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MONTRÉAL, QUÉBEC, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) is pleased to announce that it and The Kami Mine Limited Partnership (“The Kami LP”) have signed a Memorandum of Understanding (“MOU”) with Envest Corp. (“Envest”) ‒ an independent power producer specializing in the financing, development, ownership and operation of mid-market energy infrastructure projects in North America. The MOU provides that The Kami LP and Envest will enter into transactions whereby Envest will acquire and manage the equipment that The Kami LP intends to procure from Schneider Electric for use in the Kami Iron Ore Project (“Kami Project”), located in western Labrador (see news release dated January 9, 2019). This transaction is expected to provide up to US$35 million for power infrastructure. In addition, Envest and The Kami LP will explore the potential for additional financial solutions from Envest for other equipment that will be utilized in the Kami Project.

“We are thrilled to partner with Envest due to their industry expertise and comprehensive energy solutions for large industrial projects,” said Tayfun Eldem, Alderon’s President and CEO. “The partnership will help us establish one of the elements of a broader equipment financing solution for the Kami Project,” added Mr. Eldem.  

“We are pleased to be a part of the advanced-stage Kami Project. Our leadership team has decades of experience in the fields of energy development, finance and engineering, and looks forward to collaborating with The Kami LP to structure financing solutions for their energy, automation and process control requirements,” said Jason Moretto, Envest’s President and CEO.   

The Kami LP and Envest need to enter into definitive documentation in order for the transactions set out in the MOU to proceed. There is no certainty that the transactions contemplated in the MOU will be concluded.

As the demand for premium iron ore strengthens, and with numerous agreements already in place including, release from federal and provincial environmental assessments and receipt of mining and surface leases, conclusion of long-term offtake agreements for 100 per cent of its premium quality concentrates, securing of power and port access contracts, and completion of more than 50 per cent of detailed engineering, the premium-quality Kami Project remains a rare development opportunity in the iron ore industry. Alderon is now focusing on the final de-risking step of completing financing for the Kami Project.

About Envest Corp.

Envest Corp. is an independent power producer delivering private utility energy to industrial, commercial & government customers in North America. Envest finances, builds, owns and operates turnkey distributed energy systems tailored to meet customers’ objectives and power demands in mission critical environments.

For more information on Envest, please visit https://envestcorp.com.

About Alderon Iron Ore Corp.

Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS Group through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district, the Labrador Trough, and is surrounded by three producing iron ore mines. The Kami product will be shipped through a newly commissioned multi-user, deep-water berth near the Port of Sept-Îles in Québec.

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

ALDERON IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
President & CEO, Director

kingandbay 

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Mishka Gounden   
1-604-681-8030 ext 289
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 premium product expected to be produced from the Kami Project; (ii) the next steps in the development of the Kami Project; (iii) the completion of project financing, including access to financing sources introduced by Envest Corp; (iv) the entry into a definitive agreement with Envest Corp. and (v) the terms and benefits of the potential transaction with Envest Corp.

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 and Mineral Reserves, 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 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 and Mineral Reserves, 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 and Mineral Reserves, 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 Indigenous governments and organizations, 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.

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MONTRÉAL, QUÉBEC, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) is pleased to announce that it has appointed Scotiabank as its financial advisor with respect to strategic transactions, and equity and debt financing for the construction and commissioning of the premium-quality Kami Iron Ore Project (“Kami Project”), located in western Labrador (the “Transaction”).

Scotiabank is a leading provider of a full range of financial products and services to the global mining industry, and a leading lender to the sector that has maintained long-standing relationships throughout economic cycles.

“Alderon has selected Scotiabank because of their strong understanding of the mining industry, combined with their broad global presence and in-house technical expertise, that has allowed them to play a leading role in many high-profile international mining transactions,” stated Alderon’s President and CEO, Tayfun Eldem. “Their expertise and support will be crucial in our efforts to conclude the financing or a strategic transaction for the near-term development of the Kami Project,” added Mr. Eldem.

With numerous milestones already in place including, release from federal and provincial environmental assessments and receipt of mining and surface leases, conclusion of long-term offtake agreements for 100 per cent of its premium quality concentrates, securing of power and port access contracts, and completion of more than 50 per cent of detailed engineering, the Kami Project remains a rare development opportunity in the iron ore industry. Alderon is now focusing on the final de-risking step of completing financing for the Kami Project.

About Alderon Iron Ore Corp.

Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS Group through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district, the Labrador Trough, and is surrounded by three producing iron ore mines. The Kami product will be shipped through a newly commissioned multi-user, deep-water berth near the Port of Sept-Îles in Québec.

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

ALDERON IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
President & CEO, Director

kingandbay 

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Mishka Gounden
1-604-681-8030 ext 289
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 premium product expected to be produced from the Kami Project; (ii) the next steps in the development of the Kami Project; (iii) the completion of a Transaction; and (iv) the services provided by Scotia Bank.

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 and Mineral Reserves, 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 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 and Mineral Reserves, 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 and Mineral Reserves, 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 Indigenous governments and organizations, 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.

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MONTRÉAL, QUÉBEC, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) is pleased to announce that it and The Kami Mine Limited Partnership (“The Kami LP”) have signed a Memorandum of Understanding (“MOU”) with Schneider Electric Canada Inc. (“Schneider Electric”), a global and Canadian leader committed to providing safe and reliable energy. The MOU provides for The Kami LP to evaluate the lease or purchase of equipment from Schneider Electric for use in the Kami Iron Ore Project (“Kami Project”), located in western Labrador. The MOU also provides that Schneider Electric will assist The Kami LP in its capital raising efforts by making introductions and facilitating discussions with potential financing sources for the Kami Project, including funding from export credit agencies (“ECA”) in regions where Schneider Electric manufactures its equipment. This assistance is expected to help The Kami LP raise the capital required to start construction of the Kami Project.

“We have chosen Schneider Electric because of their vast array of product and service offerings in power and energy management, process control and mine digitization. The Kami LP will leverage Schneider Electric’s sustainable solutions to optimize energy usage and operating costs for the Kami Project’s mining and processing operations,” said Tayfun Eldem, Alderon’s President and CEO. “With this partnership, The Kami LP could reduce capital spending and equipment cost targets from its September 2018 updated feasibility study, tap into a broader range of ECAs, and accelerate the project schedule,” added Mr. Eldem.

“We are pleased to be a part of the Kami Project and look forward to helping Alderon create an efficient and fully digital advanced mine, using our EcoStruxure architecture,” said David Willick, Schneider Electric’s Vice President and Mining, Metals and Minerals Segment Leader in North America.

The Kami LP and Schneider Electric need to enter into definitive documentation in order for the transactions set out in the MOU to proceed, including agreements for the purchase of equipment. There is no certainty that the transactions contemplated in the MOU will be concluded.

About Schneider Electric Canada Inc.

