experience at the board level will be invaluable going forward.”

Mr. Eldem is currently Managing Director of Iron Ore & Coal for Hatch Ltd., where he is responsible for global business development overseeing operations in six regions of the world and working with key clients including BHP Billiton, Vale, Rio Tinto, ArcelorMittal and Anglo American. In addition, he is also Managing Director of Eastern North America for Hatch Ltd., covering mining and metals, infrastructure and energy sectors in Québec, Atlantic Canada and Eastern USA. Mr. Eldem previously worked for the Iron Ore Company of Canada, a Rio Tinto subsidiary, for more than 20 years. During this period, Mr. Eldem held many senior roles including Vice President, Expansion Projects & Engineering and COO. Mr. Eldem was accountable for the development and delivery of a nearly $2.0 billion program of green and brown fields expansion projects. Additional responsibilities included strategic and tactical oversight of clean air and GHG reduction programs and the execution of sustaining capital investments and mineral exploration. Mr. Eldem is a professional engineer who graduated from Dalhousie University.

With respect to the re-scoping process, Alderon still expects the results of the re-scoping process will be announced in the first quarter of 2017. The focus of the re-scoping process has been to re-scope the capital and operating costs of the Kami Project in order to identify savings that have arisen from the current depressed state of the market and changes in ownership and management of assets in the Labrador Trough, the idling of the neighbouring Wabush Scully Mine and evaluating strategic alternatives for the Company.

Stepping aside from the Board of Directors at this time is Mr. John Baker. Mr. Baker has been involved with Alderon since 2010 and has made many valuable contributions to Alderon’s development. The Board would like to acknowledge and thank Mr. Baker for his exemplary service and contributions to the development of the Company.

About Alderon

Alderon is a leading iron ore development company in Canada.  The Kami Project, owned 75% by Alderon and 25% by Hesteel Group Co. Ltd. (formerly Hebei Iron & Steel Group Co. Ltd.) (“Hesteel”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America. Hesteel is Alderon’s strategic partner in the development of the Kami Project and China’s second largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.
On behalf of the Board
"Mark J Morabito"
Chairman & CEO

E: info@alderonironore.com
W: www.alderonironore.com       

For further information please call:
Jennifer Paterson, Manager of Corporate Development
1-604-681-8030 ext. 248
info@alderonironore.com 

Cautionary Note Regarding Forward-Looking Information 

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the details of the re-scoping of the Kami Project including potential capital and operating cost savings, (ii) the timing of the preparation of the PEA, and (iii) the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, assumptions with respect to currency fluctuations and exchange rates, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) ("Alderon" or the “Company”) at the request of IIROC Market Surveillance, on behalf of the Toronto Stock Exchange, announces that the Company is not aware of any material undisclosed development at this time that would cause the recent upward movement in the Company's share price. Recent developments regarding the Company’s re-scoping process on the Kami Iron Ore Project are disclosed in the Company’s press release dated October 19, 2016.

About Alderon

Alderon is a leading iron ore development company in Canada.  The Kami Project, owned 75% by Alderon and 25% by Hesteel Group Co. Ltd. (formerly Hebei Iron & Steel Group Co. Ltd.) (“Hesteel”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America. Hesteel is Alderon’s strategic partner in the development of the Kami Project and China’s second largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

  

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Chairman & CEO

 

E: info@alderonironore.com        

W: www.alderonironore.com       

For further information please call:

Mark J. Morabito

1-604-681-8030 Ext 222 or 1-888-990-7989

 

Alderon Iron Ore Corp. (TSX: ADV) ("Alderon" or the “Company”) announces an update on the re-scoping process that it has been undertaking on the Kami Iron Ore Project located in Western Labrador (“Kami Project”). The focus of the process has been to re-scope the capital and operating costs of the Kami Project in order to identify savings that have arisen from the current depressed state of the market and changes in ownership and management of assets in the Labrador Trough, the idling of the neighbouring Wabush Scully Mine (“Wabush”) and evaluating strategic alternatives for the Company. Alderon’s strategic partner Hesteel Group Co. Ltd. (“Hesteel”) remains committed to the Kami Project and has been actively involved in the re-scoping process and provided its input on key elements. Hesteel recently changed its name from Hebei Iron & Steel Group Co. Ltd. to reflect its international focus.

With respect to the current status of the Wabush Mine, since May 20, 2015 Wabush Mines and related subsidiaries and affiliates (the “Wabush CCAA Parties”) have been in proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”). Based on filings in the CCAA proceedings, only four employees have been retained to assist in safeguarding the assets and no suitors have emerged that are willing to purchase the mine. Alderon on the other hand has a viable plan to utilize the Wabush Mine and ensure the future of the region by developing the Kami Project. Once the Kami Project moves into construction it will bring much needed construction jobs to the region, followed by years of employment once mining operations commence at the Kami Project

There are several key elements that the Company and its external technical consultants have been evaluating throughout the re-scoping process in order to develop a new capital and operating cost profile for the Kami Project. The most significant changes that have been examined are with respect to infrastructure requirements, in particular stockyard and terminal facilities, tailings storage and related infrastructure. In addition, as part of the exercise general cost reductions as a result of the depressed state of the market, reduced freight rates and the devaluation of the Canadian dollar against the U.S. dollar have been examined in detail. Alderon has retained BBA, Inc. based in Montreal, Quebec to complete the re-scoping process by preparing a new preliminary economic assessment (“PEA”) report on the Kami Project. BBA, Inc. led the preparation of the Company’s feasibility study dated December 17, 2012. The Company expects to release the results of the PEA and file a technical report prepared in accordance with National Instrument 43-101 in Q1 2017.

Key Elements of Project Re-scope

The key elements of the project re-scope are port and tailings infrastructure requirements. With respect to tailings and related infrastructure, Alderon has been evaluating the use of the pit at the Wabush Mine that is located in Wabush approximately six kilometers from the Kami Project. Mining operations at the Wabush Mine were suspended in March 2014 with the large majority of the workforce being laid off shortly thereafter. The Wabush Mine was permanently idled in November 2014.

The existing infrastructure at the Wabush Mine can reduce the initial and sustaining capital costs of the Kami Project. In particular, Alderon, Hesteel and others have analyzed the Wabush Mine in detail and concluded that there are no economic reserves remaining in the pit. Given that the Wabush Mine is fully depleted of economic reserves, the remaining pit can be used as a tailings storage and management facility for the Kami Project. This negates the need to build an independent tailings deposition facility for the Kami Project and as a result would significantly reduce the capital expenditures associated with it.

With respect to the port terminal facilities, on March 8, 2016 the Government of Quebec became the owner of rail, stockyard and terminal facilities located in Pointe-Noire area of the Port of Sept-Ȋles. The Government of Quebec acquired these facilities from Cliffs Natural Resources and has announced its plans to use these assets to create a multi-user terminal facility at the Port of Sept-Ȋles that will be open to all market participants. The multi-user facility may be accessed by participants as either a partner in a newly formed limited partnership or as a non-partner regular user. The Company’s ability to access the multi-user terminal facility will result in a significant capital cost savings as it will no longer need to construct its own stockyard and material handling facilities. The multi-user terminal facility will allow the Company to connect to the completed multi-user dock facility that the Company has an existing contract to ship 8 million tonnes per annum of material through.

Status of Wabush Mine CCAA Proceedings

In the CCAA proceedings, FTI Consulting Canada Inc. (the “Monitor”) has been appointed as the monitor for the purpose of overseeing the proceedings and arranging for the orderly liquidation of assets. The Monitor has established a website where information regarding the proceedings is publicly available. The Monitor files periodic reports with the Court regarding the progress of the proceedings, the most recent report is the twenty-fourth report to the Court dated October 6, 2016 (the “October 2016 Report”).

Based on information on the Monitor’s website, on May 19, 2016 a notice was sent to interested parties confirming that a potential purchaser for the Wabush Mine would not proceed with the transaction and the Wabush CCAA Parties, in consultation with the Monitor, started the process of analyzing liquidation offers for the liquidation of equipment located at the Wabush Mine and other assets. Subsequent to this notice, the liquidation of assets at the Wabush Mine commenced. This includes the completed or intended sale of three Caterpillar generator sets; 104 single family homes; two apartment buildings; a staff house; nine Komatsu Haul Trucks; and real estate, machinery, equipment and other chattels used in connection with the Wabush Terminal Station and Wabush Substation. The Monitor has also confirmed that it has accepted a proposal, subject to negotiation of a definitive asset purchase agreement and Court approval, for the sale of the major mobile equipment at the Wabush Mine.

The Monitor further reports that on August 30, 2016, in anticipation of a further process to seek proposals for the remaining movable assets at the Wabush Mine, the Wabush CCAA Parties issued to MFC Industrial Ltd. (“MFC”) a Notice of Intent to Dismantle or Destroy Infrastructure or Fixtures located at the Wabush Mine.

The following excerpts from the October 2016 Report demonstrate that the Monitor has devoted significant time and effort to find a purchaser for the Wabush Mine but a purchaser is not forthcoming and the liquidation of the remaining assets in the only option:

“The Monitor and the Wabush CCAA Parties expended significant time and effort endeavouring to obtain a proposal from the Wabush Interested Party. Notwithstanding these efforts, it became increasingly apparent that it was unlikely that any proposal for the acquisition of the Wabush Mine would be forthcoming…”

“The Wabush CCAA Parties, in consultation with the Monitor, are considering various alternatives with respect to the Wabush Mine, which alternatives could involve continuing to hold all or parts of the Wabush Mine to effect the realization of the remaining assets as described below, terminating the mining lease between predecessors of MFC and WICL dated September 2, 1959, (the “MFC Sub-Lease”), abandoning the property or any combination of the foregoing.”

“The Wabush CCAA Parties and the Monitor would welcome a proposal for the acquisition of the Wabush mine and related assets at an appropriate price. Regrettably, approximately eighteen months after the SISP Order was granted, there is no proposal from MFC or from any interested party.”

“While parties have shown some interest in the Wabush Mine assets, no party has been prepared to proceed with a proposal to buy those assets. This includes the party with whom MFC signed a support agreement as discussed earlier in this report.”

“As noted in paragraph 7 of the MFC Stay Objection, the marketing efforts have clearly demonstrated that there is no party with any interest in purchasing the mining assets and reopening the mine in the near future. Furthermore, it does not appear that MFC intends to restart operations in the near future even if it acquired the assets…”

Alderon has long recognized that there are no economic reserves remaining at the Wabush Mine and has not made a proposal in the CCAA process to acquire the Wabush Mine and operate it as a going concern. However, as discussed in the press release, it has a viable plan to use the depleted pit to ensure growth and prosperity for the region. The PEA will incorporate the use of the pit at the Wabush Mine into the re-scope of the Kami Project and Alderon will work with stakeholders to acquire access at the conclusion of the CCAA proceedings.

About Alderon

Alderon is a leading iron ore development company in Canada.  The Kami Project, owned 75% by Alderon and 25% by Hesteel Group Co. Ltd. (formerly Hebei Iron & Steel Group Co. Ltd.) (“Hesteel”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America. Hesteel is Alderon’s strategic partner in the development of the Kami Project and China’s second largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

  

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Chairman & CEO

  

E: info@alderonironore.com        

W: www.alderonironore.com       

For further information please call:

Mark J. Morabito

1-604-681-8030 Ext 222 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the details of the re-scoping of the Kami Project including potential capital and operating cost savings, (ii) the timing of the preparation of the PEA, (iii) the ability to access the multi-user terminal facility and Wabush Mine, and (iv) the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, assumptions with respect to currency fluctuations and exchange rates, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) ("Alderon" or the “Company”) reports that the nominees listed in the management information circular for the 2016 Annual General Meeting of shareholders were elected as directors of Alderon.  Detailed results of the vote for the election of directors held at the Annual General Meeting on June 16, 2016 in Vancouver, B.C., are set out below: 

 
Votes for

% Votes for

Votes withheld
% Votes withheld
Mark J. Morabito 62,006,937 99.86 86,401 0.14
John A. Baker 62,016,337 99.88 77,001 0.12
David J. Porter 61,936,959 99.75 156,379 0.25
Adrian Loader 62,016,837 99.88 76,501 0.12
Ian Ashby 62,041,237 99.92 52,101 0.08
Wang Jinhui 62,043,237 99.92 50,101 0.08

Shareholders at the Annual General Meeting also approved the appointment of Alderon’s auditors.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America.  The Alderon team comprises skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

  

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Chairman and Chief Executive Officer

T: 604-681-8030
F: 604-681-8039

E: info@alderonironore.com

W: www.alderonironore.com

For further information please call:

Mark J. Morabito

1-604-681-8030

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) ("Alderon" or the “Company”) announces the resignation of Mr. Brian Penney as Chief Operating Officer (“COO”) of the Company in order to pursue another opportunity.  Mr. Penney has served as the Company’s COO from April 2013 and previously served as COO in 2011. The Board thanks Mr. Penney for his contributions during his tenure as COO.

About Alderon

Alderon is an iron ore development company in Canada with offices in Montreal and Vancouver.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

  

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Chairman & CEO

T: 604-681-8030
F: 604-681-8039

   

E: info@alderonironore.com        

W: www.alderonironore.com       

                               

For further information please call:

Mark J. Morabito

1-604-681-8030

Alderon Iron Ore Corp. (TSX: ADV) ("Alderon" or the “Company”) announces the appointment of Ms. Kate-Lynn Genzel as Chief Financial Officer of the Company effective November 6, 2015.  Ms. Genzel is a Chartered Professional Accountant and holds a legacy Chartered Accountant designation and a Bachelor of Commerce (Honours) degree from the Sauder School of Business at the University of British Columbia.  Ms. Genzel has both public practice and industry experience focused on companies in the mining sector that are publicly listed or quoted in Canada and the United States. 

The board of directors of the Company wish to thank Mr. Anthony Glavac for his contributions to the Company during his tenure as Interim Chief Financial Officer.

About Alderon

Alderon is an iron ore development company based in Canada.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

  

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Chairman & Chief Executive Officer

  

Vancouver Office

T: 604-681-8030

F: 604-681-8039

E: info@alderonironore.com        

W: www.alderonironore.com       

For further information please call:

Mark J. Morabito

1-604-681-8030 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) announces its intention to file a Form 25 (Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934 (the “1934 Act”)) with the U.S. Securities and Exchange Commission (the “SEC”) to voluntarily withdraw its common shares from listing on the NYSE MKT. Alderon expects to file the Form 25 on October 13, 2015. Alderon expects the delisting will be effective approximately 10 days from the filing of the Form 25.

The voluntary delisting is part of Alderon’s on-going cash conservation program (see news releases dated December 9, 2014 and August 11, 2015), and is intended to simplify its administrative requirements and to reduce listing fees and legal and administrative costs associated with the listing of the common shares on two separate stock exchanges.  In addition, Alderon considered the fact that the NYSE MKT listing rules with respect to the maintenance of a minimum share price could require the Company to undertake certain corporate or other actions primarily to meet such requirements, which may not be in the best interests of Alderon or its shareholders. Further, the vast majority of Alderon’s daily trading volume occurs on the Toronto Stock Exchange (“TSX”).  Therefore, Alderon’s Board of Directors determined that the compliance obligations, costs and burdens of maintaining a listing of the common shares on the NYSE MKT outweigh the benefits to Alderon at this time.

Alderon’s common shares will continue to be listed on the TSX, one of the world’s premier stock exchanges for mining companies.  U.S. shareholders should be able to trade their Alderon shares on the TSX through U.S. broker-dealers who have Canadian registered broker-dealer affiliates.  In addition, Alderon expects the common shares will be quoted on the U.S. over-the-counter (“OTC”) markets following the delisting, however, there can be no assurance that trading on the OTC markets will occur. 

Alderon will continue to file reports with Canadian securities regulators on SEDAR and with the SEC on EDGAR following the voluntary delisting.  However, with respect to SEC reporting obligations, Alderon announces its intention to file a Form 15F with the SEC to cause its SEC reporting obligations under the 1934 Act to be terminated or suspended upon determination that Alderon satisfies all rules and regulations set forth in 1934 Act applicable to such termination or suspension. Alderon expects that termination of the Company's reporting obligations will become effective 90 days after the filing of the Form 15F with the SEC (or within a shorter period as the SEC may determine).

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal and Vancouver.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

 

 ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Chairman & Chief Executive Officer

 

Vancouver Office

T: 604-681-8030

F: 604-681-8039

E: info@alderonironore.com        

W: www.alderonironore.com       

For further information please call:

Mark J. Morabito

1-604-681-8030 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the delisting of the Company’s common shares from the NYSE MKT, (ii) future trading of the Company’s common shares on the TSX, (iii) the quotation of the Company’s common shares on the OTC, (iv) the timing of the termination of the Company’s SEC reporting obligations, and (v) the development of the Kami Project.

 In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, assumptions with respect to currency fluctuations and exchange rates, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

 Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) announces a corporate update to shareholders. The update addresses changes in the executive management team and an update on the Company’s cash conservation program.

Changes in the Executive Management Team

The Company announces that Mr. Tayfun Eldem will transition from his current role as President & Chief Executive Officer of the Company to become the Vice Chairman of the Company effective August 24. Mr. Mark Morabito will transition from his role as Executive Chairman to become Non-Executive Chairman and Chief Executive Officer.

Mr. Eldem has been instrumental in advancing the Company from the exploration stage to the point where the necessary regulatory approvals have been received, contracts for port and power secured, stakeholder agreements concluded and the Company has completed the required pre-construction engineering on the Kami Project, such that it is ready for construction. The Company intends to commence construction of the Kami Project when it has obtained sufficient debt and equity financing to fund the construction. The Company’s efforts to conclude the financing plan will continue to be led by Mr. Morabito. In his role as Vice Chairman, the Company will have continued access to Mr. Eldem’s advice and expertise in operational, technical and commercial matters as it pursues its financing and value-engineering objectives.

Going forward, Mr. Morabito will be focused on the following initiatives: continuing to spearhead the Company’s financing plan, working with Mr. Eldem and Alderon’s partner Hebei Iron & Steel Group Co., Ltd. (“HBIS”), to re-scope the capital and operating costs of the Kami Project in order to identify savings that have arisen from the current depressed state of the market and changes in ownership and management of assets in the Labrador Trough, and evaluating strategic alternatives for the Company. If the market price of iron ore remains at current levels, the Company expects to have additional delays in completing its financing plan.

Mark Morabito, Executive Chairman of Alderon, commented that “Alderon management recently travelled to Beijing, China to present and discuss its project re-scoping plans with HBIS, Chinese government agencies and Chinese banks. HBIS has confirmed its commitment to the Kami Project and Chinese banks continue to be interested in exploring the financing of the Kami Project. As a result of these meetings, Alderon is going to proceed with a re-scope of the project in order to identify savings resulting from the current market environment and HBIS and the Chinese banks have agreed to participate in the process. If cost savings can be identified in the re-scope of the project, this will provide significant assistance in completing the financing plan for the Kami Project.”

Cash Conservation Plan Update

Due to the decrease in the market price of iron ore, the completion of the financing plan has taken longer than anticipated. The delay in the completion of the financing has led to the Company implementing a cash conservation program (the “Program”) which will allow it to maintain sufficient liquidity while it continues to advance its financing plan (see press release dated December 9, 2015). The Program includes an interest deferral agreement with Liberty, voluntary partial payment deferrals with equipment vendors for work completed to date, workforce reductions and the implementation of the DSU Plan for Directors in place of cash director fees. The Program remains on track with the Company having approximately $17.6 million in cash and short-term investments while Management continues to identify and implement additional cash conservation measures. For additional information please refer to the Company’s unaudited condensed interim consolidated financial statements and notes thereto as of June 30, 2015 and the related Management’s Discussion and Analysis that are available on SEDAR at www.sedar.com.

As a further cash conservation measure, the Company will proceed with the closure of its Montreal office. As a result the Company’s sole corporate office will be based in Vancouver. As part of the closure of the Montreal office, after a transition period, the Company will replace its current Interim Chief Financial Officer with a new Chief Financial Officer located in Vancouver.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal and Vancouver.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

  

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 

 E: info@alderonironore.com        

W: www.alderonironore.com       

For further information please call:

Mark J. Morabito

1-604-681-8030 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the completion of the Company’s financing plan, (ii) future initiatives including re-scoping of the Kami Project and potential strategic alternatives, (iii) the implementation of the cash conservation program, and (iv) the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, assumptions with respect to currency fluctuations and exchange rates, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) reports that the nominees listed in the management information circular for the 2015 Annual General Meeting of shareholders were elected as directors of Alderon.  Detailed results of the vote for the election of directors held at the Annual General Meeting on June 18, 2015 in Vancouver, B.C., are set out below: 

 
Votes for

% Votes for

Votes withheld
% Votes withheld
Mark J. Morabito 46,919,495 99.19 381,450 0.81
Tayfun Eldem 46,909,895 99.17 391,050 0.83
John A. Baker 46,690,194 98.71 610,750 1.29
Brian F. Dalton 46,921,095 99.20 379,850 0.80
David J. Porter 46,914,595 99.18 386,350 0.82
Lenard F. Boggio 46,625,294 98.57 675,651 1.43
Adrian Loader 46,944,395 99.25 356,550 0.75
Ian Ashby 46,941,995 99.24 358,950 0.76
Liu Jian 46,980,494 99.24 360,451 0.76
Wang Jinhui 46,936,394 99.23 364,551 0.77

Shareholders at the Annual General Meeting also approved the appointment of Alderon’s auditors.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America.  The Alderon team comprises skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

 

 For more information on Alderon, please visit our website at www.alderonironore.com.

  

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com        

W: www.alderonironore.com       

For further information please call:

Mark J. Morabito

1-604-681-8030 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) announces that it has filed with the applicable Canadian securities regulatory authorities on SEDAR its 2014 audited annual consolidated financial statements (“Financial Statements”) and management's discussion and analysis (“MD&A”) in relation thereto, and Annual Information Form on Form 20-F (“Form 20-F”) for the year ended December 31, 2014. The Company has also filed the Financial Statements, MD&A and the Form 20-F with the United States Securities and Exchange Commission on EDGAR. The Financial Statements, MD&A and Form 20-F are available on the Company's website at www.alderonironore.com. Shareholders have the ability to receive a hard copy of the Financial Statements and MD&A free of charge upon request to the Company. 

The Financial Statements, included in the Company's Form 20-F, contain an audit opinion from its independent registered public accounting firm which includes an emphasis of matter paragraph with respect to the Company’s use of the going concern assumption.  This announcement is made pursuant to NYSE MKT Company Guide Section 610(b), which requires separate disclosure of receipt of an audit opinion containing going concern explanatory language.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

 

 ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

 

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

 

December 19, 2014                                                                                     (TSX: ADV) (NYSE MKT: AXX)

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) announces the appointment of Mr. Anthony Glavac as Interim Chief Financial Officer (“CFO”) of the Company effective December 29, 2014. Alderon’s current CFO, Mr. Francois Laurin, is taking an executive position outside of the mining sector in the New Year and is committed to ensuring a seamless transition of his responsibilities to Mr. Glavac.

Mr. Glavac joined Alderon in March 2012 in the role of Senior Manager, Financial Reporting and worked closely with Alderon’s CFO Francois Laurin. During this time he was responsible for overseeing the Company’s internal and external financial reporting processes, as well as preparing the Company’s budgets. Prior to joining Alderon, Mr. Glavac spent thirteen years at KPMG LLP, most recently as a Senior Manager in Audit. During his time at KPMG LLP, he provided accounting, tax and advisory services to many of the public and private businesses, not-for-profit, and public sector organizations in Canada. He worked on various engagements such as financial statement audits and due diligence projects for a diversified clientele, including public and private mining, exploration and development corporations. Mr. Glavac is a CPA, CA and earned his graduate diploma in Public Accountancy and a Bachelor of Commerce degree from McGill University.

 “Anthony has been with the Company for the better part of three years and is fully up to speed on all files. He will make an excellent CFO for Alderon during the current part of the market cycle,” says Tayfun Eldem, President & CEO of Alderon. “We would like to thank Francois for his significant contributions to Alderon’s development and wish him all the best.”

 About Alderon

 Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by three producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

 For more information on Alderon, please visit our website at www.alderonironore.com.

  

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"
Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 

 E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to the development of the Kami Project.

 

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

 

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) reports that it has implemented a comprehensive cash preservation program that will allow the company to maintain a healthy working capital position into 2017 without the need to access equity or debt financing during the intervening period, aside from the financing required to commence construction at the Kami Iron Ore Project.  Measures associated with this program include a number of voluntary vendor payment deferrals and relief from debt servicing requirements such as those outlined in the transaction with Liberty Metals & Mining Holdings, LLC (“LMM”) described below, and workforce reductions. The Company has kept its core team of executives intact which will allow it to continue to advance the Kami Project construction financing efforts and to commence construction in a rapid and seamless manner once such financing has been obtained.

“These cost savings measures do not mean we are now on care and maintenance,” says Mark Morabito, Executive Chairman of Alderon.  “We are working more closely than ever with our partner Hebei Iron and Steel (“HBIS”) on increasing Chinese participation in the project in order to increase access to available capital from China. Earlier this year, The China National Development and Reform Commission (“NDRC”) said Chinese steelmakers should keep building up stakes in global iron-ore assets in the interests of China's strategic security and "speaking rights," or influence, in global trade. China's ore imports rose 10% in 2013 to a record 819 million metric tons, according to customs data. The NDRC also said that China's iron-ore demand will still rise, its reliance on imports won't change, and the degree of monopoly in global iron-ore resources will still keep increasing.” Mr. Morabito adds, “this continuing commitment from our Chinese partners under NDRC mandate gives us confidence that we will be able move the Kami project into construction.”