Schneider Electric is leading the Digital Transformation of Energy Management and Automation in Homes, Buildings, Data Centers, Infrastructure and Industries. With global presence in over 100 countries, Schneider is the undisputable leader in Power Management – Medium Voltage, Low Voltage and Secure Power, and in Automation Systems. Schneider provides integrated efficiency solutions, combining energy, automation and software. In its global Ecosystem, Schneider collaborates with the largest Partner, Integrator and Developer Community on its Open Platform to deliver real-time control and operational efficiency. Great people and partners make Schneider a great company and its commitment to Innovation, Diversity and Sustainability ensures that Life Is On everywhere, for everyone and at every moment.

For more information on Schneider Electric, please visit www.schneider-electric.ca.

About Alderon Iron Ore Corp.

Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS Group through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district, the Labrador Trough, and is surrounded by three producing iron ore mines. The Kami product will be shipped through a newly commissioned multi-user, deep-water berth near the Port of Sept-Îles in Québec.

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

 

ALDERON IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
President & CEO, Director

 king

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Mishka Gounden   
1-604-681-8030 ext 289
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 premium product expected to be produced from the Kami Project; (ii) the next steps in the development of the Kami Project; (iii) the completion of project financing, including access to financing sources introduced by Schneider Electric; (iv) the benefits of the potential transaction with Schneider Electric including reduced capital costs and accelerated project schedule.

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 and Mineral Reserves, 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 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 and Mineral Reserves, 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 and Mineral Reserves, 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 Indigenous governments and organizations, 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.

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Dear Friends of Alderon Iron Ore Corp.,

As the year comes to a close, Alderon has taken time to reflect on the significant events that have strengthened its commitment to its partners and communities, while the resilience of the iron ore price and grade premia continued to open up a window for financing of the high-grade Kami Project. The Company now turns its attention to the new year, in effort to secure financing and further advance the Kami Project towards production.    

Iron Ore Revival

High-grade iron ore, of the type Alderon plans to produce out of its Kami Project, neared US$100 per tonne in 2018, while the benchmark 62%-Fe grade iron ore traded around US$65 per tonne. According to CRU – business intelligence on global metals, the premium for high-grade iron ore over the 62%-Fe benchmark price reached a new record of 45% in 2018. Alderon’s view is that the peak is likely to be contained in the 20–30% range in the coming years as a bifurcated market becomes the norm. The shift in the market is driven by China’s desire to curb pollution, by moving towards premium products with higher iron content and low levels of deleterious materials as part of their supply side reforms.

Company Developments and Milestones

2018 began with the return of Tayfun Eldem as President & CEO, and Director. Tayfun, who previously served in this role between 2011 and 2015, brings with him nearly 30 years of experience in the mining industry. He immediately executed a strategic plan to pursue financing required for the construction of the Kami Mine, which will bring significant economic impacts for Newfoundland and Labrador, Québec and all of Canada. The Company milestones achieved this year are as follows:  

2018 Q1: Altius Minerals Corporation (“Altius”) increased its stake in Alderon and John Baker, Executive Chairman and co-founder of Altius, was reappointed to the Board of Directors.

Alderon re-established its office in Montreal and launched a French version of its website, as part of an initiative to better engage with a broader Canadian audience.

2018 Q2: Alderon and HBIS Group’s executive team members engaged Chinese banking institutions on potential financing structures for the Kami Project. This successful China mission included a meeting with Hon. Siobhan Coady, Minister of Natural Resources for Newfoundland and Labrador, and a meeting hosted by the Canadian Ambassador to China, Hon. John McCallum, to discuss how the parties can collaborate further over the development of the Kami Project.

With the closing of the loan facility from Sprott Resource Lending and the repayment of the loan from Liberty Metals & Mining Holdings, Alderon reduced its overall, consolidated debt position and secured additional time to complete the project financing.

Mr. Rolland G. Morier, a veteran mining executive and finance professional, and Mr. Zhou Wei, an experienced commodities trader, were appointed to the Board of Directors, bringing with them their own unique expertise and professional networks to the Alderon family.

2018 Q3: In preparation for the relaunch of the financing efforts, an updated feasibility study was completed confirming pre-tax US$1.7 Billion NPV8 and 24.6% IRR for the Kami Project.

2018 Q4: Alderon’s Director Mr. Zhou (Wayne) Wei, succeeded Jeff Wang as President of HBIS Group Canada, and immediately engaged stakeholders in western Labrador and Sept-Îles, Québec.

Over in China, Chairman of HBIS Group (Alderon’s strategic partner in the development of the Kami Project and China’s second largest steelmaker), met with Newfoundland and Labrador Premier, Hon. Dwight Ball, during a mission to strengthen ties with stakeholders and discuss priorities for the Kami Project.

Financing

The premia garnered by the high-grade iron ore concentrates improves the Kami Project economics substantially and allows Alderon to re-enter the market and pursue financing. Capital markets are receptive to producing or substantially de-risked iron ore projects, such as Kami, and are starting to recognize the value of the Labrador Trough. Alderon and HBIS Group are focused on building capital with traditional and non-traditional sources and are in ongoing discussions with representatives of various banks.

Looking Forward

Starting in the New Year, Alderon will formally kick-off its project financing efforts to raise the capital required to build the project. While its high-grade iron ore concentrates make Kami a rare development opportunity in the iron ore industry, the project also has its major permits in place and port and power agreements concluded. There is only one de-risking step left, being the completion of the financing.

One of the pleasures of the holiday season is having the opportunity to say thank you to Alderon’s partners and stakeholders – HBIS Group, Altius, and the communities in Newfoundland and Labrador, and Québec, in which it plans to operate – for the support shown during the years taken to advance the Kami Project. Alderon remains steadfast in its determination to develop the Kami Project and, in doing so, create significant value for all of its stakeholders.

About Alderon Iron Ore Corp.

Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS Group through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district, the Labrador Trough, and is surrounded by three producing iron ore mines. The Kami product will be shipped through a newly commissioned multi-user, deep-water berth near the Port of Sept-Îles in Québec.

For further information on the Kami Project please refer to the Technical Report entitled “Updated Feasibility Study of the Rose Deposit and Resource Estimate for the Mills Lake Deposit of the Kamistiatusset (Kami) Iron Ore Property, Labrador”, dated effective September 26, 2018, that is available on SEDAR at www.sedar.com. The Technical 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 Mr. Jeffrey Cassoff, P.Eng, of BBA, Mr. James Powell of Gemtec, Mr. Peter Merry of Golder and Mr. Kociumbas. Mr. Grandillo is a Qualified Person as defined by NI 43-101 and is independent of Alderon. Mr. Grandillo has reviewed and approved the technical information contained in this news release, being the results of the feasibility study.

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

ALDERON IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
President & CEO, Director

 

kb Logo 

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Mishka Gounden   
1-604-681-8030 ext 289
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) future demand for production from the Kami Project; (ii) the next steps in the development of the Kami Project; (iii) the completion of project financing; (iv) the market and future price of iron ore and related products; (v) the estimation of Mineral Resources and Mineral Reserves; and (vi) 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 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 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 and Mineral Reserves, 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 and Mineral Reserves, 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 Indigenous governments and organizations, 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.

 

   English PDF       PDF français

MONTREAL, QUÉBEC, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) is pleased to announce that the Company concluded a successful China mission to advance its relationship with key stakeholders of the Kami Iron Ore Project, located in western Labrador. A number of significant meetings were held on November 12, 2018, including a meeting between Honourable Dwight Ball, Premier of Newfoundland and Labrador, and the Chairman of HBIS Group Co. Ltd. (“HBIS”), Mr. Yu Yong, to discuss the advantages of investing in the Labrador Trough and the development of the Kami Iron Ore Project.

“These meetings were timely, as our government just launched our “Mining the Future 2030” plan, which is aimed at maximizing the value of Newfoundland and Labrador’s diverse mineral resources and our skilled human resources by attracting investment from global leaders in mining. Engagements like these can set the foundation for tremendous long-term economic development, and so I look forward to building strong relationships that make Newfoundland and Labrador a global focus of mining activity,” stated Honourable Dwight Ball, Premier of Newfoundland and Labrador.

Alderon is confident that the engagement between HBIS and the Premier of Newfoundland and Labrador – a resource-rich Atlantic Canadian Province, has further enhanced their understanding of the advantages that the Labrador Trough offers with respect to iron ore mining and product quality. “A strategic partnership between Canadian businesses and Chinese steelmakers, like the one between Alderon and HBIS, offers many advantages,” said Chairman Yu. HBIS owns 25% of The Kami Mine Limited Partnership, through which the Kami Project is held.

1

(left) Honourable Dwight Ball, Premier of Newfoundland and Labrador, with Mr. Yu Yong, Chairman of HBIS – Alderon’s strategic partner in the development of the Kami Project.

 

2

Meeting at HBIS’ Beijing office on November 12, 2018, with members of the Canadian Embassy, the Government of Newfoundland and Labrador, and executives from HBIS and Alderon, to discuss how HBIS and Alderon will jointly develop the Labrador-based Kami Project through The Kami Mine Limited Partnership.

 

3

(from left to right): Liu Jian, Vice President of HBIS Group, Brian F. Dalton, President and CEO of Altius Minerals Corporation, and Tayfun Eldem, President and CEO of Alderon, at the Canada China Business Council’s 40th AGM in Beijing on November 12, 2018.

Prior to that meeting, Mr. Brian F. Dalton, President and CEO of Altius Minerals Corporation (“Altius”), and Mr. Tayfun Eldem, President and CEO of Alderon, met with HBIS executives to discuss collaborative approaches for the development of the Kami Project. “We were very pleased with the constructive dialogue and the creative ideas put forward and remain positive that the development of the Kami Project will bring significant value for Altius Minerals and Alderon shareholders,” stated Mr. Dalton.

“We are extremely fortunate to have such supportive partners as HBIS, Altius, and the Government of Newfoundland and Labrador. We share a common vision of realizing the full potential of the Kami Project as a supplier of high-grade iron ore concentrates,” said Mr. Eldem. “We look forward to further strengthening our collaboration with our partners and the provinces of Newfoundland and Labrador and Québec, as we pursue project financing for the development of the Kami Project.”

Alderon and HBIS executives attended the Canada China Business Council’s (“CCBC”) 40th AGM gala in Beijing, on November 12, 2018, with members of the Newfoundland and Labrador Government. Alderon would like to thank CCBC for being an important catalyst for business cooperation between China and Canada and congratulates them on their 40th anniversary.

About HBIS Group

HBIS Group Co. Ltd. (formerly Hebei Iron & Steel Group), is China’s second largest iron and steel producer and third largest in the world. It principally engages in smelting, processing, and distributing iron and steel products. Its major products include iron, steel, and steel materials. The company also engages in the manufacture and distribution of coke, industrial gas, and chemical products, as well as in import and export trading business. It distributes its products in the People’s Republic of China and internationally. The company is based in Hebei, the People’s Republic of China.

For more information on the HBIS Group, please go to their website at www.hbisco.com.

About Alderon Iron Ore Corp.

Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district, the Labrador Trough, and is surrounded by three producing iron ore mines. The Kami product will be shipped through a newly commissioned multi-user, deep-water berth near the Port of Sept-Îles in Québec.

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

ALDERON IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
President & CEO, Director

kb Logo 

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Mishka Gounden   
1-604-681-8030 ext 289
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) future demand for production from the Kami Project; (ii) the next steps in the development of the Kami Project; (iii) the completion of project financing; and (iv) the market and future price of iron ore and related products.

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 and Mineral Reserves, 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 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 and Mineral Reserves, 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 and Mineral Reserves, 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 Indigenous governments and organizations, 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.

 

   English PDF       PDF français

MONTREAL, QUÉBEC, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) announces the filing on SEDAR of its National Instrument 43-101 Technical Report entitled “Updated Feasibility Study of the Kamistiatusset (Kami) Iron Ore Property, Labrador”, dated effective September 26, 2018 (the “updated FS”). The updated FS is an update to the feasibility study on the Kami Iron Ore Project that was issued on January 16, 2013.

The updated FS was completed by BBA Inc. (“BBA”), located in Montreal, Québec. The updated FS once again demonstrates the strong economics of the Kami Project which will produce a premium-quality iron ore concentrate with higher Fe content and ultra-low impurities relative to the 62%-Fe grade benchmark. Coupled with the sustained demand for high-grade iron ores, the robust project economics form the foundation of Alderon’s relaunch of its project financing efforts.

The updated FS replaces the Company’s November 2017 PEA as the current technical report on the Kami Project.

The results of the updated FS are based on 100% ownership of the Kami Project. The Kami Project is held through The Kami LP, as to 75% by Alderon and 25% by HBIS Group Co. Ltd. (“HBIS”). The results of the updated FS disclosed in this news release are expressed in US Dollars and pre-tax (except where otherwise indicated).