One of the critical payment deferrals is in regards to the loan agreement (the “Loan Agreement”) that Alderon and its affiliate, The Kami Mine Limited Partnership, previously entered into with LMM for an amount of $22 million (the “LMM Loan”).  The LMM Loan has interest payable semi-annually on June 30 and December 31 of each year at a rate of 8% per annum. The principal and interest amounts of the LMM Loan are convertible into common shares of Alderon.  LMM has agreed to defer the next two interest payments due under the LMM Loan. These payments total $1,795,200 with $880,000 payable on December 31, 2014 and $915,200 payable on June 30, 2015. The deferred interest payments will be added to the principal amount of the LMM Loan and paid at maturity on December 31, 2018.  

As consideration for the deferral of these interest payments, it has been agreed that LMM will receive common share purchase warrants. The number of warrants that will be received by LMM for each interest payment will be calculated by dividing the amount of the interest payment by the volume weighted average trading price of the Alderon common shares on the Toronto Stock Exchange for the five trading days prior to the date of each interest payment, plus a 10% premium (the “Warrant Price”). Each warrant will be exercisable until December 31, 2018 to acquire an Alderon common share at the Warrant Price.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by three producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

 

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"
Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to: (i) the time period that the Company’s working capital will last for, (ii) future debt and equity financings, (iii) future Chinese iron ore demand, (iv) commencement of construction at the Kami Project, and (v)  the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that the Company received the 2014 Developer of the Year Award (“Award”) from the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Newfoundland Branch.  The Award is in recognition for significant progress in advancing a mine toward production; or for a significant contribution to health and safety, environmental stewardship or commitment to community; or for innovation in the Newfoundland and Labrador mining industry.

“We’re honoured to have received this Award in recognition of our hard work the past year,” says Tayfun Eldem, President & CEO of Alderon. “For our peers to acknowledge the dedication of our entire team carries special significance for Alderon and I’d like to thank the CIM for recognizing our accomplishments with this Award.”

 Alderon has accomplished the following significant milestones in 2014:

  • being released from both the Federal and Provincial Environmental Assessment processes (Alderon’s approach has often been                            referred to as ‘exemplary’) and in turn receiving all the permits required to commence construction;
  • receiving Surface and Mining Leases;
  • concluding a Power Purchase Agreement;
  • signing a Benefits Agreement with the Province of Newfoundland and Labrador;
  • signing Agreements with the local towns of Labrador City and Wabush;
  • signing an Impact and Benefits Agreement with the Innu Nation of Labrador;
  • most recently signing an off-take agreement with a subsidiary of Glencore plc for the production from the Kami Iron Ore Project that has not been allocated to Hebei Iron & Steel Group Co., Ltd.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by three producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

 

 ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"
Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that Mr. Liu Jian, Chairman and General Manager of Hebei Iron and Steel Group (“HBIS” or “Hebei”) International Trade Corp. and Mr. Wang Jinhui, President of HBIS International Holding (Canada) Co. Ltd. have joined the Alderon Board of Directors effective immediately. 

Mr. Liu has over 24 years of experience in the steel industry and has held positions in operations and project management, as well as in foreign joint venture cooperation.  Prior to joining Hebei, Mr. Liu was the Vice President and Director of Tangsteel Group Co., Ltd.  Mr. Liu holds a Master’s Degree in Industrial Electrical Automation and won second prize for a China National Metallurgical Science and Technology Award.

Mr. Wang brings with him vast experience in engineering, project management, import and export trading and investment management.  Prior to joining Hebei, Mr. Wang worked for Hanbaosteel in the Purchase and Sales Department.  Mr. Wang is an Engineer with a PhD in Mechanical Design and will be based in Alderon’s Vancouver office.

“We’re very pleased to have such experienced Hebei representatives join our Board,” says Mark Morabito, Executive Chairman of Alderon.  “These new appointments continue to solidify our great working relationship and Hebei’s continued support of both Alderon and the Kami Project.”

Messrs. Liu and Wang replace Mr. Zejun Tian and Ms. Liangjun Zheng as Hebei’s nominees on the Alderon Board of Directors.  The Board of Directors would like to thank Mr. Tian and Ms. Zheng for their exemplary service over the past two years.  Alderon also announces the resignation of Mr. John Vettese from the Board and would like to thank him for his significant contribution to the Company’s development to date.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by three producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

 For more information on Alderon, please visit our website at www.alderonironore.com.

  

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"
Executive Chairman 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

    

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) reports that Newfoundland and Labrador Hydro (“Hydro”), a subsidiary company of Nalcor Energy (“Nalcor”) has cleared 20 kilometers in preparation for the installation of a third transmission line from Churchill Falls to Labrador West (the “New Transmission Line”).  The New Transmission Line will supply power to the Kami Iron Ore Project (“Kami Project”) as well as other end users in the Labrador West area.  The construction timetables for the New Transmission Line and the Kami Project have been aligned and as such the remaining portion of the Transmission Line project will be executed upon completion of Alderon’s financing plan.

The construction of the New Transmission Line was confirmed in February 2014 (refer to Alderon News Release dated February 13, 2014 for more information) in order to meet the power demands for new mining developments and improve reliability for all customers in the region.  As an end user of the New Transmission Line, The Kami Mine Limited Partnership, an affiliate of Alderon, provided a security for its commitment to begin purchasing electrical power under the terms and conditions of the Power Purchase Agreement it signed with Hydro (refer to Alderon News Release dated February 25, 2014 for more information).  Alderon provided an initial security deposit in the amount of $21.0 million to Hydro and all project costs incurred to date are covered by this security deposit.  Construction will proceed once additional financing is secured.

“Work on the New Transmission Line is ready to resume as soon as our financing plan is complete,” says Tayfun Eldem, President and CEO of Alderon.  “The New Transmission Line is a key piece of our infrastructure requirement and an enormous enabler for natural resource development in western Labrador and we are pleased that Hydro is ready to proceed as soon as we are.”

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by three producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"
Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project, (ii) the construction of the new transmission line; and (iii) the provision of additional security deposits.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) announces that it today received written notice that Ms. Diana Walters has recently left Liberty Metals and Mining Holdings, LLC (“LMM”) and as such, has resigned from the Board of Directors of Alderon as LMM’s appointee.  In accordance with the terms of the Subscription Agreement dated January 11, 2012 between LMM and Alderon, LMM has the right to appoint an alternate at any time.

“We look forward to working closely with the new appointee from Liberty and continuing our strong working relationship,” says Mark J. Morabito, Alderon’s Executive Chairman.

The Board would like to acknowledge and thank Ms. Walters for her contributions to the Company’s development. 

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com        

www.alderonironore.com             

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information. 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) announces an update on the progress of its financing plan for the Kami Project. Alderon and BNP Paribas (“BNP”) have mutually agreed to terminate the engagement of BNP Paribas as lead arranger of the senior debt financing facility for the construction of the Kami Project. Alderon has appointed Endeavour Financial Limited (Cayman) (“Endeavour Financial”) to act as its financial advisor with respect to the project financing process and intends to form a club syndicate of international banks to provide the senior debt financing facility. The process with BNP identified a number of domestic and international banks, including Chinese banks, that provided letters confirming their interest in participating in the senior debt financing facility. The termination of BNP’s engagement will allow the Company to move forward in forming this club syndicate of banks, with the assistance of Endeavour Financial.

Substantial progress has been made with respect to the structuring of the senior debt financing facility and the required due diligence. In particular the following external consultants and advisors were engaged as part of the process and each has completed a due diligence report that has been provided to the prospective lenders:

  •     Independent Engineer: RungePincockMinarco
  •     Environmental and Social Consultant: AECOM
  •     Market Consultant: CRU
  •     Lender’s Insurance Advisor:  Willis Canada Inc.
  •     Lender’s Legal Counsel: Shearman & Sterling LLP and Blake, Cassels & Graydon LLP

These external consultants and advisors are expected to remain engaged as part of the continuing debt financing process and their reports will be available to any lenders that become involved in the debt financing process.

“We have made significant progress working with BNP Paribas on the debt financing process and in our view the due diligence reports that have been completed demonstrate the quality of the Kami Project,” says Mark J. Morabito, Alderon’s Executive Chairman. “We have decided that the best path forward for the debt financing process would be to focus on a club syndicate transaction.  We have informed BNP of this decision and they have agreed to terminate the BNP engagement. The team from Endeavour Financial has an excellent track record in assisting companies in completing debt financings and with the significant amount of work that has already been accomplished, I am confident that we will deliver on our financing plan.”

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of the Company in the United States or any other jurisdiction. The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any other jurisdiction and may only be offered and sold in the United States pursuant to an exemption from the registration requirements of the U.S. Securities Act. In addition, the securities of the Company may only be offered and sold in Canada pursuant to an exemption from the prospectus requirements of Canadian securities laws.

About Endeavour Financial

Endeavour Financial is a private independent merchant banking company focused on providing expert and unbiased financial advisory services to the global natural resources sector.  The business has a history of achieving success for clients based on resource industry focus, innovative transaction skills and the diverse professional backgrounds of an award-winning team.  Offering advice in project, corporate and debt capital markets; equity-linked financings; mergers and acquisitions; and strategic business development over more than two decades, Endeavour Financial has established itself as a leading financial advisor in the natural resources sector.  Specific to the mining sector, in the last ten years the firm has closed in excess of US$ 4 billion of development financings for single-asset emerging producers.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; and (ii) the details of the debt financing plan, including the potential interest from lenders.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information. 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) reports that the nominees listed in the management information circular for the 2014 Annual and Special Meeting of shareholders were elected as directors of Alderon.  Detailed results of the vote for the election of directors held at the Annual and Special Meeting on July 29, 2014 in Montreal, Q.C., are set out below: 

 
Votes for

% Votes for

Votes withheld
% Votes withheld
Mark J. Morabito 82,692,645 99.84 130,823 0.16
Tayfun Eldem 82,699,645 99.85 123,823 0.15
Diana Walters 82,698,317 99.85 125,151 0.15
John A. Baker 82,674,567 99.82 148,901 0.18
Brian F. Dalton 82,664,045 99.81 159,423 0.19
David J. Porter 82,670,967 99.82 152,501 0.18
Adrian Loader 82,680,045 99.83 143,423 0.17
Ian Ashby 82,669,717 99.81 153,751 0.19
John Vettese 82,620,795 99.76 202,673 0.24
Lenard F. Boggio 82,644,342 99.78 179,126 0.22
Zheng Liangjun 82,681,344 99.83 142,124 0.17
Tian Zejun 82,674,641 99.82 148,827 0.18

Shareholders at the Annual and Special Meeting also approved the appointment of Alderon’s auditors, the re-approval of Alderon’s stock option plan, the Company’s Advance Notice Policy and the conversion option of the $22.0 million loan from Liberty Metals & Mining Holdings, LLC, a subsidiary of Liberty Mutual Insurance.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that The Kami Mine Limited Partnership (“Kami LP”), an affiliate of Alderon, has entered into an off-take agreement (the “Off-Take Agreement”) with a subsidiary of Glencore plc (“Glencore”), with respect to an off-take transaction pursuant to which Glencore will acquire all of actual annual production from the Kami Project that has not been allocated to Hebei Iron & Steel Group Co., Ltd.

Under the terms of the Off-Take Agreement, Glencore will be obligated to purchase, upon the commencement of commercial production, 40% of the actual annual production from the Kami Project up to a maximum of 3.2 million tonnes of the first 8.0 million tonnes of iron ore concentrate produced annually at the Kami Project. The term of the Off-Take Agreement will continue until Kami LP has delivered 48.0 million tonnes of iron ore concentrate to Glencore, which is expected to be 15 years after the commencement of commercial production.

“We are extremely pleased to have entered into the Off-Take Agreement with Glencore,” says Mark J. Morabito, Alderon’s Executive Chairman. “Glencore is one of the world’s largest natural resource trading companies and in Alderon’s view, this commitment demonstrates the quality of the Kami Project and its management team.”

“With 100% of the initial production from the Kami Project now committed, we believe this enhances Alderon’s ability to obtain the requisite financing required to commence construction of the Kami Project,” says Tayfun Eldem, Alderon’s President & CEO. “The offtake arrangement with Glencore gives Kami concentrates global exposure and the multi-year agreement serves as another significant de-risking milestone for the Kami Project.”

The market price paid by Glencore will be based on the monthly average price for iron ore sinter feed fines quoted by Platts Iron Ore Index for 62% iron content (plus additional quoted premium for iron content greater than 62%), less a discount equal to 2% of such quoted price.

About Glencore

Glencore is one of the world’s largest global diversified natural resource companies and is one of the biggest companies within the FTSE 100 Index. Glencore’s industrial and marketing activities are supported by a global network of more than 90 offices located in over 50 countries. Its diversified operations comprise of over 150 mining and metallurgical sites, offshore oil production assets, farms and agricultural facilities.

The Metals and Minerals division is focused on iron ore, copper, nickel, zinc/lead, alloys, and alumina/aluminum, with interests in both controlled and non-controlled industrial assets that include mining, smelting, refining and warehousing operations.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; and (ii) the details of the Off-take Agreement.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information. 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) announces that The Kami Mine Limited Partnership (“Kami LP”), an affiliate of Alderon, has completed the required engineering work in order to commence construction at the Kami Iron Ore Project (“Kami Project”) located in western Labrador.  The commencement of construction remains subject to the completion of the Company’s financing plan and project sanction by the Board of Directors of Alderon.

In light of the required pre-construction engineering being complete, Alderon has temporarily suspended any further work by its Engineering, Procurement and Construction Management (“EPCM”) contractor, WorleyParsons Canada Services Ltd. (“WorleyParsons”).  The internal Kami LP project team will take over management of all works in progress and continue advancing the Kami Project in preparation for the start of construction once the Company’s financing plan is completed. The Company continues to advance all of the elements of its financing plan, including debt, equity and additional off-take arrangements.

“While all our requisite pre-construction engineering work, permits and agreements are now completed in preparation for the start of construction, we continue to work on finalizing our financing plan,” says Tayfun Eldem, Alderon President and CEO. “We would like to thank WorleyParsons for their excellent work in seeing us to this point in the development of our Kami Project.  We have the in-house experience and expertise to continue with the next steps, but expect WorleyParsons to resume its role as the EPCM contractor for the Kami Project once a decision to commence construction is reached.”

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the commencement of construction of the Kami Project; and (iii) the resumption of WorleyParsons as the EPCM contractor for the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information. 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that The Kami Mine Limited Partnership (“Kami LP”), an affiliate of Alderon, has signed a Life Cycle Services Agreement (the “Agreement”) with Metso Minerals Canada, Inc. (“Metso”) with respect to the development of the Kami Iron Ore Project (“Kami Project”) located in western Labrador. 

Metso is a leading provider of equipment and services for the mining industry and are currently the supplier of the Kami Project’s most significant equipment including the AG Mill, Ball Mill, Car Dumper and the Primary Gyratory Crusher.  The Company has now also selected Metso to provide ongoing maintenance services with respect to all the equipment in the processing area.

“We have chosen Metso to improve overall equipment reliability, to enable a rapid ramp-up to nameplate capacity and to secure the aggressive maintenance cost targets from our feasibility study,” says Tayfun Eldem, Alderon President and CEO.  “This Agreement presents a platform for achieving this goal and at the same time reduces capital outlay.”

The Agreement applies to all mechanical maintenance in the processing area and not just the equipment supplied by Metso.  Metso will also provide planning, supervision, labour, hand tools and consumables to perform the preventative maintenance, normal course and peak mechanical maintenance, wear part replacements, parts management and other identified maintenance services for the equipment. 

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project and (ii) improved equipment reliability, maintenance cost predictions and reductions in capital outlays.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of reserve and resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information. 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that it has appointed Mr. Ian R. Ashby, former President, Iron Ore of BHP Billiton Limited (“BHP Billiton”) and Mr. W. Adrian Loader, former President and CEO of Shell Canada to the Board of Directors effective immediately. 

“We are thrilled to be adding the expertise of both Ian and Adrian to our board at such a crucial time in the Company’s development,” says Mark Morabito, Executive Chairman of Alderon.  “As we continue to gear up to commence construction later this year, the experience of both these new board members will be invaluable.”

Mr. Ashby worked 25 years for BHP Billiton, the world’s largest diversified resource company.  During his time with BHP Billiton, Mr. Ashby held many senior roles including Chief Operating Officer, Base Metals, Chief Operating Officer, Western Australia Iron Ore and lastly President, Iron Ore from 2006 to 2012.  As President, Iron Ore, Mr. Ashby was responsible for global strategy development and execution, and operations and project development for the Iron Ore business.  He was accountable for the largest and most profitable business within BHP Billiton and was instrumental in expanding the business to almost twice its capacity during his tenure.  Mr. Ashby holds a Bachelor of Engineering in Mining from the University of Melbourne, Australia.

Mr. Loader spent 20 years working for Shell, including most recently as President and CEO of Shell Canada.  Prior to this role, he was Director of Strategy and Business Development and Director of Strategic Planning, External Affairs, HSE and Sustainable Development for the Royal Dutch Shell Group (“Shell”).  During his time with Shell, Mr. Loader led the merger and acquisition activity and was responsible for strategic direction, scenarios, competitive intelligence and planning.  Mr. Loader graduated from the University of Cambridge with a MA and sits on the board of several other resource companies.

Stepping aside from the Board at this time will be Mr. Matt Simpson.  Mr. Simpson has been involved with Alderon for almost 4 years and has made many valuable contributions to Alderon’s development.  The Board would like to acknowledge and thank Mr. Simpson for his exemplary service.

Alderon AGM

Alderon is also pleased to announce that it has received Toronto Stock Exchange ("TSX") approval to hold its annual general meeting (“AGM”) on July 29, 2014, outside of the TSX requirement that a company hold an AGM within six months of its year end. Alderon is evaluating several transactions that may require shareholder approval and chose to delay the holding of its AGM rather than holding multiple shareholder meetings in short succession.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the commencement of construction at the Kami Project; and (iii) potential transactions that Alderon is evaluating that may require shareholder approval.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that The Kami Mine Limited Partnership (“Kami LP”), an affiliate of Alderon, has signed a Benefits Agreement (the “Agreement”) with the Province of Newfoundland and Labrador with respect to the development of the Kami Iron Ore Project (“Kami Project”) located in western Labrador. The Kami LP has also received its Surface and Mining Leases (the “Leases”), which green-light the Kami Project for commencement of construction.

“The Agreement secures significant long-term benefits for the people of Newfoundland and Labrador, infusing billions of dollars into the provincial economy and creating direct employment for 800 workers at the peak of construction and 400 during the operations phase," said Tayfun Eldem, Alderon President and CEO. "By finalizing this Agreement and receiving the Leases, we have met all the conditions of release from both the Federal and Provincial environmental assessment processes. Once the financing plan is complete, we will be ready to commence construction.”

The Agreement covers the entire life of the Kami Project including construction, operation and decommissioning. The Agreement sets out employment, procurement and training benefits.   Under the terms of the Agreement, the Kami LP has committed to provide full and fair opportunity and first consideration for Provincial residents and suppliers. The Kami LP has also agreed to establish an education and training fund commencing after the Kami Project achieves commercial production. 

The Agreement also includes a Gender Equity and Diversity Plan. The Gender Equity and Diversity Plan addresses, among other matters, employment and business access for four under-represented groups – women, visible minorities, Aboriginal peoples and persons with disabilities. The Kami LP will also implement policies and procedures designed to ensure its worksite is free of discrimination, bias, and harassment, and that the worksite embraces the principles of inclusion and diversity.

The Mining Lease for mineral development and the Surface Lease, covering the entire footprint of the mine and related infrastructure, have been issued by the Newfoundland and Labrador Department of Natural Resources.  The Mining Lease gives the Kami LP the exclusive rights to develop the mineral resource underlying the Kami Project. The Surface Lease provides the Kami LP with the surface rights covering the area of the Mining Lease and areas for siting the required infrastructure incidental to the development of the mine.

Alderon also confirms that the Kami LP has been released from further processing obligations, including any requirements related to the construction and operation of a pellet plant.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the economic benefits of the Kami Project; (iii) the implementation and benefits of the Agreement; and the commencement of construction of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information. 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that The Kami Mine Limited Partnership (“Kami LP”), an affiliate of Alderon, has received Ministerial approval for a General Environmental Protection Plan, a Valued Ecosystem Component Environmental Protection Plan and an Environmental Effects Monitoring Plan (the “Plans”).  These Plans meet three conditions required under the release from Provincial Environmental Assessment prior to commencing construction at the Kami Iron Ore Project (“Kami Project”). 

“We continue to work on several fronts to get ready for the start of construction planned for later this year,” says Tayfun Eldem, Alderon President and CEO.  “The Province continues to strongly support our Kami Project and we look forward to a continued positive working relationship.”

Alderon had to submit these plans to the Newfoundland and Labrador Minister of Environment and Conservation and receive Ministerial approval prior to start of construction.  A Provincial Government interdepartmental review of the submitted Plans was completed in accordance with the Environmental Protection Act and it was determined that the Plans are acceptable and are therefore approved for the construction phase of the Kami Project. 

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project and (ii) the commencement of construction at the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information. 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) announces the approval by its board of directors of an advance notice policy (the “Policy”), which, among other things, includes a provision that requires advance notice to the Company in circumstances where nominations of persons for election to the board of directors are made by shareholders of the Company other than pursuant to: (i) a “proposal” made in accordance with Division 7 of the Business Corporations Act  (British Columbia) (the “Act”); or (ii) a requisition of the shareholders made in accordance with section 167 of the Act.

Among other things, the Policy fixes a deadline by which holders of record of common shares of Alderon must submit director nominations to the Corporate Secretary of the Company prior to any annual or special meeting of shareholders at which directors are to be elected, and sets forth the specific information that a shareholder must include in the written notice to the Corporate Secretary of Alderon for an effective nomination to occur. No person will be eligible for election as a director of the Company unless nominated in accordance with the provisions of the Policy.

In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 40 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.

In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting was made.

The Policy is effective and in full force and effect as of May 7, 2014.  In accordance with the terms of the Policy, the Policy will be put to shareholders of the Company for approval at the next Annual General Meeting (“AGM”) which is scheduled for June 19, 2014, and if the Policy is not confirmed at the meeting by ordinary resolution of the shareholders, the Policy will terminate and be of no further force and effect following the termination of the AGM.

The full text of the Policy is available via SEDAR at www.sedar.com.  

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information. 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that it has commenced preliminary work for the Pointe-Noire Terminal facility at the Port of Sept-Îles, Quebec.  This is the product handling facility for the Kami Iron Ore Project (“Kami Project”) with mining and processing facilities located in western Labrador. The Kami Project is held by the Company’s affiliate The Kami Mine Limited Partnership (“Kami LP”).

Site preparations have commenced at the terminal facility, which will be built for receiving, unloading, stockpiling and reclaiming concentrate for ship loading.  The terminal facility will consist of a railcar unloading stub track, a single rotary car dumper, a concentrate storage yard with stacker-reclaimer and interconnecting conveyor systems.  Two of the most critical pieces of the material handling system for the Kami Project, the car dumper and the stacker-reclaimer, have already been ordered.  Please refer to news release dated January 28, 2014 for more information about the equipment orders.

“After a tremendous amount of hard work from the entire Alderon team, we are very excited to have commenced with the first step in preparation for construction for the Kami Project,” says Tayfun Eldem, Alderon President and CEO.  “This step marks the continuation of a very successful start to the year and we look forward to hitting many more milestones in the next six months.”

Progress on the new multi-user dock by the Port of Sept-Îles is progressing with construction scheduled to wrap up during the summer of 2014.  The new dock will provide ship-loading services to the Kami LP for up to 8 million tonnes of iron ore annually as per the agreement with the Port of Sept-Îles.  For additional information about the agreement, please refer to Alderon’s News Release dated July 16, 2012.

Alderon also confirms that it has filed with the applicable Canadian securities regulatory authorities on SEDAR its 2013 audited annual financial statements and management's discussion and analysis in relation thereto (the “Statements”) and Annual Information Form for the year ended December 31, 2013 (“AIF”). The Company has also filed the Statements and its Form 40-F with the United States Securities and Exchange Commission on EDGAR. The Statements, AIF and Form 40-F are available on the Company's website at www.alderonironore.com. Shareholders have the ability to receive a hard copy of the Statements free of charge upon request to the Company.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

Brian Penney, P.Eng. the Chief Operating Officer for Alderon and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the details of the components of the terminal facility; (iii) the attainment of future milestones;  and (iv) the construction schedule for the new multi-user dock.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the Federal environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information. 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that The Kami Mine Limited Partnership (“Kami LP”), an affiliate of Alderon, has signed a Grant-in-lieu of Municipal Taxes Agreement (the “Agreement”) with the Town of Wabush (“Wabush”) with respect to the development of the Kami Iron Ore Project (“Kami Project”) located in western Labrador. 

“This Agreement is the result of our continuous positive working relationship with the local communities and marks the final municipal agreement required for our Kami Project,” says Tayfun Eldem, President & CEO of Alderon.  “This Agreement will aid Wabush to continue providing the services that residents, businesses and future Kami Project employees rely on.  We are very pleased at the support we have received from Wabush.”

“We are confident that the Agreement now in place with the Kami Project will only brighten the future of both the community and industry,” says Wabush Mayor Colin Vardy.  ”The Kami Project will ultimately fill the void from the idling of Wabush Mines.”

Under the terms of the Agreement, the Kami LP will pay to Wabush an annual grant-in-lieu of municipal taxes on the Kami Project mining operations that will be located within the boundary of the Town of Wabush and its Municipal Planning Area. Kami LP will also provide a capital projects disbursement to the Town, with the funds going towards required infrastructure needs. Payments under the Agreement will commence after initial production occurs at the Kami Project. As long as Kami LP makes the payments required under the Agreement, the Town will not seek to charge or assess Kami LP for any municipal taxes in relation to the Kami Project or the business carried on by the Kami LP on the Kami Project.