Highlights of the updated September 2018 FS include:

Net Present Value (“NPV”) at 8% discount rate $ 1,698 M
Internal Rate of Return (“IRR”)   24.6%
Projected Years to Payback   4.0 years
Total Estimated Capital Cost (excluding sustaining capital and closure costs) $ 982.41 M
Average Estimated Operating Costs (loaded in ship Port of Sept-Îles) $/dmt 30.72
CFR Concentrate Sales Price Forecast - based on three year trailing average CFR benchmark price of $63.30/dmt @ 62% Fe, adjusted for Kami Fe grade, and HBIS and Glencore agreement terms $/dmt CFR $89.67 (FOB $73.17)
Estimated Mine Life   23 years
Final Product Iron Grade (%Fe)   65.2%
Proven and Probable Mineral Reserves (COG=15%, 28.8% Total Fe, 3.4% Dilution, 2.5% Ore Loss)   517.2 Mt
Annual Concentrate Production Rate (average life of mine, post ramp-up year)   7.84 Mtpa

Technical Report and Qualified Person

The Technical 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 Mr. Jeffrey Cassoff, P.Eng, of BBA, Mr. James Powell of Gemtec, Mr. Peter Merry of Golder and Mr. Kociumbas. Mr. Grandillo is a Qualified Person as defined by NI 43-101 and is independent of Alderon. Mr. Grandillo has reviewed and approved the technical information contained in this news release, with the exception of the Mineral Reserve estimate which has been reviewed and approved by Mr. Jeffrey Cassoff, as noted above. Mr. Grandillo has verified all the data underlying the technical information disclosed in this news release.

For further information on the Kami Project please refer to the Technical Report entitled “Updated Feasibility Study of the Rose Deposit and Resource Estimate for the Mills Lake Deposit of the Kamistiatusset (Kami) Iron Ore Property, Labrador”, dated effective September 26, 2018, that is available on SEDAR at www.sedar.com.

About Alderon Iron Ore Corp.

Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district, the Labrador Trough, 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. 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 IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
President & CEO, Director

 king

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Mishka Gounden   
1-604-681-8030 ext 289
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) future demand for production from the Kami Project; (ii) the next steps in the development of the Kami Project; (iii) the completion of project financing; (iv) the market and future price of iron ore and related products; (v) the estimation of Mineral Resources and Mineral Reserves; and (vi) 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 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 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 and Mineral Reserves, 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 and Mineral Reserves, 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 Indigenous governments and organizations, 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.

   English PDF       PDF français

MONTREAL, QUÉBEC, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) is pleased to announce that it and The Kami Mine Limited Partnership (“Kami LP”) welcome Mr. Zhou (Wayne) Wei as Vice President, Finance & Procurement (China) of The Kami Mine Limited Partnership. Since joining the Board of Directors at the Company’s AGM in Montreal this June, Mr. Zhou succeeded Mr. Wang (Jeff) Jinhui as the new President of HBIS International Holding (Canada) Co. Ltd. (“HBIS Canada”), and is based in Vancouver, British Columbia.

Mr. Zhou has almost 15 years of experience in the steel industry. Prior to his appointment as President of HBIS Canada, Mr. Zhou served as Manager of the Export Department for the HBIS group. Mr. Zhou holds an Industry Management Engineering degree from Hebei University of Science and Technology.

“Alderon is very pleased with its long-term partnership with HBIS. Mr. Zhou’s appointment to the Board represents a continued commitment from HBIS to develop the Kami Iron Ore Project,” says Mark Morabito, Chairman of Alderon. “We also would like to thank Mr. Jinhui for his exemplary service over the past several years to help de-risk the project which helped advance the Kami Project through its development stage towards becoming a high-quality, iron ore mine.”

“Mr. Zhou’s expertise in steel operations and management of iron ore importing and exporting will further strengthen our potential to finance the remainder of the capital for the Kami Project through global financial markets,” added Tayfun Eldem, Alderon’s President and CEO. “I am delighted to have Mr. Zhou as a member of the Kami LP executive team and look forward to working with him as we advance the Kami Project towards our shared goal of making it a global supplier of premium-quality iron ore concentrates.”

Mr. Zhou’s first order of business as Vice President Finance & Procurement (China) for Kami LP, was an aerial tour of the Kami Project, the neighboring operations, and the existing road, rail and power infrastructure. The site visit was followed by a roundtable forum hosted by the Government of Newfoundland and Labrador’s Department of Natural Resources where discussions centered around the Province’s new strategic plan for the mining industry. In addition, Mr. Zhou was introduced to the Labrador West Chamber of Commerce and several local business leaders during a luncheon where Mr. Eldem presented on the factors impacting the global iron ore market and the growing demand for high-grade iron ore. While in western Labrador, Mr. Zhou also met with the Mayors and Chief Administrative Officers of the towns of Labrador City and Wabush, and discussed the plans for the Kami Project.

Mr. Zhou and members of Alderon’s executive team then travelled to Sept-Îles, Québec, for a tour of the Port of Sept-Îles facilities, led by its President and CEO, Pierre D. Gagnon. The Port of Sept-Îles is an important component of Québec's maritime system and is integral to the iron ore value chain that originates in the Labrador Trough and reaches the seaborne market via Sept-Îles. Alderon has contributed $20.5 million towards the construction of the new loading facility owned and operated by the Port Authority of Sept-Îles and has a long-term contract to ship 8 million tonnes per annum of concentrates through the deep-sea port.

Mr. Zhou commented, “The site visits and stakeholder meetings in western Labrador and Sept-Îles, Québec, allowed me to see first-hand the true potential of the Labrador Trough as a global supplier of premium iron ore products. The engagement also allowed me to gain an appreciation for what responsibilities we have to their communities and how the mining industry can help grow their respective economies by developing the Labrador Trough.” He added, “The strategic partnership with Alderon, through which we plan to jointly develop the Kami Project, will create significant value for both HBIS and Alderon shareholders, as well as the communities in which we plan to operate.”

Members of Alderon’s executive team at the top of the ship loader at the Port of Sept-Îles as part of a tour of the facilities. (from left to right): Tayfun Eldem, President, CEO and Director of Alderon, Zhou (Wayne) Wei, President of HBIS Canada and Director of Alderon, and Xinneng (David) Li, Vice President, Asia Pacific Affairs of Alderon.

imagen

Members of Alderon’s executive team outside the headquarters for Port of Sept-Îles with President and CEO, Pierre D. Gagnon. (from left to right): Tayfun Eldem, President, CEO and Director of Alderon, Zhou (Wayne) Wei, President of HBIS Canada and Director of Alderon, Pierre D. Gagnon, President and CEO of Sept-Îles Port, and Xinneng (David) Li, Vice President, Asia Pacific Affairs of Alderon.

imagen1

About Alderon Iron Ore Corp.

Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district, the Labrador Trough, 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. 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 IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
President & CEO, Director

 king

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Mishka Gounden   
1-604-681-8030 ext 289
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) future demand for production from the Kami Project; (ii) the next steps in the development of the Kami Project; (iii) the completion of project financing; and (iv) the market and future price of iron ore and related products.

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 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 and Mineral Reserves, 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 and Mineral Reserves, 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 Indigenous governments and organizations, 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.

 

 

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MONTREAL, QUÉBEC, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) is pleased to announce that it and The Kami Mine Limited Partnership (“The Kami LP”) have received the results of the updated Feasibility Study (“FS”) on the Rose Deposit of the Kamistiatusset (“Kami”) Iron Ore Project in western Labrador. The updated FS was completed by BBA Inc. (“BBA”), located in Montreal, Québec. The updated FS once again demonstrates the strong economics of the Kami Project which will produce a premium-quality iron ore concentrate with higher Fe content and ultra-low impurities relative to the 62%-Fe grade benchmark. Coupled with the sustained demand for high-grade iron ores, the robust project economics form the foundation of Alderon’s relaunch of its project financing efforts.

The Technical Report (the “Report”) summarizing the results of the updated FS and prepared in accordance with National Instrument (“NI”) 43-101 will be filed on SEDAR and Alderon’s website within 45 days of this news release. The results of the updated FS are based on 100% ownership of the Kami Project. The Kami Project is held through The Kami LP, as to 75% by Alderon and 25% by HBIS Group Co. Ltd. (“HBIS”). The results of the updated FS disclosed in this news release are expressed in US Dollars and pre-tax (except where otherwise indicated).

Highlights of the updated September 2018 FS include:

NPV at 8% discount rate $ 1,698 M 
IRR   24.6% 
Projected Years to Payback   4.0 years
Total Estimated Capital Cost (excluding sustaining capital and closure costs) $ 982.41 M 
Average Estimated Operating Costs (loaded in ship Port of Sept-Îles) $/dmt 30.72
CFR Concentrate Sales Price Forecast - based on three year trailing average CFR benchmark price of $63.30/dmt @ 62% Fe, adjusted for Kami Fe grade, and HBIS and Glencore agreement terms $/dmt CFR $89.67 (FOB $73.17)
Estimated Mine Life   23 years
Final Product Iron Grade (%Fe)   65.2%
Measured and Indicated Resource of the Rose Deposit
(COG=15%, 29.6% Total Fe)
  1,093.2 Mt
Proven and Probable Mineral Reserves (COG=15%, 28.8% Total Fe, 3.4% Dilution, 2.5% Ore Loss)   517.2 Mt
Annual Concentrate Production Rate (average life of mine, post ramp-up year)   7.84 Mtpa

All of the planned production from the Kami Project has been pre-sold under the terms of off-take agreements with HBIS and a subsidiary of Glencore plc. The FOB concentrate sales price used in the financial analysis in the updated FS reflects the terms of these off-take agreements. Further details regarding the concentrate sale price are set out below in this news release.

“The updated FS is the final de-risking event prior to project finance that can be added to Alderon’s achievements, which include release from the Federal and Provincial environmental assessments, agreements for Power Purchase with Newfoundland and Labrador Hydro and for ship-loading services with Port of Sept-Îles, off-take agreements for 100 per cent of production, and a strategic partnership with HBIS,” stated Tayfun Eldem, President and CEO of Alderon.

“China’s drive to curb air pollution has led to significant steel sector restructuring and supply side reforms resulting in a steady demand for higher-grade and lower-impurity ores as steelmakers strive to lower emissions and boost blast furnace efficiency. The projected quality of Kami concentrates with 65.2% Fe-grade and ultra-low levels of alumina and phosphorus is perfectly positioned to meet the needs of Chinese steelmakers and serve as a sweetener for the base load of lower-grade ores from Australia,” explained Mr. Eldem.

“Timing of this milestone for Alderon cannot be better as it brings us closer to advancing the premium-grade iron ore project into production, at a time when high-grade material is selling at a strong premium,” stated Mark Morabito, Chairman of Alderon.

Financial Analysis

IRR   24.6%
Payback   4.0 years
Discount Rate

0%


$
NPV
(Million $) 5,616
5% $ 2,626
8% $ 1,698
10% $ 1,270

Total capital expenditures (including contingency) are estimated at $982.4 million. The capital cost estimate excludes closure costs and sustaining capital, which are expected to be in the order of $42.7 million and $449.1 million respectively for the life of the project. These costs are included in the financial analysis for the project. The updated FS capital cost estimate is based on an EPC (Engineering, Procurement and Construction) project execution strategy. The EPC portion of the total capital costs is estimated at $900.74 million. This was developed in collaboration with Duro Felguera (DF), which is a potential provider of EPC services to the project should The Kami LP decide to proceed with this project execution strategy.

On a post-tax basis, the updated FS shows an NPV of $866 million at a cash flow discount rate of 8%. The post-tax IRR for the project is 18.2% and the payback period is 4.9 years.

Summary of Estimated Initial Capital Costs (Million $)    
Mining $ 72.20
Mineral Processing Area $ 302.81
TMF Area (Initial Dykes) $ 23.66
Site Infrastructure and Utilities $ 309.90
Other EPC Costs (Indirects, Guaranties, Insurance) $ 192.17
TOTAL EPC COSTS $ 900.74
Pre-Operational Capitalized Costs $ 26.90
Owner’s Costs $ 30.98
Mine (Waste Rock Pre-Stripping by Kami) $ 23.79
TOTAL $ 982.41

The updated FS assumes a Concentrate CFR selling price of $89.67/tonne. This price was calculated at a reference date of June 26, 2018, using the 3-year trailing average price of $63.30/tonne for the Platts IODEX 62% Fe, CFR North China, adding the spot Fe premium of $27.52/tonne and applying the discounts and premiums allowed by the HBIS and Glencore agreements (60% HBIS - 40% Glencore). The final price of concentrate loaded in ship (FOB) at Port of Sept-Îles assumed in the financial analysis is $73.17/tonne. The final price is determined after applying shipping costs estimated at $16.50/tonne.

Average life-of-mine (“LOM”) operating costs are estimated at $30.72/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 Average LOM Operating Costs ($/t of concentrate)    
Mining (including mining equipment leasing costs) $ 11.25
Mineral Processing $ 5.72
General Site $ 0.50
General Administration $ 2.26
Environmental & Tailings Management $ 0.37
Rail Transportation and Port Services (including railcar leasing costs) $ 10.62
TOTAL $ 30.72

Mineral Resources

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

The Mineral Resource estimate for the Kami Project is set out below. Mr. Michael Kociumbas, P.Geo is a Qualified Person 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. He 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 and inclusive of Mineral Reserves.

Zone Category Tonnes (Million) TFe% MagFe% HemFe%
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
MagFe% = percentage of the Fe present as magnetite;
HemFe% = percentage of the Fe present as hematite.

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 drill holes 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 drill holes 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 drill hole information, but only if the interpretation was supported by drill hole intersections on adjacent cross sections or by solid geological inference.

Proven and Probable Mineral Reserves

The mining engineering work performed for this updated FS was based on the 3-D block model provided by Alderon. Pit optimizations were performed on the Measured and Indicated Resources and the pit shell that resulted in the maximum discounted NPV was selected as a guide for the pit design. The final Mineral Reserves were estimated after applying engineering and operational design parameters and include mining dilution and ore losses. BBA is of the opinion that the Mineral Reserve estimate derived in this updated FS reasonably quantifies the economical ore mineralization of the Rose Deposit. The Mineral Reserve estimate is effective as of August 12, 2018. The Proven and Probable Mineral Reserves presented in the table below are derived from the December 17, 2012 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 updated FS and have been used for the estimation of Proven and Probable Mineral Reserves. The Mineral Resources within the Mills Lake Deposit have not been considered in the FS.