Alderon is also pleased to announce that the Labrador City and Wabush municipal plan amendments to rezone lands within the Kami Project area are now in force.  The footprint of the Kami Project’s future operations in Labrador is located entirely within the Municipal Planning Areas of the Town of Labrador City and the Town of Wabush.  The Towns published these amendments in the March 14, 2014 edition of the Newfoundland and Labrador Gazette following their registration by the Provincial Department of Municipal Affairs.  These amendments were necessary to permit mineral extraction and mineral workings within the Project area.

In addition, Alderon is pleased to confirm that following the release of the Kami Project from the Federal and Provincial Environmental Assessment Process, it has received the federal Navigable Waters Protection Act Approval pursuant to subsections 5(1) and (3) of the Navigable Waters Protection Act and the federal Fisheries Act Authorization pursuant to Sections 35(2)(b) of the Fisheries Act.  Alderon has now satisfied its obligation to Hebei Iron & Steel Group to receive the environmental assessment and related approvals for the Kami Project prior to March 31, 2014.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the future relationship with the Town of Wabush; and (iii) the benefits of the Agreement.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the Federal environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information. 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that it has satisfied the remaining conditions for the confirmed power supply for the Kami Iron Ore Project (“Kami Project”), as its affiliate The Kami Mine Limited Partnership (“Kami LP”) has entered into a Power Purchase Agreement and security agreement (the “Security Agreement”) with Newfoundland and Labrador Hydro (“NLH”), a subsidiary company of Nalcor Energy (“Nalcor”). Additionally, in order to fund the first security deposit required under the Security Agreement, Kami LP has received a $22.0 million loan from Liberty Metals & Mining Holdings, LLC (“LMM”).

“The Power Purchase Agreement was a key infrastructure requirement and is critical in securing the previously announced debt financing and we are very pleased to have finalized it,” says Tayfun Eldem, President and CEO of Alderon. 

Power Purchase Agreement

The Kami LP has entered into a Power Purchase Agreement with NLH pursuant to which NLH agrees to sell electrical power and energy to the Kami LP and the Kami LP agrees to purchase the same from NLH in accordance with the terms of the Power Purchase Agreement. The signing of the Power Purchase Agreement concludes a process that has been ongoing since September 2011 where Alderon and the Kami LP have collaborated with the Province of Newfoundland and Labrador and Nalcor to secure access to power, including paying upfront engineering costs of $4.4 million. 

Power will be provided based on a rate schedule in line with the Labrador Industrial Rates Policy published in December 2012. 

Security Agreement

Alderon announced on February 13, 2014 that the Government of Newfoundland and Labrador had confirmed that it will proceed with the construction of a third transmission line from Churchill Falls to Labrador West (the “New Transmission Line”). As an end user of the New Transmission Line, the Kami LP will provide security for its commitment to begin purchasing electrical power under the terms and conditions of the PPA once the Kami Project is commissioned. Under the terms of the Security Agreement with NLH, Kami LP has agreed to provide a total of $65.0 million in security deposits that will each take the form of a letter of credit that will be released to Kami LP once the Kami Project is interconnected to the electrical system as contemplated under the Power Purchase Agreement, and has been commissioned and the Kami LP loading saleable product produced from the Kami Project in two consecutive months.

The first security deposit in the amount of $21.0 million was due on the signing of the Security Agreement and was paid with the proceeds of the loan from LMM. The remaining $44.0 million in security deposits will be provided to NLH at such time as NLH can reasonably demonstrate that it has additional existing and pending commitments for such amount to construct the New Transmission Line. NLH is required to provide sufficient advance notice of the timing and amounts of additional security deposits and may not request the next security deposit until after August 31, 2014.

Liberty Loan

LMM, a subsidiary of Liberty Mutual Insurance and one of Alderon’s strategic investment partners, has provided a loan to the Kami LP in the amount of $22.0 million.  $21.0 million of the gross proceeds of the loan will be used to fund the first security deposit that is required by NLH in connection with the construction of the New Transmission Line. The remaining $1.0 million will be used for working capital purposes, including for the payment of the establishment fee and transaction costs.

Commencing 12 months after the issuance of the loan, the principal amount of the loan and any accrued but unpaid interest, become convertible at LMM’s option into Alderon common shares at a conversion price equal to $2.376 per common share. The loan is secured with a mortgage over the Kami Project and bears interest at a rate of 8% per annum, payable on June 30th and December 31st of each year. A 1.5% establishment fee is payable to LMM in connection with the loan. Subject to prepayment in accordance with the terms of the loan, the maturity date of the loan is December 31, 2018.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 

E: info@alderonironore.com        

www.alderonironore.com             

For further information please call:

Evelyn Cox

1-866-683-8030 ext. 223

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the construction of the new transmission line; (iii) the supply of power for the Kami Project; (iv) the rate schedule for the supply of power; (v) the provision of additional security deposits; and (vi) LMM’s conversion rights under the loan.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is extremely pleased to announce that the Federal Government of Canada has issued the Notice of the Minister of Environment’s Environmental Assessment Decision Statement for the Kami Iron Ore Project (“Kami Project”) in western Labrador.

On February 18, 2014 the Federal Minister of Environment posted the Notice of the Environmental Assessment Decision Statement.  The Decision Statement sets out the Minister’s conclusion that the Kami Project is “not likely to cause significant adverse environmental effects”.  As a result of this determination, the Kami Project may now proceed subject to the terms and conditions included in any federal permits or authorizations. 

On January 10th, 2014 the Cabinet of Newfoundland and Labrador determined that the Kami Project met the requirements of Part X of the Newfoundland and Labrador Environmental Protection Act and was released from the Provincial EA Process. Combined with the favourable decision by the Federal Minister of Environment, Alderon is now in a position to move ahead with plans to commence construction.  Alderon would like to thank all stakeholders for participating in this extensive undertaking.

“The positive decision of the Federal Minister of Environment marks another enormous milestone for Alderon as we move forward with the development of the Kami Project,” says Tayfun Eldem, President and CEO of Alderon. “We now have the green light from both the Provincial Cabinet and the Federal Minister and can move forward with our construction plans.”

Board Resignation

Alderon also announces that Mr. Danny Williams has resigned from the Board of Directors of Alderon but will remain as a consultant to the Company in the role of special advisor to the Company.  Mr. Williams has served the Alderon Board with distinction since March of 2012 and the entire Board thanks Mr. Williams for his contributions during this period of formative growth for Alderon, as it completed Environmental Assessment and solidified agreements on power, port, offtake and other key files. Mr. Williams was an influential Board member and his advice and active participation were instrumental in Alderon’s achievement of numerous milestones over the last two years. Alderon looks forward to Mr. Williams’ continued involvement with the Company.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com        

www.alderonironore.com             

For further information please call:

Evelyn Cox

1-866-683-8030 ext. 223

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the construction of the Kami Project; and (iii) receipt of permits and authorizations.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased that the Government of Newfoundland and Labrador has today confirmed that it will proceed with the construction of a third transmission line from Churchill Falls to Labrador West (the “New Transmission Line”). Nalcor has previously confirmed that it would be able to supply power to the Kami Iron Ore Project (“Kami Project”) (see January 10, 2013 news release) but the New Transmission Line is necessary to ensure there is enough transmission capacity to deliver the power to the Kami Project. The confirmation regarding the New Transmission Line paves the way for the conclusion of the Power Purchase Agreement which is the remaining condition for a confirmed power supply for the Kami Project.

“Our government has no higher priority than to fuel the growth of opportunities and a region that is growing in industrial activity needs a secure supply of electrical power,” said the Honourable Tom Marshall, Premier of Newfoundland and Labrador in a press release issued by the Government today. “Nearly three weeks ago, on the day that I was sworn in as Premier, I said the decision on a new power line for this region was imminent. Today, I am announcing that the decision is made and we will be moving forward with the construction of a third line to supply power from Churchill Falls to western Labrador.”

“Today’s announcement reflects our government’s support for responsible natural resource development in the province, specifically for the mining industry in western Labrador,” said the Honourable Derrick Dalley, Minister of Natural Resources in the same press release issued by the Government today. “Construction of the third transmission line will meet power demands for new mining developments, attract investment into the region, and generate spin-off employment and business opportunities for the people of Labrador.”

“Access to power is crucial for the Kami Project and we are proud to be a part of the leading iron ore industry in Labrador,” said Tayfun Eldem, President and CEO of Alderon.  “We are particularly pleased that the Kami Project will contribute to the continued economic prosperity of the region. The announcement of a third transmission line paves the way to execute on our Power Purchase Agreement, which will greatly assist with the ongoing process for the previously announced debt financing for the Kami Project.”

“Realization of the Kami Project will demonstrate the ability of the Provincial Government to work cooperatively with industry to bring to fruition a significant economic development project for the people of Newfoundland and Labrador,” said Mark Morabito, Executive Chairman of the Board of Alderon.  “We are very appreciative that Premier Marshall and Minister Dalley have confirmed the construction of the third transmission line, as the Kami Project will infuse significant and long-term economic benefits to the Province.  In addition to approximately $3.9 billion in tax revenues, this mine will add an impressive $25.4 billion to the Province’s GDP. With a total direct investment of $11.9 billion, the Kami Project will also create approximately 800 construction and 500 full-time production jobs. This translates to a total of $2.7 billion being paid to Newfoundland and Labrador employees and businesses.”

Alderon has collaborated with the Province and Nalcor for more than two years to secure access to power, including paying upfront engineering costs of $4.4 million. The statements from Chairman Mark Morabito regarding the economic benefits of the Kami Project are based on an independent Economic Impact Assessment (“EIA”) of the Kami Project that was undertaken by Strategic Concepts, Inc. and Dr. Wade Locke of Memorial University.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039 

E: info@alderonironore.com        

www.alderonironore.com             

For further information please call:

Evelyn Cox

1-866-683-8030 ext. 223

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the construction of the new transmission line and its benefits; (iii) the conclusion of a Power Purchase Agreement and the supply of power for the Kami Project; (iv) the number of jobs created by the Kami Project; and (v) the potential economic benefits of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that it has placed orders for the next round of long lead items for its Kami Iron Ore Project (“Kami Project”) in western Labrador.

Alderon placed orders in December 2013 for two of the most critical pieces of its material handling system for the Pointe-Noire ore shipping terminal.  An order has been placed with Metso Minerals Canada for the supply of the Rotary Car Dumper which is due for delivery in Q1 2015.  The Stacker-Reclaimer will be acquired from Sandvik AB and the delivery is scheduled for Q2 2015. Additionally the Autogenous mill and ball mill drive systems were awarded to General Electric which complement the mills that were ordered in August 2013.

The equipment selection is consistent with the proposed flow sheet as described in Kami Project’s independent technical reports.  The procurement process is being managed by the Engineering, Procurement and Construction Management (EPCM) firm, WorleyParsons.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

Brian Penney, P. Eng., the Chief Operating Officer for Alderon and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox, VP Corporate Communications

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; and (ii) the details and timelines associated with long lead equipment items.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that The Kami Mine Limited Partnership (“Kami LP”), an affiliate of Alderon, has signed an Agreement (the “Agreement”) with the Town of Labrador City (“Labrador City”) with respect to the development of the Kami Iron Ore Project (“Kami Project”) located in western Labrador.  The Agreement provides Labrador City with additional revenue which will help to deal with the demands of anticipated growth in the region and strain on aging infrastructure.  

“The successful conclusion of this Agreement continues to solidify our positive working relationship with the residents of the local communities and will ensure that Kami Project employees benefit from the excellent family community that is Labrador City,” says Tayfun Eldem, President & CEO of Alderon.  “We have developed a constructive relationship based on collaboration and mutual respect and wish to continue this relationship through the life of the Kami Project.  The Kami Project will generate significant economic benefits for Labrador City and we are pleased at the support they have provided.”

Labrador City Mayor Karen Oldford was pleased to have reached a deal that mirrors other mining companies’ grants to ensure all companies doing business with the town are on an equal playing field and contributing additional resources to help ensure residents continue to find Labrador City an attractive community to live, work and play with their families.

A portion of the mining operations for Kami Project fall within the Municipal Planning Area for Labrador City.  A Municipal Planning Area is an area outside stated Town or city limits that has been established in conjunction with the Provincial Department of Municipalities and the Town Council of Labrador City. The area is part of the Town’s development plan. The Town Council exercises full control of the development within the Municipal Planning Area. The Town does not have the same authority to levy business taxes as they would if the business was located within the Town Boundary. 

Under the terms of the Agreement, Kami LP will pay to Labrador City an annual grant based on the Kami Project mining operations that will be located in the Municipal Planning Area of the Town of Labrador City.  The annual grant provides an opportunity for Labrador City to continue to deliver excellent services to current residents and the expansion related to Kami’s future employees.  Kami LP will not be required to pay municipal or other taxes except with respect to such assets and business of Kami LP as may be located from time to time within the town boundaries of Labrador City. The Agreement is consistent with Labrador City’s approach to all businesses operating within their Municipal Planning Area.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the future relationship with the Town of Labrador City; and (iv) the benefits of the Agreement.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the Federal environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) and the Innu Nation of Labrador (“Innu Nation”) are pleased to announce that The Kami Mine Limited Partnership (“Kami LP”), an affiliate of Alderon, has signed an Impacts and Benefits Agreement (“IBA”) with respect to the development of the Kami Iron Ore Project (“Kami Project”) located in western Labrador.  The IBA is a life-of-mine agreement that establishes the sharing of benefits that will ensure a continued positive relationship between the Innu Nation and the Kami LP. The IBA represents full and final settlement to the Innu Nation.

“The successful conclusion of the IBA further strengthens Alderon and the Kami LP’s positive working relationship with the Innu Nation,” says Mark Morabito, Executive Chairman of Alderon.  “This IBA is the result of over three years of consultation and negotiation and we look forward to a beneficial future for both parties as we continue to develop the Kami Project.”

“We are pleased with this IBA as it gives financial benefits to the Innu people and opportunities for business contracts and jobs as well as environmental protection for Innu traditional pursuits,” says Innu Nation Grand Chief Prote Poker.

By entering into the IBA, the Innu Nation has given its consent and support to the Kami Project in keeping with the provisions of the Agreement.  In return, the Innu Nation will benefit through economic opportunities for community members including employment, training, business opportunities and financial benefits. The IBA also provides for various measures to ensure environment and cultural heritage protection, including the establishment of an environmental monitoring committee. The IBA does not contain any restrictions that would prevent the Kami LP from entering into agreements with other Aboriginal groups. 

The Innu Nation asserts constitutionally protected aboriginal rights over the area of the Kami Project and is currently engaged in negotiations with Canada and Newfoundland and Labrador to complete a Final Land Rights and Self Government Agreement.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com. 

 ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

 INNU NATION OF LABRADOR

On behalf of the Innu Nation

“Prote Poker”

Grand Chief

 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

 

For further information from Innu Nation:

Mark Nui, IBA Negotiator

Innu Nation

709-478-8943

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the future relationship with the Innu Nation; and (iv) the benefits of the IBA.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the Federal environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is extremely pleased to announce that the Government of Newfoundland and Labrador has released the Kami Iron Ore Project (“Kami Project”) in western Labrador from the Provincial Environmental Assessment (“EA”) process.

On January 10th, 2014 the Cabinet of Newfoundland and Labrador determined that the Kami Project has met the requirements of Part X of the Newfoundland and Labrador Environmental Protection Act and is now released from the Provincial EA Process.  The Kami Project still requires release from the Federal EA process which is expected early this year and is discussed further below.

Alderon would like to thank all stakeholders for participating in this extensive undertaking that is critical to project sanction.  Alderon looks forward to a positive decision by the Province in the near future on the next significant milestone which is the construction of an additional transmission line from Churchill Falls to western Labrador.

“Release from EA is a huge milestone for the Kami Project.  It is the culmination of over two years of hard work and commitment to meeting the Provincial regulatory requirements.  Our next goal is to finalize access to power for the Project, which has also been in the works for over two years,” says Tayfun Eldem, President and CEO of Alderon.  “We were very encouraged by the Newfoundland Government’s comments prior to Christmas that indicated a decision was forthcoming, as they acknowledge the importance of a new transmission line to facilitate industrial development in western Labrador.  The mining industry has been fortunate to have widespread support on this issue from Municipal, Provincial and Federal political leadership as well as key business and trade associations.  All stakeholders agree that construction of a new transmission line must start immediately, to ensure economic opportunities are not lost in the region, and we look forward to an imminent decision on this front.”

The Federal Environmental Assessment Process is in its final stage.  The public comment period has closed, no new issues were raised and, under the Project Agreement for the Kami Project, the final decision from the Minister of Environment is to be made in February 2014. 

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Montreal, Vancouver, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”), is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  Its port handling facilities are located in Sept-Iles, the leading iron ore port in North America.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

 

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 

E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the construction of a new transmission line and the provision of power for the Kami Project (iii) the completion of and next steps in the environmental assessment process; and (iv) the acquisition of permits and the commencement of construction of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the Federal environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) provides an update on the power and the environmental assessment release for its Kami Iron Ore Project (“Kami Project”) in western Labrador. 

Power Update

Newfoundland and Labrador Hydro (“NL Hydro”) confirmed on January 10, 2013 that the requisite power will be available for the Kami Project.  NL Hydro has an obligation to supply power to all its customers within the Province.  Following completion of three stages of engineering, NL Hydro and Alderon have advanced their commercial discussions and a Power Purchase Agreement is ready for execution pending the decision from the Provincial Government to expand the transmission capacity from Churchill Falls to Labrador West.

According to an interview on December 18, 2013 with VOCM News, Kathy Dunderdale, the Premier of Newfoundland and Labrador, supports a power line from Churchill Falls to Lab West, not just because of Alderon but because of the growth in the region.  Premier Dunderdale also said the Government encourages investment and has been working very closely with Alderon and that Alderon was meeting with the Minister of Natural Resources on December 18, 2013. 

"This meeting with the Minister of Natural Resources did take place on Wednesday and as with all previous exchanges, it was very productive.  We were informed of the status of power and various other files under review by the Provincial Government.   Following our discussions with the Minister and his officials, we are confident that these matters are being pursued diligently and expeditiously,” says Tayfun Eldem, President and CEO of Alderon. “The Government’s approval to build the power line is critical to Alderon securing the previously announced debt financing and we are pleased that the Premier has expressed her support for the power line.”

Environmental Assessment Release

The Environmental Assessment process is a dual Federal and Provincial undertaking. According to VOCM News, Premier Dunderdale said yesterday that she expects Alderon to be given the final environmental green light on its Kami Project very early in the New Year. 

Provincial Environmental Assessment process:

The Department of Environment and Conservation of the Government of Newfoundland & Labrador issued a final Ministerial decision on the Environmental Impact Statement for the Kami Project on September 30, 2013. The Environment and Conservation Minister has determined that no further work is required under the Provincial Environmental Assessment process. The Kami Project is now awaiting a final project decision from the Provincial Cabinet and Alderon understands the conclusion of this process is imminent.

Federal Environmental Assessment process:

The Canadian Environmental Assessment Agency (“the Agency”) released the Comprehensive Study Report on October 28, 2013.  On November 27, 2013 the Agency closed the 30 day public review of the Comprehensive Study Report, marking the end of the Federal Environmental Assessment process.  Review of the responses received during the comment period has identified no new issues or fatal flaws.  The Kami Project is now awaiting a final project decision from the Federal Minister of Environment.  The Federal Minister of the Environment is required to post the final Federal environmental assessment decision for the Kami Project no later than 12 weeks from November 27, 2013 and it is anticipated that this decision will be handed down in early Q1 2014.

“We are extremely excited by the fact that the Provincial and Federal Environmental Assessment processes have advanced beyond the regulatory review stage and now await the final decision by the authorities. During this time, Alderon has been advancing its project financing, detailed engineering and procurement efforts and this positions us for a strong start to the New Year,” said Mr. Eldem. 

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Montreal, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”), is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the construction of a new transmission line and the provision of power for the Kami Project (iii) the completion of and next steps in the environmental assessment process; (iv) the commencement of construction and commercial production of the Kami Project; (v) the ability to finance the development of the Kami Project; and (vi) the advancement of detailed engineering and procurement efforts.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) announces that Ms. Diana Walters, President and CEO of Liberty Metals & Mining Holdings, LLC (“LMM”) has joined the Alderon Board of Directors in place of Mr. Noel Dunn who has resigned. In addition, Alderon has appointed Evelyn Cox as Vice President Corporate Communications.

Director Appointment

Ms. Diana Walters is President and CEO of LMM. LMM is one of the Company’s largest shareholders, owning approximately 14.5% of the issued and outstanding common shares.

Ms. Walters has twenty-seven years of experience in the Natural Resources sector, both as an investment banker and in operating roles. Before joining LMM, she was a Managing Partner of Eland Capital, LLC, a Natural Resources advisory firm. Ms. Walters has extensive investment experience with both debt and equity through leadership roles at Credit Suisse, HSBC and other firms. Ms. Walters graduated with honors from the University of Texas at Austin with a BA in Plan II Liberal Arts and an MA in Energy and Mineral Resources.

Ms. Walters replaces Mr. Dunn as the representative of LMM on the Alderon Board of Directors. Mr. Dunn has provided significant contributions over the almost two year period he has served on the Board. The Board would like to acknowledge and thank Mr. Dunn for his significant contributions to the Company’s development to date.

Appointment of Vice President Corporate Communications

Ms. Cox brings over 10 years of experience in the public markets within the mineral exploration sector.  In her role, Ms. Cox will be responsible for developing and managing Alderon’s communications activities.  Prior to joining Alderon, Ms. Cox was the Executive VP Corporate Communications at King & Bay West (“KBW”), a management services company within the mining sector.  Through her association with KBW, Ms. Cox has been involved with Alderon since its acquisition of the Kami Project at the end of 2009.

Ms. Cox received her BSc (Honours) in Geology from the University of British Columbia and has completed the Economic Guidelines for Mineral Exploration Course at Queen’s University. 

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Montreal, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”), is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com   

www.alderonironore.com        

For further information please call:

Evelyn Cox

1-604-681-8030 ext 223 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to the development of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to provide an update on the Environmental Assessment process for the Kami Iron Ore Project (“Kami Project”) and the placement of orders for the next round of long lead items planned for November of this year.

Environmental Assessment

The environmental assessment process is a dual Federal and Provincial undertaking. The Department of Environment and Conservation of the Government of Newfoundland & Labrador issued a final Ministerial decision on the Environmental Impact Statement for the Kami Project on September 30, 2013. The Environment and Conservation Minister has determined that no further work is required under the Provincial environmental assessment process. The Minister will now make a recommendation to the Provincial Government Cabinet (Lieutenant Governor in Council) for consideration. 

The Federal government environmental assessment process has advanced to the final stages.  Under the terms of the Federal Project Agreement timelines for the Kami Project, the Federal government will release the Federal Comprehensive Study Report for a thirty day public review period prior to the end of October. The Federal Minister of the Environment is required to post the final Federal environmental assessment decision for the Kami Project no later than 12 weeks from the end of the thirty day review period.

“While it awaits the release of the Kami Project from the Provincial and Federal environmental assessment process, Alderon has been advancing its project financing efforts, detailed engineering, procurement of long-lead items and infrastructure agreements for rail and power,” said Tayfun Eldem, President and CEO of Alderon. “As these significant milestones in the development of the Kami Project materialize, they will further strengthen our potential to finance the remainder of the capital for the development of the Kami Project through global financial markets.”

Long Lead Items

Alderon has received bids from various suppliers for the primary crusher station for the Kami Project. The primary crusher station is the initial phase of the processing equipment in the proposed flow sheet as described in its independent technical reports.

Bids have also been received for the Pointe-Noire Terminal Ore car dumper and the stacker/reclaimer. The placement of those orders is part of Alderon’s strategy to source the long-lead mining, processing and materials handling equipment in sufficient time to begin production by the end of 2015. 

The other key processing equipment that will be ordered in the next few months includes pan and drum filters, thickener, apron feeders, pumps, spirals, magnetic separators as well as screens. The procurement schedule for long-lead items is being managed by the Engineering, Procurement and Construction Management (EPCM) firm, WorleyParsons.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Montreal, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”), is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

Brian Penney, P. Eng., the Chief Operating Officer for Alderon and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Ian Chadsey

1-514-350-3346 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the completion of and net steps in the environmental assessment process; (iii) the commencement of construction and commercial production of the Kami Project; (iv) the ability to finance the development of the Kami Project; and (v) the details and timelines associated with long lead equipment items.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that it has signed an engagement letter (the “BNP Paribas Engagement Letter”) under which it has given BNP Paribas an exclusive mandate to act as lead arranger of up to a US$1 billion senior debt financing facility (the “Senior Debt Facility”) to complete the construction and start-up of the Kami Iron Ore Project (the “Kami Project”), located in the Labrador Trough. The BNP Paribas Engagement Letter sets forth the required steps, including agreement on final terms and conditions and requisite documentation for the Senior Debt Facility, completion of due diligence, and procurement of credit approvals, among other things. The BNP Paribas Engagement letter does not constitute a commitment to provide financing.

Alderon is pursuing a financing strategy for the Kami Project based on a combination of the Senior Debt Facility, other debt options, equipment financing, equity and off-take partner contributions. In order to provide flexibility and maximize its financing options, Alderon intends to pursue the Senior Debt Facility and its other debt options in parallel, and is targeting a total debt financing amount of US$1 billion. Alderon will in particular be evaluating an offering of senior secured notes in the capital markets to ensure that it obtains the total US$1 billion target.