Material Tonnes (Millions) TFe% WREC% MagFe MAG%
Proven Mineral Reserve 392.7 29.0 34.7 15.0 20.8
Probable Mineral Reserve 124.5 28.2 32.0 11.1 15.3
Total Mineral Reserve 517.2 28.8 34.1 14.1 19.4
TFe = total Fe grade; WREC% = the weight recovery; MagFe = Fe present as magnetite;
MAG% = the percentage of magnetite in the Proven and Probable mineral reserves.

Project Summary

The updated FS is based on the same mineral processing flowsheet as the previous technical reports including the 2012 FS. The major infrastructure required to support the Kami Project, as stated in the updated FS, includes the following components: 

  • Mining of the Rose 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, to the east of the Waldorf crossing.
  • Concentrator consisting of autogenous grinding, gravity and magnetic separation and dewatering and utilizing the autogenous and ball mills that already have been procured.
  • Tailings disposal in the designated area on the Kami Project, in the location which was identified during the 2012 FS. In this updated FS, the Tailings Management Facility (TMF) and tailings deposition plan have been redesigned to conform to current industry standards and in accordance with the Canadian Dam Association Dam Safety Guidelines.
  • Concentrate load-out located at the new Kami rail loop, connecting to the QNS&L main rail line by way of a new railway constructed as part of the Kami Project.
  • Rail transportation of concentrate from the Kami rail loop to the common port terminal facilities at Pointe Noire near Sept-Îles, Québec (owned and operated by third parties).
  • Ship-loading services provided by Port of Sept-Îles.
  • Electrical power supplied by Newfoundland and Labrador Hydro (“NLH”) based on the terms set out in the power purchase agreement between NLH and The Kami LP.

Project Schedule

Prior to construction commencing, the Company intends to re-assemble the owner’s team, award an EPC or EPCM contract, resume detailed engineering, and have construction financing in place. Construction is expected to last 26 months.  

Technical Report and Qualified Person

A NI 43-101 Technical 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 Mr. Jeffrey Cassoff, P.Eng, of BBA, Mr. James Powell of Gemtec, Mr. Peter Merry of Golder and Mr. Kociumbas. Mr. Grandillo is a Qualified Person as defined by NI 43-101 and 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 Mr. Kociumbas and the Mineral Reserve estimate which has been reviewed and approved by Mr. Jeffrey Cassoff, as noted above. Mr. Grandillo has verified all the data underlying the technical information disclosed in this news release.

About Alderon Iron Ore Corp.

Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district, the Labrador Trough, 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 IRON ORE CORP.

On behalf of the Board

"Tayfun Eldem"

President & CEO, Director

 king

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Mishka Gounden   
1-604-681-8030 ext 289
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) future demand for production from the Kami Project; (ii) the next steps in the development of the Kami Project; (iii) the completion of project financing; (iv) the market and future price of iron ore and related products; (v) the estimation of Mineral Resources and Mineral Reserves; and (vi) 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 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 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 and Mineral Reserves, 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 and Mineral Reserves, 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 Indigenous governments and organizations, 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.

  English PDF

MONTREAL, QUÉBEC, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) is pleased to announce that it and The Kami Mine Limited Partnership (“Kami LP”) have closed a previously announced loan facility (the "Loan Facility") with Sprott Resource Lending (“Sprott”), a global leader in resource asset investments. Alderon used the funds received from the settlement with Newfoundland and Labrador Hydro, together with a portion of the US$14 million Loan Facility to repay the Liberty Metals & Mining Holdings, LLC (“LMM”) loan. The closing of the Sprott transaction comes as Alderon advances its updated Feasibility Study (“FS”) scheduled for conclusion this fall. Upon completion, the updated FS is expected to demonstrate that the Kami Project is well-positioned to pursue project financing on account of improved project economics initially highlighted in the updated Preliminary Economic Assessment released on November 7, 2017.

“With the closing of the Sprott Loan Facility and the repayment of the loan from Liberty, Alderon is well positioned to complete its updated Feasibility Study and re-launch its project financing efforts,” stated Tayfun Eldem, President and CEO of Alderon. “The replacement loan is an endorsement of the quality of the Kami Project and provides Alderon with the capital to execute the next steps in the development plan while allowing it to reduce its overall debt load.”

The terms of the Loan Facility are:

  • Principal amount of US$14 million.
  • Interest at 10% per annum, payable monthly.
  • Original maturity date of December 31, 2019 (the “Maturity Date”).
  • The proceeds of the Loan Facility were advanced as a single draw on the closing date (the “Closing Date").
  • The proceeds of the Loan Facility were used to repay the existing LMM loan and to reimburse Alderon for amounts that are pre-paid to LMM prior to closing.
  • Alderon is acting as guarantor for the Loan Facility.
  • Altius Minerals Corporation (“Altius”), through a wholly-owned subsidiary, participated in the Loan Facility by providing US$2 million of the US$14 million principal amount.
  • As consideration for the establishment of the Loan Facility, Alderon issued 4,123,740 common shares (“Common Shares”) to Sprott and 687,290 common shares to Altius.
  • In the event that the Maturity Date is extended in accordance with the terms of the Loan Facility, an additional total of US$350,000 in Common Shares shall be issued to Sprott and Altius on the Maturity Date and at a price per share equal to a 10% discount to the volume weighted average trading price on the TSX for the five trading days prior to the Maturity Date. United States dollar amounts shall be converted into Canadian dollars using the daily average exchange rate for the conversion of United States to Canadian dollars set by the Bank of Canada as at the business day immediately prior to the date of issuance of the Common Shares. The Common Shares shall be issued based on a ratio of 12/14th to Sprott and 2/14th to Altius.

Prior to the Closing Date, Altius held 51,838,916 Common Shares (representing 39% of the Company’s current issued and outstanding Common Shares). After the Closing Date, Altius now holds 52,526,206 Common Shares (representing 37.98% of the Company’s current issued and outstanding Common Shares).

About Sprott

Sprott is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, the company is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Alternative Asset Management and Private Resource Investments. The company also operates Merchant Banking and Brokerage businesses in both Canada and the US. Sprott is based in Toronto with offices in New York, Carlsbad and Vancouver and its common shares are listed on the Toronto Stock Exchange under the symbol (TSX:SII). For more information, please visit www.sprottinc.com.

Sprott Resource Lending is a globally recognized leader in natural resource financing and specializes in providing flexible debt solutions to mining companies. Since joining Sprott, the team has financed more than $1.0 billion in bespoke private debt investments. For more information, please visit www.sprottlending.com.