"The signing of the engagement letter represents a significant step forward towards obtaining project financing for the construction of the Kami Project," said Mark Morabito, Alderon’s Executive Chairman. “We expect our financing strategy to provide maximum flexibility for Alderon to achieve its US$1 billion debt financing target and to obtain all of the required capital to develop the Kami Project. Alderon also expects that a portion of the debt financing will be provided by Chinese banks given Hebei Iron & Steel Group’s involvement in the Kami Project and the strong relationship that Hebei has with many Chinese banks.”

"We are pleased to be working with the BNP Paribas team to bring the Kami Project into production. The combination of the proven financial capability of BNP Paribas, coupled with the high quality project team currently at work on the Kami Project gives us great confidence that this project will be developed in an environmentally and socially responsible manner to the benefit of our shareholders, employees and local stakeholders” said Tayfun Eldem, President and CEO of Alderon. "We believe the high quality, large scale and favorable proximity to infrastructure in the Labrador Trough combined with 60% of the production presold to Hebei for the next 15 years, make it an attractive candidate for financing from the international banking community.  This step illustrates that progress for finalizing our financing is keeping pace with the Kami Project environmental assessment process, which we expect to be nearing completion in the coming months."

This press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of the Company in the United States or any other jurisdiction. The securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any other jurisdiction and may only be offered and sold in the United States pursuant to an exemption from the registration requirements of the U.S. Securities Act. In addition, the securities of the Company may only be offered and sold in Canada pursuant to an exemption from the prospectus requirements of Canadian securities laws.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co., Ltd. (“HBIS”), is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Ian Chadsey

1-514-817-5799 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the anticipated amount, timing and successful completion of the Senior Debt Facility and other financing; (iii) the completion of the environmental assessment process; (iv) the commencement of construction and commercial production of the Kami Project; and (v) the anticipated involvement of Chinese banks in the debt financing process.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. The BNP Paribas Engagement Letter does not constitute a commitment to underwrite, provide or secure financing, which remains subject to due diligence, the preparation of offering documents and completion of other definitive documentation, credit and other approvals, and market and other conditions.  There can be no assurance that the anticipated Senior Debt Facility or other financing will be completed on terms acceptable to Alderon or at all.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property, including the proposed Senior Debt Facility, may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year, which is included in its Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (the “SEC”) or other reports and filings with applicable Canadian securities regulators and the SEC. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that it has placed orders for the autogenous (AG) and ball mills for its Kami Project located in Canada’s premier iron ore district that is surrounded by four producing iron ore mines. The AG-mill and ball mill are the key processing equipment in the proposed concentrator as described in its independent technical reports. The placement of this order is part of Alderon’s strategy to source the long-lead mining and processing equipment in sufficient time to begin production by the end of 2015. 

An order has been placed with Metso Minerals Canada for the supply of AG-milling and ball milling systems, which are due for delivery in Q4 2014, in line with the projected plant commissioning and start-up in Q4 2015.  The AG mill, which is 36 ft. in diameter and 23 ft. long, the largest diameter commonly used in pinion driven systems, has a 15 megawatt (MW) power rating.  The ball mill is 22 ft. in diameter and 41 ft. long having a 10 MW rating.

The other key processing equipment that will be ordered in time includes the crusher, apron feeders, pumps, as well as screens. The procurement schedule for long-lead items is being managed by the Engineering, Procurement and Construction Management (EPCM) firm, WorleyParsons which continues to advance the detailed engineering for the Kami Project with significant progress to date.

"We continue to make significant progress on the development and construction of the Kami Project. The ordering of the AG-mill and ball mill is another critical step in ensuring the timely and successful development of the Kami Project. The placing of the order for the two mills is an exciting step for Alderon as these mills are the cornerstones of our new process plant,” said Tayfun Eldem, President and CEO of Alderon. "This next step in the construction planning process further validates and meaningfully de-risks the Kami project and serves as another major milestone on our way to a successful, high quality iron ore operation .”

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”), is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

Brian Penney, P. Eng., the Chief Operating Officer for Alderon and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman 

Montreal Office Vancouver Office
T: 514-350-3346 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Ian Chadsey

1-514-350-3346 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to (i) the development and construction of the Kami Project; and (ii) production from the Kami Project. In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that the new multi-user deep water dock at the Port of Sept-Îles, Quebec is on time and on budget, with construction scheduled to wrap up in late March 2014.  With 95% of project costs now known and incurred, the Port is confident that the project will be delivered on the $220 million budget.

“We are enormously pleased that the Port of Sept-Îles has made such great progress allowing our project development timeline to remain in place with mine construction expected to commence by Q4 of this year and production beginning by the end of 2015,” says Tayfun Eldem, President and CEO of Alderon.  “The on time completion of the new port facility will provide shipping services for up to 8 million tonnes of iron ore annually based on our agreement and will secure our access to international markets at the agreed upon budget that Alderon signed up for.”

“We’re also very happy with the proactive support and cooperation of the teams from Pomerleau and Sandvik Canada, which have worked closely with our team to complete construction of the country’s biggest bulk port terminal,” said Port President and CEO Pierre D. Gagnon.

picpic 2

 

For additional information about the Port of Sept-Îles and Alderon’s agreement with the Port, please
refer to Alderon News Releases dated February 14, 2012 and July 16, 2012 respectively.  For a copy of the Port of Sept-Îles Press Release, please visit our website at:

http://www.alderonironore.com/_resources/news/Multi-User_Dock-Mid-Project_Status20130709.pdf

About the Port of Sept-Îles

Boasting a variety of state-of-the-art facilities, the Port of Sept-Îles is the leading iron ore port in North America, with an annual volume of nearly 30 million tons.  Sept-Îles’ port facilities play a vital and strategic role in the operations of many businesses from the region’s primary sector.  The Port’s annual economic impact is estimated at nearly $1 billion, with some 4,000 direct and indirect jobs.  Through its activity, the Port of Sept-Îles therefore remains a significant source of wealth creation in Quebec and the rest of Canada.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co., Ltd. (“HBIS”), is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

Brian Penney, P. Eng., the Chief Operating Officer for Alderon and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Ian Chadsey

1-514-817-5799 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the schedule and costs related to the completion of the new multi-user deep water dock; and (iii) the commencement of construction and commercial production of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Hebei Iron & Steel Group Co., Ltd. (“HBIS”), China’s largest steel producer, joined forces with the Government of Newfoundland and Labrador at a joint conference held in Beijing, China to further accelerate HBIS’s investment in Alderon Iron Ore Corp. (“Alderon”) and the Kami Iron Ore Project (“Kami Project”) located in Western Labrador. A delegation of representatives of the Government of Newfoundland and Labrador, led by Premier Kathy Dunderdale, recently made a trip to China to explore trade and investment opportunities between China and Newfoundland and Labrador. As part of this trip, the representatives attended a conference to accelerate HBIS’s investment in Alderon and the Kami Project. HBIS’s investment is the largest Chinese investment ever into a Newfoundland and Labrador mining project and the Government of Newfoundland and Labrador has acknowledged its significance.

Representatives of HBIS and Alderon also had an opportunity to meet with the representatives of the Government of Newfoundland and Labrador to discuss the progress of the Kami Project and the benefits that it will bring to the Province. HBIS is confident after these meetings that the Government of Newfoundland and Labrador is supportive of the development of the Kami Project.

Senior officials from Hebei Provincial Government, National Development and Reform Commission (NDRC), Hebei NDRC, State-owned Assets Supervision and Administration Commission of the State Council, Hebei and China Development Bank as well as Bank of China Hebei Branch attended the conference. Canadian Ambassador Guy Saint-Jacques also attended the conference and spoke to the audience.

HBIS Chairman Wang Yifang and President and CEO Mr. Yu Yong attended the conference and Chairman Wang told the audience in his speech that HBIS continues to have a long term commitment and support the Kami Project. HBIS will introduce Alderon and the Kami Project to various Chinese Banks in order to obtain a portion of the project financing necessary to develop the Kami Project. HBIS’s view is that Alderon’s current share price does not reflect the tremendous value of the Kami Project. As Alderon and HBIS continue to jointly develop the Kami Project and meet each milestone, HBIS expects its true value will be reflected in the market.

About HBIS

HBIS was established on June 30, 2008 through the merger of former Tangshan Iron & Steel group and Handan Iron & Steel Group. HBIS is China’s largest steel producer and the third largest in the world. HBIS ranks #269 among Fortune Global 500 in 2012. HBIS has a production capacity of 50 million tonnes. It produced 44.4 million tonnes of steel and generated RMB 250 billion of revenue in 2011. It controls 16 large operations across a number of sub-sectors of steel production, iron ore mining, trading and logistics.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Montreal, St. John’s and Labrador City. The Kami Project, owned 75% by Alderon and 25% by HBIS, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information relating to the strategic partnership please review news releases issued by Alderon on September 4, 2012 and April 13, 2012.

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) the potential value of the Kami Project; and (iii) Alderon’s share price.
In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance.

Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of Alderon’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that The Kami Mine Limited Partnership (“Kami LP”), has concluded a Community Participation Agreement with the NunatuKavut Community Council (“NCC”) with respect to the development of the Kami Iron Ore Project (the “Kami Project”) located in Western Labrador and related rail infrastructure. The Kami LP, held 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”), holds a 100% interest in the Kami Project.

The NCC represents approximately 6,000 Southern Inuit who reside in communities along the southern coast and interior waterways of Labrador.

The Community Participation Agreement sets out the basic positions of each of the Kami LP and the NCC and addresses such matters as environmental permitting, training and employment, business opportunities and community initiatives. Kami LP will provide NCC with capacity funding for the review of permits, participation in any follow-up or monitoring programs, and training initiatives. In return, NCC will support the Kami Project and not take any action which would delay or interfere with the Kami Project.

Todd Russell, President of the NCC said “Respectful relationships can be developed between aboriginal peoples and industry, it just takes understanding, respect and a willingness to do so. This agreement is an example of what can be achieved when we work together. It provides clarity and stability for the company and NCC and is a good foundation on which to build. We look forward to working with our partners at Alderon to implement this agreement and to ensure that our people can avail of the opportunities that the agreement presents. This is indeed good news and I thank all those who worked so hard to bring this agreement to fruition.”

Mark J. Morabito, Executive Chairman of Alderon said:  "Alderon acknowledges the importance of building relationships, based on mutual trust and respect, with those Aboriginal groups whose traditional territories or asserted or recognized legal rights are within or proximate to the Kami Project.  To achieve this objective, Alderon is committed to dealing collaboratively with each Aboriginal group to develop and implement a meaningful engagement process.   We look forward to continuing to work with NCC and other Aboriginal groups to address potential project effects as we move forward with the development of the Kami Project.  We believe that this agreement will contribute to a long-term and mutually beneficial association between NCC, Alderon and the Kami LP." 

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by HBIS, is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Ian Chadsey

1-514-817-5799 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to (i) the development of the Kami Project; (ii) potential future effects of the Kami Project; and (iii) the potential benefits and consequences of the Community Participation Agreement..

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) reports that the nominees listed in the management information circular for the 2013 Annual General Meeting of shareholders were elected as directors of Alderon.  Detailed results of the vote for the election of directors held at the Annual General Meeting on June 20, 2013 in Vancouver, B.C., are set out below:

 
Votes for

% Votes for

Votes withheld
% Votes withheld
Mark J. Morabito 82,170,505 98.76 1,034,945 1.24
Tayfun Eldem 82,157,205 98.74 1,048,245 1.26
Christopher Noel Dunn 83,142,485 99.92 62,965 0.08
John A. Baker 82,013,355 98.57 1,192,095 1.43
Brian F. Dalton 83,026,785 99.79 178,665 0.21
David J. Porter 82,953,125 99.70 252,325 0.30
Matthew Simpson 81,900,365 98.43 1,305,085 1.57
John Vettese 81,818,415 98.33 1,387,035 1.67
Danny Williams 81,980,855 98.51 1,224,595 1.47
Lenard F. Boggio 82,803,685 99.52 401,765 0.48
Zheng Liangjun 81,968,986 98.51 1,236,465 1.49
Tian Zejun 81,875,425 98.52 1,230,025 1.48

Shareholders at the Annual General Meeting also approved the appointment of Alderon’s auditors and the amendment to Alderon’s stock option plan.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”), is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Ian Chadsey

1-514-817-5799 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to the development of the Kami Project. In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce the appointment of Mr. François Laurin as Chief Financial Officer (CFO) of the Company.  Mr. Laurin will join Alderon as CFO on June 17, 2013.

Mr. Laurin has held several senior management positions in Canada before joining Alderon. Mr. Laurin previously served as Chief Financial Officer of Consolidated Thompson Iron Mines Ltd., which was acquired for $4.9 billion by Cliffs Natural Resources earlier in 2011.  Most recently he was the President and CEO of Cap-Ex Iron Ore Ltd. and CFO of Copper One Inc.  He is currently a member of the Board of Directors of Cap-Ex Iron Ore Ltd., Copper One Inc., Mason Graphite Inc. and McGill University Health Centre and member of the Audit Committee of McGill University.  

Mr. Laurin holds a CPA, CA and Chartered Financial Analyst (CFA) designation and earned a graduate diploma in Public Accountancy and a Bachelor of Commerce degree from McGill University. He earned his ICD.D Director designation from the Institute of Corporate Directors.

Alderon’s current CFO, Mr. Keith Santorelli, gave notice to Alderon of his intention to pursue other opportunities and is committed to ensuring a seamless transition of his responsibilities to Mr. Laurin.

“As we approach the financing and construction phase of the Kami Project, we are well positioned to move forward with our execution plans”, said Tayfun Eldem, President and CEO of Alderon. “François’ project finance experience with large-scale mining projects adds considerable expertise to our executive team. Additionally, his background in capital markets and financial reporting further bolsters the Company's executive capabilities. Mr. Santorelli joined the Company in 2011 and has been instrumental in establishing Alderon’s standalone accounting and finance function, as well as in streamlining reporting processes and implementing best-practice internal controls and governance frameworks. We thank Keith for his service and wish him the best."

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”), is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Ian Chadsey

1-514-817-5799 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to (i) the development and construction of the Kami Project; and (ii) production from the Kami Project. In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce it, through The Kami Mine Limited Partnership, has entered into a definitive Engineering, Procurement and Construction Management Agreement (the “EPCM Agreement”) with WorleyParsons Canada Services Ltd. (“WorleyParsons”) who will be the engineering, procurement and construction management (“EPCM”) contractor for the development of the Kami Iron Ore Project (the “Kami Project”).  The budget for the EPCM Agreement with WorleyParsons is estimated at $92.5 million, which is consistent with the cost estimate set out in Alderon’s Feasibility Study for the Kami Project.

A request for expressions of interest was issued in May 2012 to 10 Engineering & Construction firms and following an extensive evaluation, WorleyParsons was selected based on their health, safety and environment (“HSE”) performance, technical and project management expertise, Newfoundland & Labrador (“NL”) experience, global reputation and financial and commercial parameters. Alderon announced in November 2012 that it had entered into an Interim Engineering and Planning Services Agreement (the “Interim Agreement”) with WorleyParsons, which allowed Alderon to continue to move ahead with detailed engineering. The EPCM Agreement replaces the Interim Agreement and provides the framework for all of the EPCM services that WorleyParsons will provide going forward.

“Alderon is looking forward to continuing to work with WorleyParsons and developing the Kami Project,” says Tayfun Eldem, President and CEO of Alderon. “We were impressed with their commitment to and performance in workplace health and safety along with their track record in successful execution of EPCM mega projects in the natural resources sector.”

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”), is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Ian Chadsey

1-514-817-5799 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to (i) the development and construction of the Kami Project; (ii) the budget for the EPCM services; and (iii) production from the Kami Project. In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce the appointment of Mr. Brian Penney as Chief Operating Officer of Alderon effective immediately. Mr. Penney previously worked for the Iron Ore Company of Canada (“IOC”), a Rio Tinto subsidiary, for more than 15 years. During this period Mr. Penney held many senior roles including General Manager of Processing Operations, General Manager of Mining Operations and General Manager of Integrated Planning. Not only does Mr. Penney have extensive operating experience in iron ore, he also has a great deal of knowledge working within the Labrador Trough.

Mr. Penney's twenty years of experience in the mining sector also includes senior operating and environmental positions in the gold industry. He is a professional engineer and holds a Bachelor of Engineering Degree in Metallurgy from the Technical University of Nova Scotia (TUNS).  Mr. Penney is returning to Alderon after spending time as the President & Chief Executive Officer of Ridgemont Iron Ore Corp. Ridgemont has recently announced a transaction whereby all of its common shares will be acquired by a Newfoundland focused gold exploration company.

“Brian and I worked together for many years at IOC and Rio Tinto and I am excited to have someone of his calibre re-join the Alderon team to drive the Kami Project straight through to production”, says Tayfun Eldem, President and CEO of Alderon.  “I am pleased that we are adding such expertise to our management team which already has extensive hands-on experience in the Labrador Trough and the iron ore sector. Brian’s rich background and qualifications will be invaluable as we pursue our aggressive plans towards production.”  

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. (“HBIS”), is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Ian Chadsey

1-514-817-5799 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to (i) the development and construction of the Kami Project; and (iii) production from the Kami Project. In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Hebei Iron & Steel Group Co., Ltd. (“HBIS”), China’s largest steel producer, is pleased to announce that it has completed its initial strategic investment in the Kami iron ore project for an aggregate amount of C$182.2 million. On March 15, 2013, HBIS contributed the remaining C$119.9 million of its initial investment to Alderon Iron Ore in exchange for 25% interest in the Kami Mine Limited Partnership (Kami Project). Alderon owns the remaining 75% interest in the Kami Mine Limited Partnership.

The entire C$119.9 million of investment proceeds contributed by HBIS will be used for the continued development of the Kami Project. HBIS and Alderon will contribute to capital expenditures for the development of the Kami Project not covered by initial capital contributions and project debt financing, in accordance to the terms of the agreement governing the Kami Limited Partnership. HBIS will also use its best efforts to assist in obtaining project debt financing for the Kami Project from Chinese Banks and financial institutions around the world.

Given the shortage of high quality iron ore, HBIS believes that the Kami project provides a compelling investment opportunity. As the broader market is currently taking a more wait and see approach to iron ore demand, HBIS firmly believes that now is the ideal time to invest in upstream premium assets like Alderon Iron Ore and the Kami project. When the Kami mine is operational, HBIS will purchase 60% of the annual production of the first 8.0 million tonnes of iron ore concentrate. HBIS will also co-operate with Alderon in its efforts to attract additional off-take partners for the remaining 40% that has not been committed to HBIS.

Mr. Wang Yifang, Chairman of HBIS, said “This is our first  investment in mining assets in Canada and we are very pleased with our long term strategic partnership with Alderon. This investment provides HBIS with a long term supply of high quality iron ores at attractive investment terms and will improve our operational performance and ensure the long term growth of our company.”

HBIS continues to remain optimistic about the outlook for the Chinese steel industry given the continued economic growth in China. China continues to be one of the strongest and most dynamic economies in the world with significant expertise in iron ore and the steel industry. It believes that while Chinese steel production may grow at a more moderate rate than in the past, based on infrastructure requirements in large urban centers and under-developed rural areas, China’s iron ore demand will continue to grow for years to come.

About HBIS

HBIS was established on June 30, 2008 through the merger of former Tangshan Iron & Steel group and Handan Iron & Steel Group. HBIS is China’s largest steel producer and the third largest in the world. HBIS ranks #269 among Fortune Global 500 in 2012. HBIS has a production capacity of 50 million tonnes. It produced 44.4 million tonnes of steel and generated RMB 250 billion of revenue in 2011. It controls 16 large operations across a number of sub-sectors of steel production, iron ore mining, trading and logistics.  

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s.  The 75% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information relating to the strategic partnership please review news releases issued by Alderon on September 4, 2012 and April 13, 2012.

  

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to (i) the use of proceeds from the HBIS transaction; (ii) the funding by HBIS of costs of developing the Kami Project; (iii) the terms of the off-take agreement with HBIS; (iv) HBIS’s efforts to assist with project financing; (v) Alderon’s ability to finance the capital required to develop the Kami Project; (vi) the development of and production from the Kami Project; and (vii) the future market for iron ore and Chinese steel.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce it has signed a Memorandum of Understanding (“MOU”) with each of the Towns of Labrador City and Wabush as work progresses toward receiving project related approvals for the Kami iron ore project (the “Kami Project”).

Recognizing the tremendous potential benefits for the region and acknowledging the importance of working collaboratively towards achieving those benefits, Alderon and both towns agree in the MOUs to formalize their working relationship and to facilitate community consultation and input. Alderon will establish separate committees with both towns, and schedule regular meetings to address any issues or concerns. This will serve to further enhance community engagement as the Kami Project progresses.

“These MOUs build upon our strong established track record of consultation and cooperation with the communities and residents of Labrador City and Wabush,” said Tayfun Eldem, President and CEO of Alderon. “The Kami Project will further build on Labrador’s reputation as a significant producer of iron ore, create long-term jobs and spur economic activity. We acknowledge that our activity will impact the local community and we want to work cooperatively with both towns to ensure we identify any issues and concerns, and develop mutually acceptable mitigation measures.

Alderon has already held several public information sessions, conducted extensive meetings with Town Councils and engaged in general community consultation. The outcome of these interactions has been reflected in the Environmental Impact Statement filed in September 2012.  The process agreed to in the MOUs will facilitate discussion on such topics as: community infrastructure, environmental concerns, and accommodations for workers.

“Labrador City welcomes the opportunity to work collaboratively with Alderon in the development of the Kami Project, whereby the interests of our residents are protected and the community enhanced,” said Karen Oldford, Mayor of the Town of Labrador City.  “We appreciate the corporate responsibility demonstrated by Alderon and look forward to more of the same as this project progresses.”

“I am encouraged with the potential that the Kami Project can bring to the Town of Wabush, and we will continue to work with Alderon to ensure the safety of the operation,” said Ron Barron, Mayor of Wabush. “The Kami Project will benefit our community, and will allow us the resources to plan ahead and make our town an even better place to live in the future. I look forward to a long and prosperous partnership.” 

The Kami Project will create 800 jobs during the peak of construction and greater than 500+ full time jobs over the life of the 30 year mine. It will generate over $7 billion in Federal and Provincial taxes (direct, indirect and induced) and contribute over $20 billion to the Newfoundland & Labrador GDP.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  The Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman 

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Ian Chadsey

1-514-817-5799 or 1-888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to (i) project approvals for the Kami Project; (ii) the life of the mine at the Kami Project; (iii) the number of jobs created by the Kami Project; (iv) the benefits of the MOUs; and (v) the potential economic benefits of the Kami Project. In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce the continuing progress towards sanction of the Kami iron ore project (the “Kami Project”), with the recent closing of the $119.9 million financing from Hebei Iron and Steel Group Co., Ltd. (“HBIS”) and the advancement of the Environmental Assessment process (the “EA Process”).

The Federal Government provided significant assistance throughout the transaction process with Hebei. Senior executives of Alderon were able to meet with several Federal Government officials to discuss the Hebei transaction, including those from the Department of Foreign Affairs and International Trade.

“Alderon would like to thank officials from the Department of Foreign Affairs and International Trade for their assistance on the most recent stage of the transaction with Hebei,” said Mr. Mark Morabito, Executive Chairman. “Alderon has been working with the Canadian Embassy in China for over a year and government representatives were extremely helpful and did excellent work in advancing this important trade opportunity between Canada and China. On behalf of Alderon, I want to give thanks for the Federal Government’s ongoing assistance with this project.”

Federal Government support can also be seen for the Kami Project, and other Labrador based mining projects, in the funding of the expansion at the Port of Sept-Îles, which is the only deep water port option for Labrador based mining projects. In addition, the Federal Government has also provided loan guarantees for the Muskrat Falls Hydro Project. While there is sufficient power available for the currently planned development of the Kami Project (see Alderon press release dated January 10, 2013), the Muskrat Falls Hydro Project will be beneficial in the event that Alderon evaluates an increase in its production capacity after the commencement of commercial production at the Kami Project.

Based on an independent Economic Impact Assessment (“EIA”) of the Kami Project, it will generate significant economic benefits. The EIA was undertaken by Strategic Concepts, Inc. and Dr. Wade Locke of Memorial University. The EIA estimates that the Kami Project will generate the following benefits for the people, communities and the Government of Newfoundland and Labrador and the Federal Government:

  • CDN $10.0 billion in direct, indirect and induced incomes to workers and local businesses.
  • CDN $7.2 billion in total Newfoundland and Labrador Provincial and Federal tax revenues.
  • CDN $25.4 billion contribution to the provincial GDP.

Mr. Morabito added, “The Kami Project will further build on Labrador’s reputation as a significant producer of iron ore, create meaningful long-term jobs and spur economic activity. The robust economics of this project will result in approximately 800 jobs during the peak of construction and more than 500 full time jobs over the 30-year life of the mine. We have been pleased with the Federal Government’s willingness to listen to our vision for this project and our plans to contribute to the Canadian economy in a responsible and tangible way. We share the Federal Government’s belief that strong regions result in a stronger nation, and we appreciate their willingness to engage with our company over the past several months.”

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s.  The Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Ian Chadsey

514-817-5799

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to (i) the completion of the EA Process; (ii) the life of the mine at the Kami Project; (iii) the number of jobs created by the Kami Project; (iv) an increase in the production capacity of the Kami Project; and (v) the potential economic benefits of the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals,  the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that Hebei Iron & Steel Group Co., Ltd. (“HBIS”) has contributed the remaining C$119.9 million of its initial investment and Alderon has contributed the Kami iron ore project (“Kami Project”) to a limited partnership (the “Kami Limited Partnership”) which is owned 25% by HBIS and 75% by Alderon. HBIS is China’s largest steel producer.