About Alderon Iron Ore Corp.

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, the Labrador Trough, 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 IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
Director & CEO

 kingandbay

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.


For further information please call:

Mishka Gounden   
1-604-681-8030 ext 289
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) future demand for production from the Kami Project; (ii) the next steps in the development of the Kami Project; (iii) the completion of project financing; and (iv) the market and future price of iron ore and related products.

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 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 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.

  English PDF      PDF français

MONTREAL, QUÉBEC, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) announced the appointment of new director Mr. Rolland Morier to the Company’s Board of Directors during the Annual General and Special Meeting of shareholders which took place on Thursday, June 21, 2018 in Montreal.

“We are excited to have Mr. Morier join the Alderon board and we are looking forward to working with Rolland to strengthen existing partnerships and secure financing for our Kami Project,” stated President and CEO Tayfun Eldem.

“Mr. Morier is a highly respected business executive in areas of financial management, business strategy, aboriginal land claims and government relations for the mining sector. He has a deep understanding and appreciation of our project and brings with him vast experience in corporate finance and business strategy in the iron ore sector. His vision, knowledge and success record are enhancing qualities that will support Alderon’s ambition as we march ahead with the Kami Project,” Mr. Eldem added.

Alderon’s Chairman, Mark Morabito acknowledged Mr. Morier’s career achievements as a seasoned leader with significant experience working with the stakeholders in Newfoundland and Labrador and Québec. He was instrumental in executing the business strategy of Iron Ore Company of Canada (“IOC”) and Québec North Shore & Labrador Railway – an arrangement that proved key to IOC’s standing as one of Canada’s leading iron ore producers. “We are confident that Mr. Morier’s experience will prove enormously helpful to Alderon’s board and executive team at this stage of our development and will be key to Alderon continuing to achieve outstanding outcomes. We look forward to his advice and guidance in executing our financing and strategic initiatives for the Kami Project.”

Mr. Morier has served as President of Northern Strategies Inc. since 2015 - a company that provides executive consulting services in the areas of financial management, business strategy and mining plus CFO expertise in the areas of strategy, corporate finance, business planning and project evaluation, execution and governance. Prior to his work with Northern Strategies, Mr. Morier spent 20 years at the Rio Tinto group and held several senior executive positions at its subsidiaries, which included IOC, Rio Tinto Iron & Titanium Inc. At IOC, Mr. Morier filled the role of Vice President of Finance and Strategy for eight years and was a member of the Board of Directors. He also served as CFO and Chairman of the company’s Capital Project Approvals Committee, was responsible for strategy formulation for IOC’s port, rail, and other infrastructure services to third parties, and negotiated with the Newfoundland and Labrador Government on various matters. Prior to joining IOC, Mr. Morier held the role of CFO at Rio Tinto Iron & Titanium Inc. for three years.

Mr. Morier has earned Master of Business Administration and Bachelor of Commerce degrees from Concordia University (Montreal) and McGill University (Montreal) respectively.

Alderon also reports that the nominees listed in the management information circular for the 2018 Annual General 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 General and Special Meeting on June 21, 2018 in Monteal, Quebec, are set out below:

 


Votes for


% Votes for


Votes withheld

% Votes withheld

Mark J. Morabito

82,999,016

99.69

254,663

0.31

Tayfun Eldem

83,009,679

99.71

244,000

0.29

David J. Porter

83,191,062

99.92

62,617

0.08

Adrian Loader

83,197,062

99.93

56,617

0.07

John Baker

83,005,296

99.70

248,383

0.30

Zhou Wei

82,996,448

99.69

257,231

0.31

Dr. Andrew Furey

83,186,031

99.92

67,648

0.08

Rolland G. Morier

83,203,382

99.94

50,297

0.06

Shareholders at the Annual General and Special Meeting also approved the appointment of Alderon’s auditors and the issuance of 833,333 common shares pursuant to a security based compensation arrangement.

About Alderon Iron Ore Corp.

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, the Labrador Trough, 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 IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
Director & CEO

 KB

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

 
For further information please call:

Mishka Gounden
1-604-681-8030 ext 289
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 financing and strategic initiatives for the Kami project; (ii) future demand for production from the Kami Project; (iii) the next steps in 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 repayment of the secured note held by Liberty Metals & Mining Holdings LLC that is due December 31, 2018 (the “Liberty Note”),  the progress of exploration and development activities, 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, the risk that funds are not available to repay the Liberty Note;  risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, 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.

 

 English PDF      PDF français

MONTREAL, QUÉBEC, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) is pleased to announce that it and The Kami Mine Limited Partnership (“Kami LP”) have entered into an agreement with Sprott Resource Lending (“Sprott”), a global leader in resource asset investments, for a US$14 million loan facility (the "Loan Facility"). The Loan Facility will provide sufficient funds to repay the loan due to Liberty Metals & Mining Holdings, LLC (“LMM”) and provide additional runway for Alderon to continue the re-boot for the Rose Deposit of the Kamistiatusset Iron Ore Property (the “Kami Project”) in western Labrador. This transaction with Sprott comes as Alderon advances an Updated Feasibility Study scheduled for conclusion this fall. Upon completion, the Updated Feasibility Study is expected to demonstrate that the Kami Project is well-positioned to pursue project financing on account of the improved project economics highlighted in the Updated Preliminary Economic Assessment released November 7, 2017.

“We recognize and greatly appreciate the confidence and support shown by Sprott in providing this financing. We are pleased to be working with the Sprott team as we continue the re-boot of the Kami Project, which will ultimately benefit all of its stakeholders, including the many local and regional interests," stated Tayfun Eldem, President and CEO of Alderon. “The loan from Sprott will allow Alderon to reduce its overall debt position and provide an extended bridge to the completion of project financing.”

The US$14 million Loan Facility has an initial term of 18-months, maturing on December 31, 2019 (the “Maturity Date”). The Loan Facility may be extended for an additional six-month period subject to the satisfaction of certain conditions. Altius Minerals Corporation (“Altius”), through a wholly-owned subsidiary, will be participating in the Loan Facility by providing US$2 million of the US$14 million principal. The proceeds of the Loan Facility will be advanced to the Kami LP and Alderon is acting as guarantor for the Loan Facility. The proceeds of the Loan Facility will be advanced as a single draw on the closing date. The Loan Facility shall bear interest at 10% per annum, payable monthly. The proceeds of the Loan Facility will be used to repay the existing LMM credit facility and to reimburse Alderon for amounts that are pre-paid to LMM prior to closing.