This concludes HBIS’s initial strategic investment, first announced on April 13, 2012, into both Alderon and its Kami Project for an aggregate amount of C$182.2 million, in exchange for 19.9% of the outstanding common shares of Alderon (completion announced on September 4, 2012) and a 25% interest in the Kami Limited Partnership which was established to own the Kami Project. Alderon has the remaining 75% interest in the Kami Limited Partnership.

Mark Morabito, Executive Chairman of Alderon, said “Alderon is very pleased with its long term partnership with HBIS, China’s largest steel company and among the largest steel groups in the world. The conclusion of this strategic investment further validates and meaningfully de-risks the project and leads the way to successful development of the Kami Project into a high quality iron ore mine.”

The entire C$119.9 million of investment proceeds contributed by HBIS will be used for the continued development of the Kami Project. In addition, Alderon and HBIS will be required to contribute to capital expenditures for the development of the Kami Project not covered by initial capital contributions and project debt financing, in accordance with their respective interests subject to the terms of the agreement governing the Kami Limited Partnership.

In connection with the C$119.9 million contribution, Alderon has provided confirmations to HBIS with respect to certain information rights related to the development of the Kami Project and the expenditure of the C$119.9 million contribution. In addition, Alderon has agreed that in the event that the environmental assessment and related approvals for the Kami Project are not obtained by March 31, 2014, Alderon will be required to pay to HBIS C$3 million per month for each whole month until such approvals are obtained.

Tayfun Eldem, the President and CEO of Alderon, said “The conclusion of this transaction with HBIS marks a significant milestone in the development of the Kami Project and further strengthens our potential to finance the remainder of the capital for the Kami project through global financial markets, including Chinese banks. Alderon now has both the initial capital and the China market access to build a leading company. We believe that this strategic partnership solidifies our ability to become the next major iron ore producer in the Labrador Trough. In addition, Alderon management is highly confident that the environmental assessment release and related approvals for the Kami Project will be obtained during the current calendar year, well in advance of March 31, 2014. ”

As part of the strategic partnership transaction, HBIS is obligated to purchase upon the commencement of commercial production, 60% of the actual annual production from the Kami Project up to a maximum of 4.8 million tonnes of the first 8.0 million tonnes of iron ore concentrate produced annually at the Kami Project. The price paid by HBIS will be based on the monthly average price per DMT for iron ore sinter feed fines quoted by Platts Iron Ore Index (including additional quoted premium for iron content greater than 62%) (“Platts Price”), less a discount equal to 5% of such quoted price. HBIS will also have the option to purchase additional tonnage at a price equal to the Platts Price, without any such discount. In addition, HBIS agrees to use its best efforts to assist in obtaining project debt financing for the Kami Project from financial institutions, including Chinese banks, and HBIS has agreed to co-operate with Alderon in its efforts to attract additional off-take partners in respect of the annual production from the Kami Project that has not been committed to HBIS.

For more information relating to the strategic partnership please review news releases issued by Alderon on September 4, 2012 and April 13, 2012.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J. Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Ian Chadsey

514-817-5799

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to (i) the use of proceeds from the HBIS transaction; (ii) the funding by HBIS of costs of developing the Kami Project; (iii) the terms of the off-take agreement with HBIS; (iv) HBIS’s efforts to assist with project financing and an additional off-take partner; (v) Alderon’s ability to finance the capital required to develop the Kami Project; (vi) the development of and production from the Kami Project; and (vii) the timing of environmental assessment release and related approvals.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that it has appointed Mr. Lenard Boggio, B.A., B.Comm., FCA, CPA (Illinois), ICD.D, to the Board of Directors. Mr. Boggio was a Partner with PricewaterhouseCoopers LLP (“PwC”) and its predecessor firm Coopers & Lybrand from 1988 until his retirement from PwC in May 2012. During that time, he was Leader of the B.C. Mining Group of PwC, a senior member of PwC’s Global Mining Industry Practice and an audit practitioner for publicly listed Canadian, U.S. and U.K. mineral resource and energy clients. The scope of his clients' activities included exploration, development and production stage operations in the Americas, Africa, Europe and Asia.

Mr. Boggio holds a Bachelor of Arts and Bachelor of Commerce from the University of Windsor, Ontario, he has been a member of the Institute of Chartered Accountants of British Columbia since 1985 and was awarded the Fellow Chartered Accountant designation for distinguished service to the accounting profession and the community in 2007. Mr. Boggio earned his CPA designation in Illinois in 1999 and is a Member of the State Boards of Accountancy in Illinois and Washington State. He has also been a Member of the Institute of Corporate Directors since 2010, earning his ICD.D designation in 2012.

His numerous avenues of professional involvement include roles as a Board Member and Vice-Chair of the Canadian Institute of Chartered Accountants, Commissioner of the Financial Institutions Commission of B.C., a Member of the Ontario Securities Commission's Continuous Disclosure Advisory Committee and a member of the Institute of Chartered Accountants of B.C. Technical Forum that advised the B.C. Securities Commission and TSX Venture Exchange on policy and interpretation issues.

Stepping aside from the Alderon Board to allow for the appointment of Mr. Boggio is Mr. Bruce Humphrey. Mr. Humphrey was one of Alderon’s founding directors and he has been instrumental in its development. The Board would like to acknowledge and thank Mr. Humphrey for his significant contributions to the Company’s development to date.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J. Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 

E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Ian Chadsey

888-990-7989

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to production from the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that it has moved into the final stages of the Environmental Assessment (EA) Process for the Kami Project with the submission of the official response to information requests received from the Provincial and Federal Governments, Aboriginal groups and the public. The submission of more than 2,000 pages of documentation marks a significant milestone in the EA Process.

“It is anticipated that the remaining steps of the EA Process will be completed on schedule to allow for the construction of the mine on the Kami property to commence in the fourth quarter of 2013,” says Tayfun Eldem, President and CEO of Alderon. “The documentation is available to the public and can be found on the Provincial and Federal Government websites.”

Alderon is committed to maintaining a high standard in environmental stewardship and sustainability and will continue engagement with the regulators, Aboriginal groups and public stakeholders for the duration of the EA process, as well as through construction and over the life of mining operations at the Kami Project.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J. Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Ian Chadsey

514-817-5799

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to (i) the details and completion of the EA Process and (ii) the commencement of construction of, and production from, the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is not reliant on the proposed CN rail service in the Labrador Trough and CN’s decision to terminate the feasibility study for an integrated multi-user rail and terminal does not affect the scheduling or the time-lines of the Kami Project. One of the greatest advantages of Alderon’s Kami Project is its proximity to the existing common carrier rail line owned and operated by the Quebec North Shore and Labrador Railway (“QNS&L”). Alderon’s feasibility study capital and operating cost projections are based on using the QNS&L Railway which has been the central case rail solution for our Kami Project since its inception.

“The QNS&L Railway is a common carrier that operates with the legal obligation to accommodate third-party traffic.  It currently has ample surplus capacity and runs within 15 km of the Kami Property,” says Tayfun Eldem, President and CEO of Alderon. “Alderon will continue its rail tariff discussions with QNS&L.”

CN announced today that its feasibility study for a new rail line in Northern Quebec is terminated amid anticipated delays in mine development projects in and around the Labrador Trough. The proposed rail line and terminal handling facility were to serve the Quebec/Labrador iron ore corridor.

Alderon has always viewed CN’s integrated rail and terminal development project as a potentially high value alternative option and as a result signed on to participate in CN’s feasibility study. Now that the feasibility study is canceled, under Alderon’s agreement with CN, they are obligated to refund the $1.5 million Alderon contributed to the study last year.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J. Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Ian Chadsey

514-817-5799

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to Alderon’s access to the Quebec North Shore and Labrador Railway.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) announces that it has agreed, after consultation with Hebei Iron & Steel Group Co., Ltd. (“Hebei”), to extend the deadline for Hebei’s C$119.9 million limited partnership contribution to March 15, 2013 in order to allow Hebei to complete all internal processes related to funding procurement for its limited partnership contribution and taking into account the coming Chinese New Year holiday period.

Alderon will provide additional updates when available.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J. Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Ian Chadsey

514-817-5799

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to (i) the completion of the C$119.9 million funding; and (ii) production from the Kami Property.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that it has filed a National Instrument 43-101 Technical Report dated effective December 17, 2012 on SEDAR at www.sedar.com.  The Report is with respect to Alderon’s Feasibility Study (“FS”) of the Rose Deposit and Resource Estimate for the Mills Lake Deposit of the Kamistiatusset (“Kami”) Iron Ore Property in western Labrador.  The results of the FS were announced in a January 9, 2013 news release and there are no material differences between the results announced in that news release and those contained in the final Report.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J. Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 

E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to commercial production from the Kami Property. 

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. 

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce the appointment of Xinneng (David) Li as Vice President, Asia-Pacific Affairs and Ian Chadsey as Vice President Investor Relations, effective immediately.  Mr. Li will be based out of Alderon’s Vancouver office and Mr. Chadsey out of the Montreal office.

Mr. Li has over 20 years of international project and financial management and corporate development experience.  He worked as the CFO of Selwyn Chihong Mining Ltd., where he managed accounting, finance activities and fund raising for a large zinc and lead project in Canada.  Previously, he was the Asia Finance Controller for a US based manufacturing company in China and Director of Strategic Planning for Trina Solar, a NYSE listed public company. He also held various managerial roles in Bunge Ltd., a NYSE listed public company and Cargill’s investment holding company in Beijing. Mr. Li holds an MBA from Thunderbird School of Global Management in Arizona, USA and a Ph.D. in engineering from Beijing University of Aeronautics and Astronautics in Beijing, China.

Mr. Chadsey brings over 15 years of progressive experience in investor relations, media and corporate affairs.  In his new role, Mr. Chadsey will be responsible for developing and managing Alderon’s communication activities with the media and financial community.  Prior to joining Alderon, he was the head of Investor Relations for several large Canadian Corporations such as Agrium and Manitoba Telecom and most recently has worked for Silver Standard Resources and Norse Energy.  He received his MBA from the University of Ottawa, a Bachelors of Commerce degree from Concordia University and has a CMA designation.

“We are fortunate to be adding David and Ian to the team,” says Tayfun Eldem, President and CEO of Alderon. “They are joining us at a critical time as we transition Alderon toward commercial production and their expertise will be invaluable moving forward.”

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J. Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to commercial production from the Kami Property.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that Nalcor Energy (“Nalcor”) has confirmed that Nalcor will supply power to Alderon’s Kami Project subject to certain conditions, which include the completion of necessary engineering and design work for power infrastructure, the conclusion of a comprehensive Power Purchase Agreement, and the receipt of any required environmental or other regulatory approvals for power infrastructure. Nalcor Energy is headquartered in St. John’s, NL, Canada. Its business includes the development, generation, transmission and sale of electricity; the exploration, development, production and sale of oil and gas; industrial fabrication and energy marketing.

“We are very pleased that Nalcor has confirmed that power will be available for the Kami Project,” says Tayfun Eldem, President and CEO of Alderon. “This will fulfill a major infrastructure requirement for the Kami Project and will allow us to continue to move forward on our development timeline. We are now engaged with Nalcor in a process that will lead to the completion of detailed engineering and conclusion of a mutually acceptable Power Purchase Agreement. This is very positive news for Labrador West, as this project will bring tremendous benefits to the region. We are pleased that Nalcor recognizes the importance of supplying power for industrial development right here in Labrador.”

Nalcor has established a formal process in advance of Nalcor or Newfoundland and Labrador Hydro being able to supply power to an industrial customer in Labrador. The technical process involves three stages: Stage I – Pre-Project Phase; Stage II – Concept Selection; and Stage III – Front End Engineering Design. Alderon and Nalcor have completed Stages I and II of the process. Alderon announced in December 2012 that it has signed an Agreement with Nalcor for Stage III and this stage of the process is expected to take 6-8 months to conclude. Commercial discussions will commence during Stage III of the process and once commercial terms are agreed upon, a formal Power Purchase Agreement will be signed by Alderon and Nalcor subject to environmental and regulatory approvals. The commercial terms and rates for power, transmission and other infrastructure costs will be governed by a Labrador Industrial Rates Policy Framework.

Alderon presented Nalcor with its anticipated annual requirements of between 60MW and 70MW of power for its operations, assuming that the Kami Project reaches commercial production. Nalcor was able to provide Alderon with the confirmation that it will be able to supply power to the Kami Project, subject to the conditions discussed above.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J. Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to: (i) the supply of power by Nalcor; (ii) commercial production from the Kami Project; (iii) successful negotiation of a Power Purchase Agreement; (iv) the timelines for completion of formal Nalcor process; and (v) the receipt of environmental and regulatory approvals.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that it has received the results of the Feasibility Study (“FS”) on the Rose Deposit of the Kamistiatusset (“Kami”) Iron Ore Property in western Labrador.  The FS was completed by BBA Inc. (“BBA”) located in Montreal, Quebec, Stantec Consulting Ltd. (“Stantec”) located in St. John’s, Newfoundland & Labrador and Watts, Griffis and McOuat Limited (“WGM”) located in Toronto, Ontario, and is effective as of December 17, 2012. The National Instrument (NI) 43-101 compliant Report (the “Report”) summarizing the results of the FS will be filed on SEDAR and Alderon’s website within 45 days of this news release. Results of the FS disclosed in this press release are in USD and pre-tax (except where otherwise indicated).

Highlights of the FS include:

NPV at 8% discount rate $ 3,244 M 
IRR   29.3% 
Total Estimated Capital Cost (excluding sustaining capital) $ 1,272.9 M 
Average Estimated Operating Costs (loaded in ship Port of Sept-Iles) $ 42.17 
FOB Concentrate Sales Price Forecast - based on long term CFR benchmark price of $110/T @ 62% iron adjusted for Kami Fe grade and Hebei agreement terms    
            Year 1-5 (2016-2020) $ 107
            Year 6 onward $ 102
Estimated Mine Life   30 years
Final Product Iron Grade (%Fe)   65.2%
Measured and Indicated Resource of the Rose Deposit
(COG=15%, 29.6% Total Iron)
  1093.2 Mt
Proven and Probable Reserves of the Rose Deposit
(COG=15%, 29.5% Total Iron)
  668.5 Mt
Annual Production Rate (average life of mine, post ramp-up year)   8.0 Mtpa
Projected Plant Start-up and Commissioning   Q4, 2015
Projected Commencement of Revenue Generation   Q1, 2016
Projected Years to Payback at 8% discount rate   3.8

“The completion of the Feasibility Study is a major milestone in Alderon’s development and we are very pleased with the results. The completion of the Feasibility Study is another significant de-risking event that can be added to Alderon’s confirmation of port access, Nalcor Stage III transmission line engineering and assessment agreement and strategic partnership with Hebei Iron and Steel (“Hebei”)”, says Tayfun Eldem, President and CEO of Alderon. “The study demonstrates robust economics on the Kami Property and the results meet all of the threshold criteria under our agreements with Hebei. Our schedule anticipates receipt of permits toward the end of 2013 and construction to follow immediately, with initial production in Q4 2015.”

The FS demonstrates very attractive project economics.  Based on a production rate of 8 million tonnes per year of iron ore concentrate at a grade of 65.2% iron, the FS shows a Net Present Value (“NPV”) of $3.244 billion at a cash flow discount rate of 8%.  The internal rate of return (“IRR”) for the project is 29.3%. The level of accuracy of the FS is considered to be +/-15% and a foreign exchange rate of $1.00US = $1.00CDN was used.

On an after-tax basis, the FS shows a NPV of $1.858 billion and payback period of 4.5 years at a cash flow discount rate of 8%.  The after-tax IRR for the project is 23.1%. The after-tax analysis is based on a number of assumptions which will be fully set out in the Report.

Financial Analysis

Based on the assumption that commercial production would begin in Q4 2015 and would continue for 30 years, the following results were obtained (pre-tax): 

IRR          29.3%
Discount Rate

0%


$

NPV
(Billion $)

11.545

Payback (years)
3.1
5% $ 5.030 3.5
8% $ 3.244 3.8
10% $ 2.461 4.0

Total capital expenditures (including contingency) are estimated at $1.27 billion.  The capital cost estimate excludes closure costs and sustaining capital, which are expected to be in the order of $48.1 million and $642.4 million respectively for the life of the project. These costs are included in the financial analysis for the project. 

Summary of Estimated Initial Capital Costs (Million $)    
Mining Capitalized Pre-Stripping Costs $ 52.7
Concentrator and Site Infrastructure $ 585.1
Environmental & Tailings Management $   47.4
Rail Line (Kami Site) $ 57.7
Port Facilities $ 152.2
Indirect Costs (Including Owner’s Costs) $ 258.8
Contingency $ 119.0
TOTAL $ 1,272.9

The FS assumes a Concentrate FOB selling price of $107/tonne for year 1-5 (2016-2020) and $102/tonne from year 6 onwards. The selling price is loaded in ship at Port of Sept-Iles with Fe premiums and Hebei discount applied.  Average life-of-mine (“LOM”) operating costs, including annual costs for leasing of equipment (purchase value of $176.9 million), are estimated at $42.17/tonne of concentrate. During the life of the project, leased equipment are replaced as they reach the end of their service life and these replacement costs are capitalized and reflected as part of the sustaining capital expenditures.  Average LOM operating costs are based on the following: 

Summary of Estimated Operating Costs ($/t of concentrate)    
Mining $ 17.11
Processing $ 6.51
Site General $ 0.34
General & Administrative $ 1.50
Environmental & Tailings Management $ 0.52
Rail Transportation $ 13.33
Port & Shiploading $ 2.86
TOTAL $ 42.17

Mineral Resources and Mineral Reserves

The mineral resources and mineral reserves are reported in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources Mineral Reserves and their Guidelines, and are compliant with NI 43-101.

The mineral resource estimate for the Kami Property is set out below. WGM was retained to audit an in-house estimate completed by Alderon. Mr. Michael Kociumbas, P.Geo. and Mr. Richard Risto, P.Geo. with independent firm, WGM, are Qualified Persons as defined by NI 43-101 and are responsible for reviewing and approving this mineral resource estimate and the QA/QC associated with the estimate. They have verified, reviewed and approved the technical data contained in this news release and underlying sampling, analytical and test data. The mineral resource estimate has been prepared using a 15% Total Fe cut-off grade, is effective December 17, 2012 and inclusive of mineral reserves.

Zone Category

Tonnes

(Million)

TFe% magFe% hmFe%
Rose Central Measured 249.9 29.4 17.6 8.1
  Indicated 294.5 28.5 17.7 5.9
  Total M&I 544.4 28.9 17.7 6.9
           
  Inferred 160.7 28.9 16.9 7.1
           
Rose North Measured 236.3 30.3 13.0 14.7
  Indicated 312.5 30.5 11.8 17.1
  Total M&I 548.8 30.4 12.3 16.1
           
  Inferred 287.1 29.8 12.5 15.5
           
Mills Lake Measured 50.7 30.5 21.5 7.0
  Indicated 130.6 29.5 20.9 3.9
  Total M&I 181.3 29.8 21.1 4.8
           
  Inferred 74.8 29.3 20.3 2.7

The mining engineering work performed for this FS was based on the 3-D block model provided by Alderon and audited by WGM. Pit optimizations were performed on Measured and Indicated Resources and the pit shell having the optimal discounted NPV and strip ratio at a cut-off grade of 15% Total Fe was selected for the mineral reserve estimate. The final mineral reserve was estimated after applying engineering and operational design parameters. BBA is of the opinion that the mineral reserve estimate derived in this FS reasonably quantifies the economical ore mineralization of the Rose Deposit. The reserve estimate is as of December 17, 2012 and the mineral reserves presented in the table below are included in the mineral resource estimate set out above. Only the Measured and Indicated Resources within the Rose Central and the Rose North Deposits have been considered in the FS and have been used for the estimation of mineral reserves. The mineral resources within the Mills Lake Deposit have not been considered in the FS.

Category Mt TFe% WREC% magFe% MAG%
Proven 431.7 29.7 35.5 15.5 21.4
Probable 236.8 29.2 34.1 14.9 20.5
Total 668.5 29.5 35.0 15.3 21.1

Project Summary

The Kami Property is located approximately 10 km from the town of Wabush in Western Labrador and approximately 6 km south from the Wabush Mines mining lease owned by Cliffs Natural Resources Inc.  The proposed project at the Kami site, as stated in the FS, includes the following components: 

  • The Rose ore deposit and waste rock disposal areas.
  • Processing infrastructure including a crushing and grinding circuit, spiral plant, magnetite plant, and fine tailings thickener.
  • Tailings Management Facility.
  • Ancillary infrastructure to support the mine and process plant (gate and guardhouse, reclaim water pumphouse, truck wash bay and repair shop, electrical substation, administration/office buildings, maintenance offices, warehouse area and employee facilities, conveyors, loadout silo, stockpiles, sewage and effluent water treatment systems, mobile equipment and transmission lines).
  • A temporary construction camp is located off-site.
  • The rail infrastructure, including the rail line connecting to Quebec North Shore & Labrador (QNSL) Railway, the rail loop and the service tracks consist of a total of 25 km of new track passing to the south and east of the Town of Wabush.
  • Nalcor will provide power directly to the Kami site main substation by means of a 315 kV transmission line.

 Facilities at the Port will include: 

  • A rail transportation component consisting of a Sept-Iles Junction interchange, railway line and staging tracks.
  • A car dumper.
  • A stacker/reclaimer system.
  • A concentrate storage area with a capacity of 550,000 tonnes.
  • A conveyor system feeding the future common deep water shiploading facility, capable of loading high capacity vessels destined for Asia, operated by the Port of Sept-Iles. 

The proposed project will produce eight million metric tonnes of iron ore concentrate per year and will ship concentrate to market via the Port of Sept-Iles facilities at Pointe Noire, Quebec. Ore processing will take place at the Kami site and will involve the following steps: 

  • Ore will be mined from the open pit mine using conventional drill and blast techniques and transported via haul trucks;
  • Ore will be hauled to the primary crusher in proximity of the pit and the crushed ore will be delivered to the stockpile and to the process plant via conveyor;
  • The process plant will include grinding, screening, and gravity and magnetic concentration;
  • Tailings (process waste) will be pumped to the tailings impoundment area south of the process plant; and
  • Iron ore concentrate will be loaded onto gondola rail cars for transportation to the Port of Sept-Iles where it will be stockpiled and in turn transferred to ships for delivery to market. 

Development Timetable 

A construction schedule has been established that is contingent on the following milestones to be realized: 

Major Milestones Date
Interim Engineering & Planning Services Agreement Aug-2012
Start Detailed Engineering Nov-2012
EA Release Sep-2013
Permits and Start Construction Nov-2013
Construction Completed Aug-2015
Power Availability (NL) Sep-2015
Full Handover to Operations Nov-2015

The environmental permitting process began with project registration initiated with the submission of the project description in October 2011. An environmental impact statement was submitted in September 2012 and based on the expected duration of the various regulatory proceedings, it is expected that the permits, which will allow construction, will be issued in November 2013. No site work is anticipated prior to this date. Construction is set to start in November 2013 and is based on a construction schedule of 24 months including Pre-Operational Verifications and plant handover to operations. 

The documents filed by Alderon in the Environmental Assessment process include provision to increase planned production to 16 million tonnes per year. However, the FS only contemplates an 8 million tonne per year production scenario. Alderon intends to proceed with the 8 million tonne per year production scenario outlined in the FS and it may evaluate the feasibility of a 16 million tonne per year production scenario after the commencement of commercial production at the Kami Property. Such evaluation will be based on several factors including market projections for iron ore supply and demand.

Analyst and Shareholder Conference Call 

Alderon will host a conference call today at 8:00 a.m., EST (January 9, 2013) to discuss the FS results. To participate in the call please dial the following:

Toronto: 416-623-0333

Montreal: 514-687-4017

Vancouver: 604-681-8564

Calgary or International: 403-532-5601

Toll Free North America: 1-855-353-9183

Participant Pass Code: 43764#

 

Technical Report and Qualified Person

A NI 43-101 Technical Report will be filed on SEDAR and on Alderon’s website within 45 days of the date of this news release.  The Report will consist of a summary of the Feasibility Study. The Report is being prepared under the supervision of Angelo Grandillo, P.Eng, of BBA, a Qualified Person as defined by NI 43-101, with contributions from Stantec and WGM. Mr. Grandillo is a Qualified Person as defined by NI 43-101 and Mr. Grandillo is independent of Alderon.  Mr. Grandillo has reviewed and approved the technical information contained in this news release, with the exception of the mineral resource estimate which was reviewed and approved by WGM as noted above.  Mr. Grandillo has verified all the data underlying the technical information disclosed in this news release.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

Prior to the release of the Report on the FS results, additional information about the Kami Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp.” dated effective October 26, 2011.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J. Morabito"

Executive Chairman

Montreal Office Vancouver Office
T: 514-281-9434 T: 604-681-8030
F: 514-281-5048 F: 604-681-8039

 

E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to: (i) the estimation of mineral resources and mineral reserves; (ii) the market and future price of iron ore and related products; (iii) success of exploration activities; (iv) the completion and timing of the permitting and environmental assessment process; (v) the negotiation and conclusion of infrastructure contracts; (vi) expected infrastructure requirements; and (vii) the results of the FS including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines and production timelines for the Kami Property.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

OPERATOR: Good morning, ladies and gentlemen. Welcome to the Alderon Feasibility Study Review Conference Call. I would like to introduce Tayfun Eldem, the President and CEO of Alderon Iron Ore Corp. Please go ahead.

TAYFUN ELDEM: Thank you operator. Good morning, ladies and gentlemen. My name is Tayfun Eldem and I'm the President and CEO of Alderon Iron Ore Corp. With me this morning we have Alderon's Executive Vice President of Project Delivery, Mr. Bernard Potvin, as well as Alderon's General Manager of Projects, Miss Fay Pittman.

I'm pleased to share with you this morning the results of our feasibility study which marks yet another milestone in Alderon's journey towards production. I'll use the first 20 minutes of the call to provide you with key information pertaining to the results of the feasibility study and then I will open it up for questions.

Alderon's feasibility study was completed by BBA, Stantec, and Watts, Griffis and McOuat, or WGM and it is based on months of studies and fieldwork including in-fill drilling and geotechnical modeling to establish measured and indicated resources for the Kami project, metallurgical testing to establish processing design criteria and final product specifications, geotechnical drilling and assessment to determine pit slopes, building and infrastructure locations, topographical surveys to determine railway routing and of course mine and process engineering studies to confirm the mine plan and process flowsheet.

The feasibility study is based on the combined Rose Central and Rose North deposits, which have a total measured and indicated resource of 1.1 billion tonnes [at 29.6% total iron]. Our total resource space also includes Mills Lake deposit with a total resource of [measured and indicated resource of 181 million tonnes at 29.8% total iron and an inferred resource of 75 million tonnes at 29.3% total iron], however, Mills Lake was not included in the feasibility study and it will be dealt with and incorporated into our mine plan in future years.

Additionally, the feasibility study is based on a nominal production rate of 8 million tonnes per annum of concentrate for sinter feed. As you know, the Kami project was registered in the Environment Assessment process with a view to producing 16 million tonnes per year. We will assess the expansion option as part of a separate feasibility study after we commission the first 8 million tonnes per annum phase. If deemed feasible, the Environmental Assessment work currently underway for a 16 million tonne per annum operation will help us fast track the EA process for the expansion phase.

Now, moving on to the results. The feasibility study demonstrates very robust project economics. Based on the 8 million tonnes per year capacity and a 30-year mine life, producing concentrates at a grade of 65.2% iron, the project yields an NPV of $3.24 billion dollars at a discount rate of 8% and an internal rate of return of 29.3%.  These numbers are all pre-tax and post-tax numbers have been included in our news release and they will be part of the NI43-101 technical report to be posted later on.

This financial analysis is based on the following underlying assumptions. The initial CAPEX is expected to be $1.27 billion and it includes any contingencies. Average life-of-mine unit operating costs are expected to be $42.17 a tonne. The financial analysis also includes sustaining capital and closure costs of $642 million dollars and $48.1 million dollars, respectively. The feasibility study assumes a realizes FOB sale price of $107.00 per tonne for the first 5 years and $102.00 per tonne thereafter, taking in account the premiums for higher iron content and the discount to our strategic partner, Hebei Iron and Steel. Obviously, compared to our PEA that we issued in October 2011, prices have been brought downwards reflecting the revised outlook for commodity prices.

The pit shell and design used in the feasibility study result in proven and probable reserves for the Rose pit of 668.5 million tonnes [at 29.5% total iron]. This provides for a mine life of 30 years, an annual production rate of 8 million tonnes per year and an average strip ratio of 1.66. The strip ratio, as you may have noticed, is significantly lower compared to the 2.21 we had in our PEA and this has had a very favorable effect on our operating costs.

From a processing standpoint, the projected weigh yield on a dry basis and iron recovery, are 34.9% and 77.4% respectively. For those of you who like to compare this weight yield to other operations in the region that report on a natural basis, Kami Project's weight yields will be 36.3%.

Our current schedule sees us entering into production in Q4 2015 with 2016 as the first year of revenue generation and this is consistent with the schedule that we have been sharing with everyone. Based on the project financials and our ramp-up profile, the project has a 3.8-year payback at an 8% discount rate.  From a break-even perspective, the project breaks even at a Platts spot price of $70.00 a tonne, landed in China for 62% Fe concentrate.

Moving on, the details of the capital costs and the average life-of-mine operating costs were provided in this morning's news release. I will, therefore, focus on the variance between the feasibility study and the PEA for these cost estimates.

Before we go into detail I think it's important we recognize that, overall, there are significant differences between the project covered in the PEA and the project coming out of our feasibility study. The most significant differences are we have a much larger resource, which gives us a longer mine life and, of course, a bigger operational footprints. This means more waste rock and bigger waste rock stockpiles as well as more tailings and a more complex tailings management system. The feasibility study has increased definition over the PEA as a result of more engineering as we discussed, metallurgical testing, geotechnical drilling and assessment to understand bedrock competency and overall pit slope, as well as topographical surveys to help with routings. The feasibility study also incorporates controls needed to comply with all environmental regulations. And, of course, there is greater clarity on some cost elements like port fees and projected electrical power raises.

That said, the flowsheet and process design released remains fundamentally unchanged. The operations will consist of an open pit mine with drill and blast, load and haul and in-pit crushing. An overland conveyor will link the crusher to the concentrator. The concentrator will be made up of autogenous grinding, gravity separation and magnetic recovery circuits. We will have a tailings management facility, with controls for total suspended solids and ammonia discharge to comply with regulations. The rail transportation, in our feasibility study, is based on Alderon utilizing QNS&L and CFA to link our mine site to the loading terminal. And, lastly, we are operating our own terminal in the Sept-Iles operations with a dumper, stacker, and reclaimer feeding the port of Sept-Iles operations through the new multi-user port facility that is currently under construction.

So, if we turn our attention to the variance in our capital cost estimates relative to the PEA, we can see that the capital estimate has risen by $284 million, or 28.6% from the PEA. This variance is driven by a number of factors. Firstly, there's an increase in site infrastructure due to the larger footprint of the mine; whereby we will need 15 km of additional access roads. As well, we have added electrical redundancy at the main sub-station to ensure that we can ride through interruptions and we have incorporated higher degree of automation and telecommunications to the flowchart. We also have seen an increase in steel and concrete quantity and unit cost based on geotechnical assessment and pricing updates, as well as of course detailed design for buildings. We have a slightly longer over land conveyor, due to the revised location of the in-pit crusher relative to the concentrator. Again, this is driven by where we need to locate the crusher so that we have competent bedrock. We have a larger and more complex tailings management operation, which now incorporates controls for total suspended solids and ammonia. We have higher indirect costs and these are driven by a larger construction camp as accommodation requirements were underestimated in the PEA.  The PEA had a large portion of the construction workers accommodated in existing accommodations in the region, which has now proven to be not sufficient and therefore we need to build a larger camp. And, of course, the indirect costs impact the direct costs and as the indirects rise, so do the direct costs.

We also have a slightly longer railways connection to QNS&L based on topographical assessment and the need to maintain grading.

The reduction in capital from the PEA came mainly by way of less pre-production stripping as a result of the optimized pit design, which I'll speak to in some detail later on.

Turning our attention to the operating cost. When we look at our unit operating cost variance relative to the PEA, the average life-of-mine unit costs are reduced by $2.70 a tonne, or 6.4% and this is largely as a result of the lower strip ratio achieved through the pit optimization exercise we undertook between October and December 2012.

This well and truly speaks to the value that we were able to draw from the project through the extra time we took between October and December to complete the pit optimization. Overall, the project net present value has improved by $178 million dollars from the PEA. The negative effects of a lower commodity price and higher capital have been more than offset by our lower operating costs and a longer mine life.

As stated in our news release, the feasibility study results meet all of the threshold criteria for Hebei’s project-level investment of $120 million dollars. We will be delivering the official feasibility study to Hebei in the latter half of this month and expect to close the next tranche of their investment sometime in February and this is consistent with the timeline captured in our agreement.

So, looking ahead, this year will be another busy one. Our focus will be on advancing detailed engineering. We will be preparing for construction by ordering long-lead items as well as erecting our construction camp in anticipation of construction commencing towards the end of the year. We will be completing our Environmental Assessment process and obtaining the required releases and permits. We expect the Environmental Assessment release by the end of September or early October and permits by November and these will pave the way for us to start construction in November 2013.

As well, with Hebei’s assistance, we will be looking to secure another strategic partner to take on the remaining uncommitted 40% of production. In fact, these discussions are very well advanced and we continue to explore opportunities in Taiwan, Korea and Japan. As well, we are in discussions with a handful of traders both in Japan and Europe. And, last but not least, we will be advancing our formal power and rail agreements towards conclusion. And we will be of course be commencing construction, as I stated, based on the timelines at the end of 2013 with a 24-month construction window taking us to the first commercial production at the end of 2015.

On that note I'd like to thank you all for your attention.

Disclaimer:

Special Note Regarding Forward-Looking Information

This presentation contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this presentation includes, but are not limited to, statements with respect to: (i) the estimation of mineral resources and mineral reserves; (ii) the market, demand for and future price of iron ore and related products; (iii) success of exploration activities; (iv) the completion and timing of the permitting and environmental assessment process; (v) the negotiation and conclusion of infrastructure contracts; (vi) expected infrastructure requirements; (vii) potential economic benefits of the Kami Property; and (viii) the results of the FS including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines and production timelines for the Kami Property.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings applicable with Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that it plans to release the results of its Feasibility Study (“FS”) on the Rose Deposit of the Kamistiatusset (“Kami”) Iron Ore Property in western Labrador prior to market open on Wednesday January 9, 2013. 

Following the release of the FS, Alderon will host an analyst and shareholder conference call at 8:00am EST on the same day (January 9, 2012).  To participate in the call, please dial the following:

Toronto: 416-623-0333

Montreal: 514-687-4017

Vancouver: 604-681-8564

Calgary or International: 403-532-5601

 

Toll Free North America: 1-855-353-9183

Participant Pass Code: 43764#

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J. Morabito"

Executive Chairman

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-281-9434 T: 709-576-5607 T: 709-944-4820 T: 416-309-2138 T: 604-681-8030
F: 514-281-5048 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

 

E: info@alderonironore.com        

www.alderonironore.com             

                                           

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to the release of the results of the Feasibility Study.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that it has entered into an agreement (the “Agreement”) with Nalcor Energy (“Nalcor”) whereby Nalcor will perform Stage III engineering and assessment related to providing transmission and electrical plant and services associated with supplying electrical power for Alderon’s Kami Project. Nalcor Energy is headquartered in St. John’s, NL, Canada. Its business includes the development, generation, transmission and sale of electricity; the exploration, development, production and sale of oil and gas; industrial fabrication and energy marketing.

“Alderon commenced Nalcor’s formal process for the provision of power to an industrial customer in Labrador in September 2011 and we are very pleased to now be in the third and final stage of the engineering and assessment process,” says Tayfun Eldem, President and CEO of Alderon. “The third stage of the process will lead to the completion of detailed engineering and will also mark the start of the formal negotiations towards a mutually acceptable Power Purchase Agreement.”

Nalcor has established a formal process in advance of Nalcor or Newfoundland and Labrador Hydro being able to supply power to an industrial customer in Labrador. The technical process involves three stages: Stage I – Pre-Project Phase; Stage II – Concept Selection; and Stage III – Front End Engineering Design. Alderon and Nalcor have completed Stages I and II of the process. With the signing of the Agreement, Stage III has commenced and it is expected to take 6-8 months to conclude. Alderon funded all of the costs associated with Stage II and will also fund all Stage III costs which are estimated to be $3.8 million. Commercial discussions will commence during Stage III of the process and once commercial terms are agreed upon, a formal Power Purchase Agreement will be signed by Alderon and Nalcor subject to environmental and regulatory approvals. The commercial terms and rates for power, transmission and other infrastructure costs will be governed by a Labrador Industrial Rates Policy Framework.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

Additional information about the Kami Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp.” dated effective October 26, 2011.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J. Morabito"

Executive Chairman 

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-281-9434 T: 709-576-5607 T: 709-944-4821 T: 416-309-2138 T: 604-681-8030
F: 514-281-5048 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

 

E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to: (i) the supply of power by Nalcor; (ii) successful negotiation of a Power Purchase Agreement; (iii) the timelines for completion and costs of the formal Nalcor process; and (iv) the receipt of environmental and regulatory approvals.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

 

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that it has signed an Interim Engineering and Planning Services Agreement (“the Interim Agreement”) with WorleyParsons Canada Services Ltd (“WorleyParsons”) to perform Engineering, Procurement and Construction Management (“EPCM”) Services on the Kamistiatusset (“Kami”) Iron Ore Project in Western Labrador. 

“We are extremely pleased to be moving ahead with detailed engineering, which is the next step in developing our Kami Project,” says Tayfun Eldem, President and CEO of Alderon. “Although our Feasibility Study has been slightly delayed with a portion of the Study taking longer than we had anticipated, it does not affect our overall timeline.  We are moving ahead as planned.”

WorleyParsons is one of the few global companies with the track record, resources, technical capabilities and systems to meet the demands of large-scale projects.  The services contained within the Interim Agreement are estimated to cost $2.5 million to complete and will allow WorleyParsons to progress with certain deliverables while pursuing negotiations for the full EPCM Agreement. 

About Alderon

Alderon is a leading iron ore development company in Canada.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

Additional information about the Kami Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp.” dated effective October 26, 2011.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J. Morabito"

Executive Chairman

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-281-9434 T: 709-576-5607 T: 709-944-4821 T: 416-309-2138 T: 604-681-8030
F: 514-281-5048 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

 

E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to: (i) the completion of port infrastructure; (ii) Alderon’s development timeline; and (iii) the timing of the feasibility study.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that work on the new multi-user deep water dock at the Port of Sept-Îles, Quebec is on time and within budget.  Construction of the new facility is expected to be completed by the end of March 2014.

The first phase of the program is now complete and included dredging in order to allow for the loading of large capesize vessels.  This work was carried out by Ocean Group Inc., the recognized leader in integrated marine services throughout Eastern Canada.

Construction of the dock commenced during the first week of October and is being carried out by Pomerleau Inc, the largest construction company in Quebec.  The driving of the first piles is planned for mid-November.

“We are extremely pleased that the Sept-Îles Port Authority is making such good progress on the construction of the new facility,” says Tayfun Eldem, President and CEO of Alderon. “This should allow for all the necessary port infrastructure to be in place in accordance with Alderon’s project development timeline.”

For additional information about the Port of Sept-Îles and Alderon’s agreement with the Port, please refer to Alderon News Releases dated February 14, 2012 and July 16, 2012 respectively.  

Alderon also announces that while the progress of the feasibility study on the Kami Property continues to advance, certain engineering studies and optimization analyses within the overall feasibility initiative are taking more time to conduct and finalize than originally anticipated.  The results of the study may still be released during the fourth quarter of 2012, but in any event, the results of the feasibility study will be released prior to January 31, 2013. This delay will not affect Alderon’s project development timeline.

About Alderon

Alderon is a leading iron ore development company in Canada.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

Additional information about the Kami Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp.” dated effective October 26, 2011.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J. Morabito"

Executive Chairman

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-281-9434 T: 709-576-5607 T: 709-944-4821 T: 416-309-2138 T: 604-681-8030
F: 514-281-5048 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

 

E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to: (i) the completion of port infrastructure; (ii) Alderon’s development timeline; and (iii) the timing of the feasibility study.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that another significant milestone has been achieved today with the submission of its Environmental Impact Statement (EIS) to the Federal and Provincial Governments for the Kami Iron Ore Project in Labrador West. The EIS document consists of more than 5000 pages of technical analysis and provides a full and thorough assessment of the predicted project effects on the biophysical and human environments.

“Since we began the journey of developing this incredible resource, we have achieved many exciting milestones including entering into numerous financial agreements and strategic partnerships, as well as securing access to port facilities,” said Mark Morabito, Executive Chairman of Alderon. “The EIS represents the building of momentum towards project sanction, and we are pleased to make this submission to both levels of government.”

“This extensive document represents more than two years of data collection and analysis, as well as substantial consultation with stakeholders,” said Tayfun Eldem, President and CEO of Alderon. “We want to thank every single individual and group who contributed to this process. By working together with communities and stakeholders and keeping lines of communications open, we will ensure that this project is mutually beneficial to all. The incredible amount of effort and detail that went into this EIS also demonstrates our company’s commitment to meeting superior standards for sustainable development.”

The next step in the Environmental Assessment Process is for the federal and provincial governments to post the complete EIS and provide notification of the commencement of the public review period. Governments, stakeholders, aboriginal groups and the general public will review the information contained in the EIS, and provide relevant comments back to the government where there are outstanding issues or concerns.  In the meantime, Alderon will continue to actively engage all stakeholders, regulatory agencies and aboriginal groups to ensure an efficient and timely completion of the EA process.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  Alderon’s Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon and to view a summary of the EIS document, please visit www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-281-9434 T: 709-576-5607 T: 709-944-4820 T: 416-309-2138 T: 604-681-8030
F: 514-281-5048 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

 

E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the sanction of the Kami Project; and (ii) the details and completion of the EA Process.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, receipt of a feasibility study that meets the requisite criteria, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulations.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

 

NEWS RELEASE

Alderon Closes Common Share Subscription with Hebei Iron & Steel Group

September 4, 2012                                                                                    (TSX: ADV) (NYSE MKT: AXX)

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon” or the “Company”) is pleased to announce that it has closed the Alderon common share (“Common Share”) subscription component of the previously announced transaction with Hebei Iron & Steel Group Co., Ltd. (“Hebei”). Pursuant to the terms of the subscription agreement (as amended) (the “Subscription Agreement”), Hebei has acquired 25,858,889 Common Shares at a price of C$2.41 per Common Share for gross proceeds to the Company of approximately C$62.3 million, representing 19.9% of the issued and outstanding Common Shares. Alderon and Hebei have also executed the remaining definitive agreements, including the Investor Rights Agreement, the Off Take Agreement and the agreements required to form and operate the limited partnership that will own the Kami iron ore project (the “Kami Project”).

Concurrent with the Hebei closing, Liberty Metals & Mining Holdings, LLC (“LMM”), a subsidiary of Liberty Mutual Insurance, has acquired 3,816,181 Common Shares at a price of C$2.41 per Common Share for gross proceeds to the Company of approximately C$9.2 million, allowing LMM to maintain its relative proportionate interest in Alderon. Also concurrent with the Hebei closing, Alderon is repaying the $10.5 million bridge loan previously advanced by LMM.

Mark Morabito, Executive Chairman of Alderon, said “The closing of the private placement component of Hebei’s strategic investment in Alderon and its Kami Project is a major milestone for both parties. One of Alderon’s next milestones will be the completion of its Feasibility Study, which is expected in Q4 2012. Once Alderon delivers to Hebei a Feasibility Study that meets the required criteria, Hebei will contribute the remainder of its C$182.2 million investment. I would also like to acknowledge and thank Liberty for its continued support of Alderon.”

Hebei’s initial investment in Alderon and the Kami Project will total C$182.2 million. Pursuant to the terms of the definitive agreements, within 15 business days of Hebei receiving a feasibility study that meets certain criteria, Hebei will contribute the remaining C$119.9 million of the initial investment and Alderon will contribute the Kami Project and relevant properties to the newly formed limited partnership which is owned as to 25% by Hebei and 75% by Alderon.

Other transaction highlights include:

  • Hebei agrees to use its best efforts to assist in obtaining project debt financing for the Kami Project from financial institutions, including Chinese banks.
  • Alderon and Hebei will be required to contribute to capital expenditures for the development of the Kami Project not covered by initial capital contributions and project debt financing, in accordance with their respective interests.
  • Upon Hebei's acquisition of its 25% interest in the Kami Project, it will be obligated to purchase upon the commencement of commercial production, 60% of the actual annual production from the Kami Project up to a maximum of 4.8 million tonnes of the first 8.0 million tonnes of iron ore concentrate produced annually at the Kami Project. The price paid by Hebei will be based on the monthly average price per DMT for iron ore sinter feed fines quoted by Platts Iron Ore Index (including additional quoted premium for iron content greater than 62%) (“Platts Price”), less a discount equal to 5% of such quoted price. Hebei will also have the option to purchase additional tonnage at a price equal to the Platts Price, without any such discount.
  • Hebei has agreed to co-operate with Alderon in its efforts to attract additional off-take partners in respect of the annual production from the Kami Project that has not been committed to Hebei.
  • Alderon will be the manager of the Kami Project and will receive a fixed annual management fee during the construction period of the project. Once the Kami Project has reached commercial production, Alderon will receive a management fee on a per tonne of iron ore concentrate basis.
  • The entire C$182.2 million of investment proceeds from Hebei will be used for the exploration and development of the Kami Project, the repayment of the $10.5 million bridge loan from LMM and other relevant corporate expenses of Alderon.
  • Alderon has granted Hebei a pre-emptive right to maintain its interest in Alderon in certain circumstances. 

As a term of the transaction, Hebei was entitled to nominate two directors to the Board of Alderon. Hebei has nominated Ms. Zheng Liangjun and Mr. Tian Zejun and they have been appointed to the Board of Alderon. The Board would like to welcome the new directors and looks forward to a long term and successful partnership. 

Ms. Zheng, B.Eng., M.Eng., MBA, brings 21 years of international trade and investment experience to Alderon. Ms. Zheng was Deputy General Manager of Handan Iron and Steel Group Import & Export Co., Ltd., a subsidiary of Hebei from 2006 to 2008. Since 2009, she has been with Hebei Iron and Steel Group International Trade Corporation, also a subsidiary of Hebei. In 2011, she became Deputy General Manager of Hebei Iron and Steel Group International Trade Corporation, responsible for overseas investment and projects as well as equipment imports. Ms. Zheng received the title of Senior Engineer in 1999 and holds a Bachelor of Engineering degree from Hebei University of Technology, a Masters Degree from Wuhan University of Science and Technology and a Masters of Business Administration from Beijing Jiaotong University. 

Mr. Tian, B.Eng., MBA, has 24 years of experience in mining, geological and metallurgical technology and management. Since 2010, Mr. Tian has been Deputy General Manager of Hebei Iron and Steel Group Mining Co., Ltd and General Manager of Laiyuan Non-ferrous Metals Co., Ltd., each a subsidiary of Hebei. Mr. Tian has served as a Standing Committee member and Deputy Secretary of Laiyuan County in Hebei province since 2009. Mr. Tian received the title of Senior Engineer in 1997 and holds a Bachelor of Mining Engineering degree from Xi’an University of Architecture and Technology and a Masters of Business Administration from the University of Texas at Arlington. 

Stepping aside from the Alderon Board to allow for the appointment of the Hebei nominees is Mr. Stan Bharti. Mr. Bharti was one of Alderon’s founding directors and he has been instrumental in attracting the necessary capital to support its development. Mr. Bharti, through Forbes & Manhattan, Inc., will continue to advise Alderon on a consulting basis and Alderon will retain the benefits of his experience and expertise. The Board would like to acknowledge and thank Mr. Bharti for his significant contributions to the Company’s development to date. 

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s.  Alderon’s Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-281-9434 T: 709-576-5607 T: 709-944-4820 T: 416-309-2138 T: 604-681-8030
F: 514-281-5048 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

 

E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the closing of the Kami Project investment component of the Hebei transaction; (ii) the use of proceeds from the Hebei transaction; (iii) the funding by Hebei of costs of developing the Kami Project; (iv) the timing of the feasibility study;(v) the terms of the off-take agreement with Hebei; and (vi) Alderon’s ability to finance the capital required to develop the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that Hebei Iron & Steel Group Co., Ltd. (“Hebei”) has confirmed receipt of all necessary Chinese regulatory approvals for the previously announced transaction. Now that all Chinese regulatory approvals have been received, both parties will work to close the transaction shortly.

The transaction outlined in this news release remains subject to the approvals of the Toronto Stock Exchange and the NYSE MKT.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  Alderon’s Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-281-9434 T: 709-576-5607 T: 709-944-4820 T: 416-309-2138 T: 604-681-8030
F: 514-281-5048 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

 

E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the closing of the Hebei transaction and (ii) the receipt of regulatory approvals for the Hebei transaction; (iii) the terms of the Hebei transaction; and (iv) production from the Kami Property.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) announces that it has amended its subscription agreement with Hebei Iron & Steel Group Co., Ltd. (“Hebei”) dated April 13, 2012 (the “Subscription Agreement”) to reduce the aggregate investment in Alderon and the Kami iron ore project (the “Kami Project”) from $194 million to $182.2 million. Hebei’s initial investment in Alderon and the Kami Project will now be an aggregate amount of C$182.2 million in exchange for 19.9% of the outstanding common shares of Alderon (the “Private Placement”) and a 25% interest in a newly formed limited partnership that will be established to own the Kami Project. While the investment proceeds for 19.9% of the outstanding common shares of Alderon have been reduced from $88.3 million to $62.2 million, the investment proceeds for the 25% interest in the Kami Project have been increased from $105.7 million to $120 million. There are no other amendments to the terms of the transaction. In addition, Hebei has informed Alderon that it fully expects to have all Chinese regulatory approvals for the transaction on or before August 20, 2012.

Chinese Regulatory Approvals

Hebei has confirmed to Alderon that the transaction has already received approval from the Hebei provincial branch of the National Development and Reform Commission (NDRC), the Ministry of Commerce for the Overseas Investment (MOFCOM) and from the State Asset Administration and Supervision Commission of Hebei Province (Hebei SASAC). Hebei has also confirmed that the only Chinese regulatory approval currently outstanding is from the State Administration of Foreign Exchange (SAFE). Hebei has informed Alderon that it fully expects to receive the outstanding regulatory approval on or before August 20, 2012.

Amendment Details

Under the terms of the amended Subscription Agreement, Hebei will subscribe for common shares at a price per share equal to C$2.41. Upon closing of the Private Placement, Hebei will acquire approximately 25,828,305 common shares for gross proceeds to the Company of C$62.2 million representing 19.9% of the issued and outstanding shares of Alderon.

As a result of the reduction in the common share subscription price, Hebei’s direct investment in the limited partnership will increase from C$105.7 million to C$120 million. Pursuant to the terms of the definitive agreements, within 15 business days of Hebei receiving a feasibility study that meets certain criteria, Hebei will contribute the C$120 million and Alderon will contribute the Kami Project and relevant properties to a newly formed limited partnership which will be owned as to 25% by Hebei and 75% by Alderon.

Hebei has also agreed to co-operate with Alderon in its efforts to attract additional off-take partners in respect of the annual production from the Kami Project that has not been committed to Hebei.

All other terms of the transaction remain the same including:

  • Hebei agrees to use its best efforts to assist in obtaining project debt financing for the Kami Project from financial institutions, including Chinese banks.
  • Alderon and Hebei will be required to contribute to capital expenditures for the development of the Kami Project not covered by initial capital contributions and project debt financing, in accordance with their respective interests.
  • Upon Hebei's acquisition of its 25% interest in the Kami Project, it will be obligated to purchase upon the commencement of commercial production, 60% of the actual annual production from the Kami Project up to a maximum of 4.8 million tonnes of the first 8.0 million tonnes of iron ore concentrate produced annually at the Kami Project. The price paid by Hebei will be based on the monthly average price per DMT for iron ore sinter feed fines quoted by Platts Iron Ore Index (including additional quoted premium for iron content greater than 62%) (“Platts Price”), less a discount equal to 5% of such quoted price. Hebei will also have the option to purchase additional tonnage at a price equal to the Platts Price, without any such discount.

Liberty Agreement

As a result of the amendment to the Subscription Agreement, the subscription agreement with Liberty Metals & Mining Holdings, LLC (“LMM”), a subsidiary of Liberty Mutual Insurance, is expected to be amended to adjust the price to C$2.41 per common share. As a result, LMM will acquire approximately 3,805,576 common shares of the Company for gross proceeds to the Company of C$9.2 million. This will allow LMM to maintain its relative proportionate interest in Alderon following the closing of the Hebei transaction.

In addition to the outstanding Chinese regulatory approvals discussed above, the transactions outlined in this news release remain subject to the approvals of the Toronto Stock Exchange and the NYSE MKT.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  Alderon’s Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-281-9434 T: 709-576-5607 T: 709-944-4820 T: 416-309-2138 T: 604-681-8030
F: 514-281-5048 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

 

E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the closing of the Hebei transaction and (ii) the receipt of regulatory approvals for the Hebei transaction; (iii) the terms of the Hebei transaction; and (iv) production from the Kami Property.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that it has committed to work with Canadian National Railway Company (“CN”) on a feasibility study for a proposed rail line and terminal handling facility to connect the Labrador Trough to the Port of Sept-Iles, QC. This proposed multi-user rail line is expected to include a fully operational and continuous railroad network, as well as a multi-user material handling facility located at the Port of Sept-Iles.  Alderon remains committed to concluding an initial agreement with Quebec North Shore and Labrador Railway owned and operated by the Iron Ore Company of Canada and with the Chemin de fer Arnuad owned and operated by Cliffs Natural Resources, both of which are common carriers under Canadian Federal law.  Alderon management is of the view that the development of a second railway option in the future is in Alderon’s best long term interests and further that the proposed terminal handling facility at the port would also add optionality to Alderon’s current business plan.

CN, its partner in the venture, La Caisse de dépôt et placement du Québec (the “Caisse”), along with a number of iron ore exploration and mining companies, including Alderon, are participating in the feasibility study, which will examine the cost and engineering parameters of the proposed rail network and associated infrastructure.

“By entering into this agreement, Alderon will be able to evaluate all potential alternatives to transport its product from its Kami Mine site to the Port of Sept-Iles,” states Tayfun Eldem, President and CEO of Alderon.  “The additional development of a multi-user material handling facility at the Port would supplement the new multi-user deep water dock facility we have also secured access to.”

CN has announced that to advance the process as quickly as possible, it will coordinate the application with the Canadian Environmental Assessment Agency for the required permits for the project. This will allow the feasibility study to be launched along with the appropriate consultations with all relevant stakeholders, including First Nations.

Under the terms of the agreement with CN, Alderon will commit to fund $1.5 million for the feasibility study that will be carried out over the next twelve months and to secure capacity on the new rail line. The funds would be refunded to Alderon under certain circumstances.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  Alderon’s Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-281-9434 T: 709-576-5607 T: 709-944-4820 T: 416-309-2138 T: 604-681-8030
F: 514-281-5048 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

 

E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the proposed rail line and terminal handling facility, (ii) the use of the Québec North Shore & Labrador Railway; and (iii) expectations for permits and regulatory approvals.  

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that it has signed an agreement (the “Port Agreement”) with the Sept-Îles Port Authority (the “Port”) to ship up to 8 million metric tonnes of iron ore annually via the new multi-user deep water dock facility that the Port is constructing (see Alderon press release dated February 14, 2012).

“We are extremely pleased to have concluded this port agreement, which represents another significant milestone in the development of our Kami Iron Ore Project,” says Tayfun Eldem, President and CEO of Alderon. “This agreement provides Alderon with confirmed access to the international iron ore markets and substantially de-risks the Kami Project.”

Port Agreement Details

Pursuant to the Port Agreement, Alderon has reserved an annual capacity of 8 million metric tonnes of iron ore that it can ship through the Port. In order to finance the estimated $220 million cost of the new multi-user dock facility, the Port required binding commitments from the potential end-users to provide a portion of the necessary funds. This buy-in payment will constitute an advance on Alderon’s future shipping fees (wharfage and equipment fees) and, as a result, Alderon will receive a discount on its shipping fees until the full amount of the buy-in payment has been repaid through the discount.

Based on its reserved annual capacity, Alderon’s buy-in payment is $20.46 million, payable in two installments of $10.23 million each. The first installment of $10.23 million was paid upon signing of the Port Agreement and the second payment of $10.23 million is due no later than July 1, 2013. As security for the second payment, Alderon is required to provide an irrevocable guarantee of equivalent value.

The Port Agreement includes a base fee schedule regarding wharfage and equipment fees for iron ore loading for Alderon’s shipping operations. The rates commence in 2014 and are on a sliding scale based on the volume of iron ore that is shipped. The term of the agreement is for 20 years from the execution date, with the option to renew for further five year terms, to a maximum of four renewals.

Bridge Financing Details

Liberty Metals & Mining Holdings, LLC (“LMM”), a subsidiary of Liberty Mutual Insurance, one of Alderon’s strategic investment partners, provided a bridge loan to Alderon in the amount of $10.5 million in order for Alderon to make the first instalment payment and has agreed to provide a further $10.5 million, if necessary, in order for Alderon to obtain the guarantee required for the second installment. The intention is that the loan will be a short term bridge loan that will be repaid from the funds of the Hebei Iron & Steel Group (“Hebei”) transaction after it closes.

The maturity date of the bridge loan is September 30, 2012; however, Alderon has the ability to extend the maturity date to March 31, 2014. In the event of such extension, the loan becomes convertible at LMM’s option into Alderon common shares at a conversion price equal to the volume weighted average trading price of Alderon’s common shares on the Toronto Stock Exchange for the five days prior to the date that LMM delivers a conversion notice.

The loan is secured with a mortgage over the Kami property and bears interest at a rate of 8% per annum, calculated and payable on September 30, 2012. In the event the Company exercises its option to extend the maturity date, the interest rate will increase to 9.5% per annum beginning on October 1, 2012.

About the Kami Project

Alderon’s Kami Iron Ore Project is located within Canada’s premier iron ore district in western Labrador and is surrounded by four producing iron ore mines. The recently published National Instrument 43-101 mineral resource estimate for Kami includes a Measured and Indicated mineral resource of 1.1 billion tonnes at 29.8% iron and an Inferred mineral resource of 277.4 million tonnes at 29.5% iron, based on a cut-off grade of 20% iron.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  Alderon’s Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

Edward Lyons, P. Geo., the Chief Geologist for Alderon and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

Additional information about the Kami Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp.” dated effective October 26, 2011.For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-281-9434 T: 709-576-5607 T: 709-944-4820 T: 416-309-2138 T: 604-681-8030
F: 514-281-5048 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

 

E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the estimation of inferred, indicated and measured mineral resources; and (ii) the details of the loan transaction.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Cautionary Note Concerning Reserve and Resource Estimates

This press release uses the terms “reserves”, “resources”, “proven reserves”, “probable reserves”, “measured resources”, “indicated resources” and “inferred resources”.  United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them.  Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.  Mineral resources that are not mineral reserves do not have demonstrated economic viability.  United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves.  Inferred Resources are in addition to Measured and Indicated Resources.  Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically.  It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category.  Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically.  Disclosure of “contained ounces” is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report “resources” as in place tonnage and grade without reference to unit measures.  Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43‑101”) is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.  Unless otherwise indicated, all reserve and resource estimates referred to in this press release or released by the Company in the future have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System.  The requirements of NI 43‑101 are not the same as those of the SEC and any reserves reported by the Company in compliance with NI 43‑101 may not qualify as reserves under the SEC’s standards.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is  pleased to announce the results of the final mineral resource estimate on its Kamistiatusset (“Kami”) Iron Ore Project in western Labrador.  The estimate includes a Measured and Indicated mineral resource of 1.1 billion tonnes at 29.8% iron and an Inferred mineral resource of 277.4 million tonnes at 29.5% iron (refer to tables below for tonnage and grade details) based on a cut-off grade of 20% iron. 

“We are extremely pleased with this final resource estimate for Kami,” says Tayfun Eldem, President and CEO of Alderon.  “The completion of each successive drill program has resulted in an increase in the mineral resource estimate, while continuing to confirm consistent grades. The final numbers clearly underline the potential and the value of the Kami Project.  The Measured and Indicated mineral resources will form the basis for Kami’s Feasibility Study that is expected to be completed before the end of this year.”

ROSE CENTRAL MEASURED RESOURCE

Cut-off % Tonnes (million) Total Iron % Oxide Iron %*
25.0 222.4 30.3 26.7
22.5 238.0 29.9 26.2
20.0 244.4 29.7 26.0

ROSE CENTRAL INDICATED RESOURCE

Cut-off % Tonnes (million) Total Iron % Oxide Iron %*
25.0 176.3 29.7 25.0
22.5 197.1 29.1 24.3
20.0 203.9 28.8 24.0

ROSE CENTRAL INFERRED RESOURCE

Cut-off % Tonnes (million) Total Iron % Oxide Iron %*
25.0 40.5 29.0 24.2
22.5 43.5 28.7 23.7
20.0 46.8 28.2 23.0

ROSE NORTH MEASURED RESOURCE

Cut-off % Tonnes (million) Total Iron % Oxide Iron %*
25.0 215.0 31.0 28.7
22.5 231.6 30.5 27.9
20.0 234.7 30.4 27.8

ROSE NORTH INDICATED RESOURCE

Cut-off % Tonnes (million) Total Iron % Oxide Iron %*
25.0 232.5 30.9 29.4
22.5 252.3 30.3 28.7
20.0 255.6 30.2 28.5

ROSE NORTH INFERRED RESOURCE

Cut-off % Tonnes (million) Total Iron % Oxide Iron %*
25.0 139.8 30.6 29.2
22.5 154.3 30.0 28.5
20.0 156.5 29.9 28.3

MILLS LAKE MEASURED RESOURCE

Cut-off % Tonnes (million) Total Iron % Oxide Iron %*
25.0 49.9 30.6 28.7
22.5 50.5 30.6 28.6
20.0 50.7 30.5 28.5

MILLS LAKE INDICATED RESOURCE

Cut-off % Tonnes (million) Total Iron % Oxide Iron %*
25.0 124.0 29.8 25.6
22.5 128.3 29.6 25.1
20.0 129.6 29.5 24.9

MILLS LAKE INFERRED RESOURCE

Cut-off % Tonnes (million) Total Iron % Oxide Iron %*
25.0 71.1 29.6 23.8
22.5 73.7 29.4 23.3
20.0 74.1 29.4 23.2

* Note: Oxide Iron is the combined iron in Magnetite and Hematite

 

Resource Estimate Details 

The mineral resource estimate for the Kami Project is based on results from 209 diamond drill holes at Rose Central and North Rose (170 holes) and Mills Lake (39 holes) zones totaling 62,247 m and is effective as of July 11, 2012.  Watts, Griffis and McOuat Limited (“WGM”), Consulting Geologists and Engineers of Toronto, Canada, was retained to audit an in-house estimate completed by Alderon.  Mr. Michael Kociumbas, P.Geo. and Mr. Richard Risto, P.Geo. with independent firm, WGM, are Qualified Persons as defined by NI 43-101 and are responsible for reviewing and approving this mineral resource estimate.  They have verified, reviewed and approved the technical data contained in this news release and underlying sampling, analytical and test data.  WGM has previously visited the site, collected independent core samples and reviewed the QA/QC data received to date.  Mr. Risto has reviewed and approved the underlying sampling, analytical and test data used for the Estimate.  The estimate is classified as a Measured, Indicated or Inferred mineral resource, consistent with the CIM definitions referred to in National Instrument (NI) 43-101.  Alderon is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issues which may materially affect its estimate of mineral resources.

The geological and mineral resource modelling parameters consisted of:

●     Creation of 3-D wireframes from the drillhole intersects using assay intervals and major lithological units

●     A block model procedure (block sizes of 15 m x 15 m x 14 m for Rose Central and Rose North and 5 m x 20 m x 5 m for Mills Lake) was used with grades interpolated utilizing an Inverse Distance estimation technique; Total Iron (TFe%), Fe in magnetite, Fe in hematite, Manganese% and SiO2% were modelled.

●     A variable density model was used based on best fit regression line from all DGI (downhole physical properties probe) measurements, therefore each block in the block model has unique specific gravity and gives a more representative tonnage based on Fe grades.

Complete assay results are posted on the Alderon website at: http://www.alderonironore.com/_resources/kami/2010-2012_Kami_Drill_Results.pdf

Three dimensional images showing the outline of the mineral resources are posted on the Alderon website at: http://alderonironore.com/projects/kami/.

Sawn drill core samples were sent to SGS Mineral Services in Lakefield, Ontario for analyses.  Total iron analysis was performed using X-ray fluorescence and the magnetic component was determined by Satmagan magnetic analysis. Standards, blanks, and duplicate assays were included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  Alderon’s Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

Additional information about the Kami Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp.” dated effective October 26, 2011. For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-281-9434 T: 709-576-5607 T: 709-944-4820 T: 416-309-2138 T: 604-681-8030
F: 514-281-5048 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

 

E: info@alderonironore.com   

www.alderonironore.com        

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the estimation of inferred, indicated and measured mineral resources; and (ii) the completion of the Feasibility Study.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Cautionary Note Concerning Reserve and Resource Estimates

This press release uses the terms “reserves”, “resources”, “proven reserves”, “probable reserves”, “measured resources”, “indicated resources” and “inferred resources”.  United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them.  Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.  Mineral resources that are not mineral reserves do not have demonstrated economic viability.  United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves.  Inferred Resources are in addition to Measured and Indicated Resources.  Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically.  It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category.  Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically.  Disclosure of “contained ounces” is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report “resources” as in place tonnage and grade without reference to unit measures.  Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43‑101”) is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.  Unless otherwise indicated, all reserve and resource estimates referred to in this press release or released by the Company in the future have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System.  The requirements of NI 43‑101 are not the same as those of the SEC and any reserves reported by the Company in compliance with NI 43‑101 may not qualify as reserves under the SEC’s standards.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is  pleased to announce that an independent Economic Impact Assessment (EIA) of the Kamistiatusset (“Kami”) Iron Ore Project indicates significant long-term economic benefits to Newfoundland and Labrador as well as other Canadian provinces, regional governments and communities.

The Kami Project is strategically located next to the mining towns of Wabush, Labrador City and Fermont. The Project will require approximately two years of construction, and once operational, the Project is expected to produce 8 million tonnes of concentrate per annum for 16 years. The EIA was commissioned and paid for by Alderon and is based on the data from Alderon’s Preliminary Economic Assessment (PEA), the results of which were released late last year (see below for a summary of the results of the PEA). The data used in the EIA was taken from and is fully supported by results of the PEA, highlighting the economically robust nature of the Kami Project.   

The independent assessment estimates that the Kami Project will generate the following benefits for the people, communities and the Government of Newfoundland and Labrador:

  • CDN $1.6 billion in direct, indirect and induced incomes to workers and local businesses
  • CDN $2.0 billion in total tax revenues
  • CDN $13.6 billion contribution to the provincial GDP
  • 24,000 person years of direct, indirect and induced employment during construction and operations

The Project has been registered under the Environmental Assessment process for up to 16 million tonnes of concentrate per annum; however, the provision to increase planned production to 16 million tonnes of concentrate per annum does not currently form part of the PEA. The Feasibility Study currently being prepared will make provisions to allow an expansion phase to 16 million tonnes per annum to be undertaken if proven feasible through a separate study.  Assuming the separate study is completed, an EIA for the increased production rate will be conducted. The provision for a 16 million tonne expansion phase is contingent on, among other matters, the upgrade of a substantial portion of Alderon’s inferred resources to the indicated category through definition drilling that was completed during the winter of 2012.

“Alderon’s Kami project in the Labrador Trough has the potential to bring substantial, long-term economic benefits to the region, the Province of Newfoundland and Labrador, and indeed to the entire country”, says Mark Morabito, Executive Chairman of Alderon.  “In addition to the major economic spinoffs, this project has the potential to create approximately 1,500 full time jobs annually in Newfoundland and Labrador including 480 jobs directly at the mine and concentrator during operations.  Provided Alderon completes its Feasibility Study that demonstrates that a 16 million tonne operation is viable, the benefits to the people of Newfoundland and Labrador will be even greater.”

The EIA was undertaken by Strategic Concepts, Inc. (SCI) and Dr. Wade Locke of Memorial University, both experienced and specialized in Canadian resource-based economic impact assessments, with particular expertise in Newfoundland and Labrador projects.  The purpose of the study was to measure the economic impacts of the Kami Project on governments and economies locally and across Canada.

Alderon AGM

The Board of Directors and shareholders will gather in St. John’s this week as Alderon holds its Annual General Meeting (AGM). The AGM will take place at the Sheraton Hotel St. John’s (115 Cavendish Square, St. John’s) in Salon C, Wednesday June 6th from 10:00am to 11:00am.

“We are delighted to bring our team from across Canada to join our St. John’s  team for our AGM, and also to enjoy the culture, history and hospitality of the capital of Newfoundland and Labrador,” said Mark Morabito.  “This week, we will update our shareholders on the ongoing Environmental Assessment process and other important components of the project, as we progress towards project sanction.”

In addition to routine AGM business such as appointment of directors and approval of financial statements, Mr. Morabito said he will also take the opportunity to discuss with shareholders the power requirements for the Kami project, which is a critical component on the path to project sanction. “Obviously, a project of this magnitude requires significant power from the Province. It also represents an exciting opportunity to see Labrador power used within the region for industrial development,” added Mr. Morabito.  “As a business person, I applaud the Government of Newfoundland and Labrador for having the vision and foresight to develop the Muskrat Falls power project. This development will supply power needs for not only our project, but also the many other potential natural resource projects throughout the province; particularly in Labrador, which competes directly with Quebec projects. In a fiercely competitive industry, access to reliable, affordable power is critical. And the development of Muskrat Falls is seen by the mining industry as key to the future economic development of this Province.”

Mr. Morabito and Alderon’s President and CEO Tayfun Eldem will be available to the media at 11:00am on Tuesday, June 5th in the lobby of the Sheraton Hotel.

About the Kami Project

Highlights of the PEA on the Kami Project include: 

  • Concentrate production rate of 8 million tonnes per year at a grade of 65.5% iron
  • Commercial production commencing in 2015 with a mine life of 15.3 years
  • Capital cost of US$989 million (excluding closure costs, sustaining capital & leased equipment)
  • Pre-Tax IRR of 40.2%
  • NPV (discounted at 8%) of US$3.07 billion
  • Payback period of 2.7 years
  • Total operating cost (excluding royalties) of US$44.87/tonne concentrate (averaged over the life of mine) 

The PEA is preliminary in nature and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral resources.  There is no certainty that the conclusions reached in the PEA will be realized.  Mineral resources that are not mineral reserves have not demonstrated economic viability.

Alderon has not yet completed a Pre-Feasibility Study or Feasibility Study to demonstrate the economic viability of the Kami Project. Furthermore, no Mineral Reserves have been established on the Kami Project. Any statements regarding planned production rates, projected cash flows, payback period, IRR, NPV, construction timelines or the expected commencement of commercial production in 2015 assume that Alderon is or will be able to complete all of the required steps to bring the Kami Project into commercial production including the completion of a Feasibility Study to demonstrate the economic viability of the Kami Project, the completion of the environmental assessment process, the conclusion of infrastructure agreements for railway transportation, power and access to port facilities and that Alderon obtains the necessary project financing to pay for the capital costs to develop and construct a mine at the Kami Project. There is no certainty that Alderon will be able to complete any or all of these steps and reference should be made to the “Risk Factors” section in Alderon’s Annual Information Form for the most recently completed financial year.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  Alderon’s Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

Edward Lyons, P. Geo., the Chief Geologist for Alderon and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

Additional information about the Kami Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp.” dated effective October 26, 2011. For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-281-9434 T: 709-576-5607 T: 709-944-4820 T: 416-309-2138 T: 604-681-8030
F: 514-281-5048 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

 

E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the estimation of inferred and indicated mineral resources; (ii) success of exploration activities; (iii) the upgrade of the current mineral resource estimate; (iv) the completion of the Feasibility Study; (v) the completion and timing of the environmental assessment process; (vi) the results of the PEA including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines and production timelines for the Kami Property; and (vii) the results of the EIS..

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, receipt of a feasibility study that meets the requisite criteria, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulations.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) is pleased to announce that it has signed a definitive subscription agreement (the “Subscription Agreement”) with Liberty Metals & Mining Holdings, LLC (“LMM”), a subsidiary of Liberty Mutual Group. In connection with the C$194M subscription agreement recently signed between Alderon and Hebei Iron & Steel Group Co., Ltd. (“Hebei”) (see news release dated April 13, 2012), LMM indicated to Alderon that it intended to exercise its pre-emptive right to maintain its relative proportionate interest in the Company. LMM has now re-confirmed this intention with the execution of the Subscription Agreement. Under the terms of this Subscription Agreement, LMM will acquire approximately 3,805,576 common shares at the subscription price of C$3.42 per share, for gross proceeds to the Company of C$13,015,070.

The subscription by Liberty will allow it to maintain its proportionate interest in the Company after the closing of the previously announced strategic partnership with Hebei, China’s largest steel producer. Hebei will make a strategic investment into both Alderon and its Kami iron ore project (the "Kami Project") in an aggregate amount of C$194 million, in exchange for 19.9% of the outstanding common shares of Alderon (the "Hebei Private Placement") and a 25% interest in a newly formed limited partnership that will be established to own the Kami Project. The closing of the transactions with Hebei remain subject to approvals from the government of the People’s Republic of China and are also subject to the approvals of the Toronto Stock Exchange and NYSE MKT.

The closing of the private placement with Liberty contemplated by the Subscription Agreement is conditional on the closing of the Hebei Private Placement. In addition, the Subscription Agreement is subject to the approvals of the Toronto Stock Exchange and the NYSE MKT.

In addition to the private placement with Liberty and the strategic partnership with Hebei, during the preceding 12 months the Alderon team has compiled an impressive list of accomplishments. Highlights include:

  • Completing an initial mineral resource estimate on North Rose, Rose Central and Mills Lake of 490 million tonnes at 30.0% iron in the Indicated category and an additional 598 million tonnes at 30.3% iron in the Inferred category. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
  • Adding former Newfoundland and Labrador Premier Danny Williams to its Board of Directors.
  • Adding several senior former Iron Ore Company of Canada and Consolidated Thompson executives to the management team, most notable appointing Tayfun Eldem as President and CEO.
  • Completing a strategic investment with Liberty Metals & Mining Holdings, LLC of approximately C$40 million.
  • Graduating to the Toronto Stock Exchange under the symbol ADV.
  • Completing a Preliminary Economic Assessment (“PEA”) of the Kami Project which indicates a positive pre-tax NPV of US$3.07 billion (discounted at 8%); pre-tax IRR of 40.2%; payback period of 2.7 years and an annual production of 8 million tonnes at 65.5% iron. The PEA is preliminary in nature and it includes Inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized.
  • Initiating the Federal and Provincial Environmental Assessment processes and the Government of Canada and the Provincial Government of Newfoundland and Labrador have issued draft environmental impact statement guidelines for public review. 
  • Commencing trading on the NYSE MKT exchange under the symbol AXX.
  • Successfully completing its final exploration drill program prior to the preparation of a Feasibility Study on the Kami Project which consisted of 32 holes, totaling 12,300 metres.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom.  This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States.

About Alderon

Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  Alderon’s Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

Edward Lyons, P. Geo., the Chief Geologist for Alderon and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

Additional information about the Kami Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp.” dated effective October 26, 2011. For more information on Alderon, please visit our website at www.alderonironore.com.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

"Mark J Morabito"

Executive Chairman

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-281-9434 T: 709-576-5607 T: 709-944-4820 T: 416-309-2138 T: 604-681-8030
F: 514-281-5048 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

 

E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:

Konstantine Tsakumis

1-866-683-8030 ext. 232

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the estimation of inferred and indicated mineral resources; (ii) success of exploration activities; (iii) the upgrade of the current mineral resource estimate; (iv) the completion of the Feasibility Study; (v) the completion and timing of the environmental assessment process; (vi) the results of the PEA including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines and production timelines for the Kami Property; (vii) the closing of the transactions with Hebei and Liberty; and (viii) the funding by Hebei of costs of developing the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, receipt of a feasibility study that meets the requisite criteria, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulations.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Cautionary Note Concerning Reserve and Resource Estimates

This news release uses the terms “resources”, “measured resources”, “indicated resources” and “inferred resources”.  United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them.  Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.  Mineral resources that are not mineral reserves do not have demonstrated economic viability.  United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves.  Inferred Resources are in addition to measured and indicated Resources.  Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically.  It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category.  Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically.  Disclosure of “contained ounces” is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report “resources” as in place tonnage and grade without reference to unit measures.  Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43‑101”) is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.  Unless otherwise indicated, all reserve and resource estimates referred to in this news release or released by the Company in the future have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System.  The requirements of NI 43‑101 are not the same as those of the SEC and any reserves reported by the Company in compliance with NI 43‑101 may not qualify as reserves under the SEC’s standards.

Alderon has not yet completed a Pre-Feasibility Study or Feasibility Study to demonstrate the economic viability of the Kami Property. Furthermore, no Mineral Reserves have been established on the Kami Property. Any statements regarding planned production rates, projected cash flows, payback period, IRR, NPV, construction timelines or the expected commencement of commercial production in Q4 2015 assume that Alderon is or will be able to complete all of the required steps to bring the Kami Property into commercial production including the completion of a Feasibility Study to demonstrate the economic viability of the Kami Property, the completion of the environmental assessment process, the conclusion of infrastructure agreements for railway transportation, power and access to port facilities and that Alderon obtains the necessary project financing to pay for the capital costs to develop and construct a mine at the Kami Property. There is no certainty that Alderon will be able to complete any or all of these steps and reference should be made to the “Risk Factors” section in Alderon’s Annual Information Form for the most recently completed financial year.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE AMEX: AXX) (“Alderon" or the “Company”) is pleased to announce the successful completion of its final exploration drill program prior to the preparation of a Feasibility Study on its Kamistiatusset (“Kami”) Iron Ore Project in western Labrador. The drilling program of 32 holes, totalling 12,300 metres, which began in mid-January and ended 30 April 2012, has concentrated on infill drilling within the currently defined mineral resource estimate in the North Rose area. The goal of this program is to upgrade the current mineral resource into the Measured and Indicated categories in preparation for the Feasibility Study expected in Q3 2012.

“Having safely and successfully wrapped up this final round of drilling, we want to thank our entire exploration team, of both Alderon staff and contractors, for their hard work and dedication in advancing the Kami Project so rapidly over the past 12 months,” says Tayfun Eldem, President and CEO of Alderon.  “With the exploration phase of the program now behind us, we are focusing our attention on the completion of the Feasibility Study later this year, which will be the next important milestone in Alderon’s development.”

During the preceding 12 months the Alderon team has compiled an impressive list of accomplishments. Highlights include:

  • Completing an initial mineral resource estimate on North Rose, Rose Central and Mills Lake of 490 million tonnes at 30.0% iron in the Indicated category and an additional 598 million tonnes at 30.3% iron in the Inferred category. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
  • Adding former Newfoundland and Labrador Premier Danny Williams to its Board of Directors.
  • Adding several senior former Iron Ore Company of Canada and Consolidated Thompson executives to the management team, most notable appointing Tayfun Eldem as President and CEO.
  • Entering into an agreement for a strategic partnership with Hebei Iron & Steel Group Co., Ltd., China’s largest steel producer, for an aggregate investment of C$194 million.
  • Completing a strategic investment with Liberty Metals & Mining Holdings, LLC of approximately C$40 million.
  • Graduating to the Toronto Stock Exchange under the symbol ADV.
  • Completing a Preliminary Economic Assessment (“PEA”) of the Kami Project which indicates a positive pre-tax NPV of US$3.07 billion (discounted at 8%); pre-tax IRR of 40.2%; payback period of 2.7 years and an annual production of 8 million tonnes at 65.5% iron. The PEA is preliminary in nature and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized.
  • Initiating the Federal and Provincial Environmental Assessment processes and the Government of Canada and the Provincial Government of Newfoundland and Labrador have issued draft environmental impact statement guidelines for public review. 
  • Commencing trading on the NYSE AMEX exchange under the symbol AXX.

Other positive developments include the Federal government’s announcement that it is investing up to C$55 million in the construction of a new multi-user deep water dock at the Port of Sept-Îles.

The 2012 drill hole location map and complete assay results are posted on the Alderon website at: http://www.alderonmining.com/projects/kami/

About Alderon

Alderon is a leading Canadian iron ore development company with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

Edward Lyons, P. Geo., the Chief Geologist for Alderon and a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

Additional information about the Kami Project including details of the assumptions and parameters underlying the mineral resource estimate can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp.” dated March 9, 2012. For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.

On behalf of the Board

 

"Mark J Morabito"

Executive Chairman

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-281-9434 T: 709-576-5607 T: 709-944-4820 T: 416-309-2138 T: 604-681-8030
F: 514-281-5048 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

 

E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:                                                                     

Konstantine Tsakumis

1-866-683-8030 x232

 

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the estimation of inferred and indicated mineral resources; (ii) success of exploration activities; (iii) the upgrade of the current mineral resource estimate; (iv) the completion of the Feasibility Study; (v) the completion and timing of the environmental assessment process; (vi) the negotiation and conclusion of infrastructure contracts; (vii) the results of the PEA including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines and production timelines for the Kami Property; (viii) the closing of the transaction with Hebei; and (ix) the funding by Hebei of costs of developing the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, receipt of a feasibility study that meets the requisite criteria, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulations.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Cautionary Note Concerning Reserve and Resource Estimates

This news release uses the terms “resources”, “measured resources”, “indicated resources” and “inferred resources”.  United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them.  Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.  Mineral resources that are not mineral reserves do not have demonstrated economic viability.  United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves.  Inferred Resources are in addition to measured and indicated Resources.  Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically.  It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category.  Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically.  Disclosure of “contained ounces” is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report “resources” as in place tonnage and grade without reference to unit measures.  Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43‑101”) is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.  Unless otherwise indicated, all reserve and resource estimates referred to in this news release or released by the Company in the future have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System.  The requirements of NI 43‑101 are not the same as those of the SEC and any reserves reported by the Company in compliance with NI 43‑101 may not qualify as reserves under the SEC’s standards.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE AMEX: AXX) (“Alderon" or the “Company”) is pleased to announce the first set of assay results from the ongoing drill program on its Kamistiatusset (“Kami”) Iron Ore Project in western Labrador. The majority of these results are from the North Rose area and are all within the currently defined mineral resource estimate. The program, which began in mid-January, has concentrated on infill drilling with the goal of upgrading the current mineral resource into the measured and indicated categories in preparation for the Feasibility Study expected in Q3 2012. Highlights include:

Drill Hole From
(metres)
To
(metres)
Interval
(metres)
Total Iron %
K-12-176A 242.0 305.0 63.0 27.1
and 338.0 593.2 255.2 30.1
K-12-179 281.0 398.3 117.3 28.0
and 398.4 527.8 129.4 32.6
K-12-182 85.5 111.0 25.5 31.2
and 177.0 430.4 253.4 29.3
K-12-184 59.0 98.0 39.0 29.3
and 182.0 452.0 270.0 31.1
K-12-188 66.0 101.6 35.6 31.7
and 126.0 237.0 111.0 32.3

“The results from our final round of exploration drilling continue to show the consistent grades and thicknesses of the Kami Project,” says Tayfun Eldem, President and CEO of Alderon.  “All results from the various drill campaigns completed to date, provide us with a significant dataset that we are confident will enable us to achieve our goal of upgrading the mineral resource in advance of the Feasibility Study expected in Q3 of 2012.”

North Rose, together with Rose Central and Mills Lake, have a currently defined NI 43-101 indicated mineral resource of 490 million tonnes at 30.0% iron and an additional inferred mineral resource of 598 million tonnes at 30.3% iron at a cut-off grade of 20%.

The proposed drill hole location map and complete assay results are posted on the Alderon website at: http://www.alderonmining.com/projects/kami/

True widths of the reported intercepts above vary depending on the angle of the individual drill holes and are estimated to be between 60% and 100% of the core interval as reported.  All samples were prepared from sawn HQ-sized half-core sections on-site in Labrador.  Split drill core samples are then sent to independent contractor SGS Mineral Services in Lakefield, Ontario for analyses.  Total iron analysis is performed using X-ray fluorescence (XRF) and the magnetic component is determined by Satmagan magnetic analysis. FeO titration analysis permits an estimation of hematite. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program.

About Alderon

Alderon is a leading Canadian iron ore development company with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

Alderon’s exploration work on the Kami Property is supervised by Edward Lyons, P.Geo., the Chief Geologist for Alderon and a Qualified Person as defined by NI 43-101. Mr. Lyons has reviewed and approved the technical information contained in this news release.

Additional information about the Kami Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp.” dated March 9, 2012. For more information on Alderon, please visit our website at www.alderonironore.com

ALDERON IRON ORE CORP.

On behalf of the Board

 

"Mark J Morabito"

Executive Chairman

 

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-281-9434 T: 709-576-5607 T: 709-944-4820 T: 416-309-2138 T: 604-681-8030
F: 514-281-5048 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

 

E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:                                                                     

Konstantine Tsakumis

1-866-683-8030 x232

 

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to: (i) the estimation of inferred and indicated mineral resources; (ii) the upgrade of the current mineral resource estimate; and (iii) the completion of the Feasibility Study.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulations.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Cautionary Note Concerning Reserve and Resource Estimates

This news release uses the terms “resources”, “measured resources”, “indicated resources” and “inferred resources”.  United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the “SEC”) does not recognize them.  Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made.  Mineral resources that are not mineral reserves do not have demonstrated economic viability.  United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves.  Inferred Resources are in addition to measured and indicated Resources.  Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically.  It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category.  Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically.  Disclosure of “contained ounces” is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report “resources” as in place tonnage and grade without reference to unit measures.  Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.

National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43‑101”) is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects.  Unless otherwise indicated, all reserve and resource estimates referred to in this news release or released by the Company in the future have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System.  The requirements of NI 43‑101 are not the same as those of the SEC and any reserves reported by the Company in compliance with NI 43‑101 may not qualify as reserves under the SEC’s standards.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE AMEX: AXX) (“Alderon" or the “Company”) wishes to clarify the details of its scheduled conference call announced earlier today. The conference call will take place at 9:30am EDT Tuesday, April 17th, 2012. Alderon executives present on the call will be Mark Morabito, Executive Chairman of Alderon, Tayfun Eldem, President & CEO of Alderon, John Vettese, Director, Alderon External Counsel and Lead Negotiator on the Hebei Transaction and Doug Bell and Ron D’Ambrosio from GMP, advisors to Alderon on the Hebei Transaction.  They will answer questions pertaining to the initial news release.

For local and international calls, please use 416-695-6616.  The North American Toll Free number is 1-800-565-0813.  The conference call will also be webcast at:  http://www.gowebcasting.com/3282, but participants will only be able to listen on the webcast.

The specifics of the conference call were incomplete in the initial announcement and Alderon apologizes for any inconvenience this oversight may have caused.

About Alderon

Alderon is a leading Canadian iron ore development company with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

ALDERON IRON ORE CORP.

On behalf of the Board

 

"Mark J Morabito"

Executive Chairman 

 

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-989-3135 T: 709-576-5607 T: 709-944-4820 T: 416-309-2138 T: 604-681-8030
F: 514-934-4640 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

  

E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:                                                                     

Konstantine Tsakumis

1-866-683-8030 x232

 

Cautionary Note Regarding Forward-Looking Information

This news release may contain "forward-looking information" concerning anticipated developments and events that may occur in the future. In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, receipt of a feasibility study that meets the requisite criteria, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulations. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE AMEX: AXX) (“Alderon" or the “Company”) is pleased to announce that it has signed a definitive subscription agreement dated April 13, 2012 (the "Subscription Agreement") with Hebei Iron & Steel Group Co., Ltd. (“Hebei”), China’s largest steel producer. Hebei will make a strategic investment into both Alderon and its Kami iron ore project (the "Kami Project") in an aggregate amount of C$194 million, in exchange for 19.9% of the outstanding common shares of Alderon (the "Private Placement") and a 25% interest in a newly formed limited partnership that will be established to own the Kami Project.

The parties have also agreed upon the terms of all other material agreements governing the relationship between Hebei and the Company and Hebei’s agreement to purchase iron ore concentrate produced at the Kami Project (the “Definitive Agreements”). The Definitive Agreements will be executed on closing of the Private Placement.

Pursuant to the Subscription Agreement and the Definitive Agreements, the entire C$194 million of investment proceeds from Hebei will be used for the exploration and development of the Kami Project and other relevant corporate expenses of Alderon.

Hebei agrees to use its best efforts to assist in obtaining project debt financing for the Kami Project from financial institutions, including Chinese banks. In addition, Alderon and Hebei will be required to contribute to capital expenditures for the development of the Kami Project not covered by initial capital contributions and project debt financing, in accordance with their respective interests.

pic3

Signing Ceremony in Shijiazhuang, Hebei, China

Conference Call Details

Alderon also announces a conference call at 9:30am EST with Mark Morabito, Executive Chairman of Alderon, Tayfun Eldem, President & CEO of Alderon, John Vettese, Director, Alderon External Counsel and Lead Negotiator on the Hebei Transaction and Doug Bell and Ron D’Ambrosio from GMP, advisors to Alderon on the Hebei Transaction.  They will answer questions pertaining to this news release.

For local and international calls, please use 416-695-6616.  The North American Toll Free number is 1-800-565-0813.  The conference call will also be webcast at:  http://www.gowebcasting.com/3282, but participants will only be able to listen on the webcast.

Agreement Details

Upon Hebei's acquisition of its 25% interest in the Kami Project, it will be obligated to purchase upon the commencement of commercial production, 60% of the actual annual production from the Kami Project up to a maximum of 4.8 million tonnes of the first 8.0 million tonnes of iron ore concentrate produced annually at the Kami Project. The price paid by Hebei will be based on the monthly average price per DMT for iron ore sinter feed fines quoted by Platts Iron Ore Index (including additional quoted premium for iron content greater than 62%) (“Platts Price”), less a discount equal to 5% of such quoted price. Hebei will also have the option to purchase additional tonnage at a price equal to the Platts Price, without any such discount.

Mark Morabito, Executive Chairman of Alderon, said “Alderon is delighted to build this new partnership with Hebei, China’s largest steel group and the second largest steel group globally. China continues to be one of the strongest and most dynamic economies globally with significant expertise in the iron ore and steel industry. Alderon now has both the capital and the China market access to build a world-class company.”

Wang Yifang, Chairman of Hebei Iron & Steel Group Co., Ltd., said “Hebei is pleased to create a long standing partnership with Alderon through this strategic investment. Alderon is developing a high-quality iron ore project with abundant resources and strategic location. I believe this is an important transaction in the push of China’s iron and steel enterprises to invest into overseas mining assets. In addition to the potentially attractive investment returns, Hebei is able to lock up a long term supply of high-quality iron ores, to help improve our operational performance and ensure our long-term, sustainable growth.  Hebei believes it will be a valuable partner to Alderon and is equally committed to assisting in securing all necessary resources for the development of the Kami Project including the project financing. I firmly believe the cooperation between two strategic partners will successfully develop the Kami Project into a world-class iron ore mine.”

Tayfun Eldem, the President and CEO of Alderon, said “This transaction with Hebei is a major catalyst for Alderon as it further validates and materially de-risks the Kami Project. It provides us with a significant component of our expected equity requirement to build Kami and continue to progress the project with maximum financial flexibility. This partnership with China’s largest and most technologically advanced integrated steel group also strengthens Alderon’s potential to finance the remainder of the capital for Kami having Hebei as a partner in accessing global financial institutions including Chinese banks. We believe that this partnership solidifies our ability to become the next significant iron ore producer in Newfoundland and Labrador.”

Under the terms of the Subscription Agreement, Hebei will subscribe for common shares at a price per share equal to C$3.42 (the "Subscription Price"). Liberty Metals & Mining Holdings, LLC (“LMM”) has indicated that it intends to exercise its pre-emptive right to maintain its relative proportionate interest in the Company following the Private Placement. Upon closing of the Private Placement, Hebei will acquire approximately 25,828,305 common shares for gross proceeds to the Company of C$88,332,804, representing 19.9% of the issued and outstanding shares of Alderon, after giving effect to such issuance and the exercise by LMM of its pre-emptive right, and LMM will acquire approximately 3,805,576 common shares at the Subscription Price for additional gross proceeds to the Company of C$13,015,070.

Upon the closing of the Private Placement, Hebei will be entitled to nominate two directors to the Board of Alderon. In addition, Alderon has granted Hebei a pre-emptive right to maintain its interest in Alderon in certain circumstances.

Pursuant to the terms of the Definitive Agreements, within 15 business days of Hebei receiving a feasibility study that meets certain criteria, Hebei will contribute the balance of its C$194 million investment and Alderon will contribute the Kami Project and relevant properties to a newly formed limited partnership which will be owned as to 25% by Hebei and 75% by Alderon.

Alderon will be the manager of the Kami Project and will receive a fixed annual management fee during the construction period of the project. Once the Kami Project has reached commercial production, Alderon will receive a management fee on a per tonne of iron ore concentrate basis.

The Subscription Agreement and the Definitive Agreements are subject to approvals from the government of the People’s Republic of China (“PRC”). Alderon is entitled to terminate the Subscription Agreement and the transactions contemplated by the Definitive Agreements, if the PRC approvals have not been obtained by Hebei within 90 days following the date hereof and Alderon has entered into an agreement with respect to an alternative transaction proposal, provided that Alderon pays Hebei a termination fee of C$10.25mm. Both parties can terminate the Subscription Agreement and the transactions contemplated by the Definitive Agreements in the event that Hebei is denied any PRC approval.  Alderon has agreed not to solicit nor approve any alternative transaction proposal for a period of 75 days from the date hereof.

The Subscription Agreement and Definitive Agreements are also subject to the approvals of the Toronto Stock Exchange and the NYSE Amex.

Alderon’s financial advisor for the transaction is GMP Securities L.P. and its legal counsel is Cassels Brock & Blackwell LLP.

Bank of America Merrill Lynch is acting as Hebei’s exclusive financial advisor and Davies Ward Phillips & Vineberg LLP is acting as Hebei’s legal advisor.

An English translation of the press release issued by Hebei is available on the Alderon website at:  http://www.alderonironore.com/_resources/news/Hebei_NR_2012_04_13.pdf.

About Alderon

Alderon is a leading Canadian iron ore development company with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

ALDERON IRON ORE CORP.

On behalf of the Board

 

"Mark J Morabito"

Executive Chairman 

 

Montreal Office St. John’s Office Labrador City Toronto Office Vancouver Office
T: 514-989-3135 T: 709-576-5607 T: 709-944-4820 T: 416-309-2138 T: 604-681-8030
F: 514-934-4640 F: 709-576-7541 F: 709-944-4827 F: 416-861-8165 F: 604-681-8039

  

E: info@alderonironore.com        

www.alderonironore.com             

For Investor Relations, please call:                                                                     

Konstantine Tsakumis

1-866-683-8030 x232

 

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the ability to commence production at the Kami Project; (ii) the closing of the transaction with Hebei; (iii) the funding by Hebei of costs of developing the Kami Project; and (iv) Alderon’s ability to finance the capital required to develop the Kami Project.

In certain cases, forward-looking information can be identified by the use of words 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" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, receipt of a feasibility study that meets the requisite criteria, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulations.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.

Alderon Iron Ore Corp. (TSX: ADV) (NYSE AMEX: AXX) (“Alderon" or the “Company”) is pleased to announce that it has signed a definitive subscription agreement dated April 13, 2012 (the "Subscription Agreement") with Hebei Iron & Steel Group Co., Ltd. (“Hebei”), China’s largest steel producer. Hebei will make a strategic investment into both Alderon and its Kami iron ore project (the "Kami Project") in an aggregate amount of C$194 million, in exchange for 19.9% of the outstanding common shares of Alderon (the "Private Placement") and a 25% interest in a newly formed limited partnership that will be established to own the Kami Project.

The parties have also agreed upon the terms of all other material agreements governing the relationship between Hebei and the Company and Hebei’s agreement to purchase iron ore concentrate produced at the Kami Project (the “Definitive Agreements”). The Definitive Agreements will be executed on closing of the Private Placement.

Pursuant to the Subscription Agreement and the Definitive Agreements, the entire C$194 million of investment proceeds from Hebei will be used for the exploration and development of the Kami Project and other relevant corporate expenses of Alderon.

Hebei agrees to use its best efforts to assist in obtaining project debt financing for the Kami Project from financial institutions, including Chinese banks. In addition, Alderon and Hebei will be required to contribute to capital expenditures for the development of the Kami Project not covered by initial capital contributions and project debt financing, in accordance with their respective interests.

Upon Hebei's acquisition of its 25% interest in the Kami Project, it will be obligated to purchase upon the commencement of commercial production, 60% of the actual annual production from the Kami Project up to a maximum of 4.8 million tonnes of the first 8.0 million tonnes of iron ore concentrate produced annually at the Kami Project. The price paid by Hebei will be based on the monthly average price per DMT for iron ore sinter feed fines quoted by Platts Iron Ore Index (including additional quoted premium for iron content greater than 62%) (“Platts Price”), less a discount equal to 5% of such quoted price. Hebei will also have the option to purchase additional tonnage at a price equal to the Platts Price, without any such discount.

Mark Morabito, Executive Chairman of Alderon, said “Alderon is delighted to build this new partnership with Hebei, China’s largest steel group and the second largest steel group globally. China continues to be one of the strongest and most dynamic economies globally with significant expertise in the iron ore and steel industry. Alderon now has both the capital and the China market access to build a world-class company.”

Wang Yifang, Chairman of Hebei Iron & Steel Group Co., Ltd., said “Hebei is pleased to create a long standing partnership with Alderon through this strategic investment. Alderon is developing a high-quality iron ore project with abundant resources and strategic location. I believe this is an important transaction in the push of China’s iron and steel enterprises to invest into overseas mining assets. In addition to the potentially attractive investment returns, Hebei is able to lock up a long term supply of high-quality iron ores, to help improve our operational performance and ensure our long-term, sustainable growth.  Hebei believes it will be a valuable partner to Alderon and is equally committed to assisting in securing all necessary resources for the development of the Kami Project including the project financing. I firmly believe the cooperation between two strategic partners will successfully develop the Kami Project into a world-class iron ore mine.”

Tayfun Eldem, the President and CEO of Alderon, said “This transaction with Hebei is a major catalyst for Alderon as it further validates and materially de-risks the Kami Project. It provides us with a significant component of our expected equity requirement to build Kami and continue to progress the project with maximum financial flexibility. This partnership with China’s largest and most technologically advanced integrated steel group also strengthens Alderon’s potential to finance the remainder of the capital for Kami having Hebei as a partner in accessing global financial institutions including Chinese banks. We believe that this partnership solidifies our ability to become the next significant iron ore producer in Newfoundland and Labrador.”

Under the terms of the Subscription Agreement, Hebei will subscribe for common shares at a price per share equal to C$3.42 (the "Subscription Price"). Liberty Metals & Mining Holdings, LLC (“LMM”) has indicated that it intends to exercise its pre-emptive right to maintain its relative proportionate interest in the Company following the Private Placement. Upon closing of the Private Placement, Hebei will acquire approximately 25,828,305 common shares for gross proceeds to the Company of C$88,332,804, representing 19.9% of the issued and outstanding shares of Alderon, after giving effect to such issuance and the exercise by LMM of its pre-emptive right, and LMM will acquire approximately 3,805,576 common shares at the Subscription Price for additional gross proceeds to the Company of C$13,015,070.

Upon the closing of the Private Placement, Hebei will be entitled to nominate two directors to the Board of Alderon. In addition, Alderon has granted Hebei a pre-emptive right to maintain its interest in Alderon in certain circumstances.

Pursuant to the terms of the Definitive Agreements, within 15 business days of Hebei receiving a feasibility study that meets certain criteria, Hebei will contribute the balance of its C$194 million investment and Alderon will contribute the Kami Project and relevant properties to a newly formed limited partnership which will be owned as to 25% by Hebei and 75% by Alderon.

Alderon will be the manager of the Kami Project and will receive a fixed annual management fee during the construction period of the project. Once the Kami Project has reached commercial production, Alderon will receive a management fee on a per tonne of iron ore concentrate basis.

The Subscription Agreement and the Definitive Agreements are subject to approvals from the government of the People’s Republic of China (“PRC”). Alderon is entitled to terminate the Subscription Agreement and the transactions contemplated by the Definitive Agreements, if the PRC approvals have not been obtained by Hebei within 90 days following the date hereof and Alderon has entered into an agreement with respect to an alternative transaction proposal, provided that Alderon pays Hebei a termination fee of C$10.25mm. Both parties can terminate the Subscription Agreement and the transactions contemplated by the Definitive Agreements in the event that Hebei is denied any PRC approval.  Alderon has agreed not to solicit nor approve any alternative transaction proposal for a period of 75 days from the date hereof.

The Subscription Agreement and Definitive Agreements are also subject to the approvals of the Toronto Stock Exchange and the NYSE Amex.

Alderon’s financial advisor for the transaction is GMP Securities L.P. and its legal counsel is Cassels Brock & Blackwell LLP.

Bank of America Merrill Lynch is acting as Hebei’s exclusive financial advisor and Davies Ward Phillips & Vineberg LLP is acting as Hebei’s legal advisor.

About Alderon

Alderon is a leading Canadian iron ore development company with offices in Vancouver, Toronto, Montreal, St. John’s and Labrador City.  The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines.  The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

ALDERON IRON ORE CORP.

On behalf of the Board

 

"Mark J Morabito"

Executive Chairman 

 

Montreal Office