The terms of the Loan Facility also require the issuance by Alderon of a total of US$1,050,000 in common shares (“Common Shares”) to Sprott and Altius on the closing date (the “Closing Date”). The price per Common Share shall be equal to a 10% discount to the lesser of the volume weighted average trading price on the Toronto Stock Exchange (“TSX”) for the five trading days prior to (A) May 7, 2018; and (B) the Closing Date. In the event that the Maturity Date is extended in accordance with the terms of the Loan Facility, an additional total of US$350,000 in Common Shares shall be issued to Sprott and Altius on the Maturity Date and at a price per share equal to a 10% discount to the volume weighted average trading price on the TSX for the five trading days prior to the Maturity Date. United States dollar amounts shall be converted into Canadian dollars using the daily average exchange rate for the conversion of United States to Canadian dollars set by the Bank of Canada as at the business day immediately prior to the date of issuance of the Common Shares. The Common Shares shall be issued based on a ratio of 12/14th to Sprott and 2/14th to Altius.

The closing of the Loan Facility is subject to the receipt of all regulatory, stock exchange and other third-party approvals, and satisfaction of other customary closing conditions.

“Alderon’s Kami Project has the potential to create meaningful value for the steel industry by modernizing and increasing the transparency of the supply chain,'' stated Narinder Nagra, Managing Partner of Sprott. “As one of the largest investors dedicated to the natural resource sector, Sprott is excited to partner with Alderon on the reboot of Kami.”

Altius currently holds 51,838,916 Common Shares (representing 39% of the Company’s current issued and outstanding Common Shares).  After the closing of Loan Facility, Altius will be issued additional Common Shares as detailed above. However, the exact amount will not be determined until the Closing Date and will be disclosed at that time. The Loan Facility was approved by the Company’s Board of Directors; however, Altius’ nominee (Mr. John Baker) declared his interest in the transaction and did not participate in the approval process for the Loan Facility.

Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), Altius’s participation in the Loan Facility constitutes a "related party transaction" as Altius is a related party of the Company. The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that at the time Altius’s participation in the Loan Facility was agreed to, the fair market value of the Loan Facility insofar as it involves Altius did not exceed 25% of the Company's market capitalization. The Common Shares that will be acquired by Altius will be acquired pursuant to an exemption from the prospectus requirement in section 2.3 of National Instrument 45-106.

The Company did not file a material change report more than 21 days before the expected closing of this transaction, as the details of the transaction were not finalized until the present and the Company wishes to close the transaction as soon as practicable for sound business reasons, including lowering the Company’s overall debt obligations and improving the Company’s financial position.

About Sprott

Sprott is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, the company is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Alternative Asset Management and Private Resource Investments. The company also operates Merchant Banking and Brokerage businesses in both Canada and the US. Sprott is based in Toronto with offices in New York, Carlsbad and Vancouver and its common shares are listed on the Toronto Stock Exchange under the symbol (TSX:SII). For more information, please visit www.sprottinc.com.

Sprott Resource Lending is a globally recognized leader in natural resource financing and specializes in providing flexible debt solutions to mining companies. Since joining Sprott, the team has financed more than $1.0 billion in bespoke private debt investments. For more information, please visit www.sprottlending.com.

About Alderon Iron Ore Corp.

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, the Labrador Trough, 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 IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
Director & CEO

 kingandbay

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Mishka Gounden   
1-604-681-8030 ext 289
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 closing of the Loan Facility; (ii) future demand for production from the Kami Project; (iii) the next steps in the development of the Kami Project; (iv) the completion of project financing; and (v) the market and future price of iron ore and related products.

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 repayment of the secured note held by Liberty Metals & Mining Holdings LLC that is due December 31, 2018 (the “Liberty Note”), the progress of exploration and development activities, 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, the risk that funds are not available to repay the Liberty Note; risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, 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.

 English PDF      PDF français

VANCOUVER, BRITISH COLUMBIA, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) is pleased to announce that it has engaged BBA, Inc. (“BBA”) to update the Feasibility Study (“FS”) on the Rose Deposit of the Kamistiatusset (“Kami”) Iron Ore Property in Western Labrador. This FS will underpin Alderon’s renewed focus on project financing.

Alderon has retained BBA, headquartered in Montreal, Quebec, to lead the study with input from other engineering and consulting firms including Golder Associates, Duro Felguera Mining and Handling, and GEMTEC Consulting Engineers and Scientists (“GEMTEC”). The updated study will build on the previous FS dated December 17, 2012, the most recent Preliminary Economic Assessment (“PEA”) dated November 7, 2017, as well as the detailed engineering carried out between 2013 and 2015. The flowsheet and product characteristics will remain unchanged and focus will be on tailings management facility, market analysis, capital and operating expenditures and updated reserve estimates.

“This marks the beginning of another significant milestone for Alderon as we prepare to update our bankable feasibility study”, stated Tayfun Eldem, President and CEO of Alderon, “this study will further demonstrate the robust economics and strong fundamentals that the Kami Project possesses and will bring us closer to advancing the project into production.”

Given the advanced state of the detailed engineering and recent studies, the Company expects to release the results of the FS and file a technical report prepared in accordance with National Instrument (NI) 43-101 in Q4 2018.

Kami Project Updated Preliminary Economic Assessment Highlights

  • US$1,781 million Net Present Value (“NPV”) at 8% discount rate
  • 25.7% Internal Rate of Return (“IRR”) and 3.7 projected years to payback
  • US$999.4 million total estimated capital cost
  • US$29.94/dmt average estimated operating costs (loaded in ship Port of Sept-Îles)

The PEA Highlights are taken from the technical report entitled “Update to the Re-Scoped Preliminary Economic Assessment of the Kamistiatusset (Kami) Iron Ore Property, Labrador”, dated effective November 7, 2017 (the “Updated PEA”). The Updated PEA 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 Watts, Griffis and McOuat Limited (“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 the PEA Highlights. For further information please refer to the Updated PEA that is available on SEDAR at www.sedar.com.

About Alderon Iron Ore Corp.

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, the Labrador Trough, 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.

The Kami Project will produce a superior, premium iron ore product with very low levels of impurities and high Fe content (65.2% Fe). The Platts Index assesses the price and premiums for different iron ore products and now includes a 65% premium product assessment with a significant price spread above the base quality iron ore (62% Fe). The market demand for premium iron ore product is higher than for base quality iron ore product due to the advantages it offers to the steelmakers in meeting more stringent emissions requirements. Premium product allows end users to improve productivity, reduce costs and meet stringent environmental standards.

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

ALDERON IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
Director & CEO

 kingandbay

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Mishka Gounden
1-604-681-8030 ext 289
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 financing plan for the Kami Project; (ii) future demand for production from the Kami Project; (iii) the next steps in the development of the Kami Project; (iv) the market and future price of iron ore and related products; and (v) the results of the Updated 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 repayment of the secured note held by Liberty Metals & Mining Holdings LLC that is due December 31, 2018 (the “Liberty Note”), the progress of exploration and development activities, 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, the risk that funds are not available to repay the Liberty Note; risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, 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.

 English PDF

VANCOUVER, BRITISH COLUMBIA, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) is pleased to announce that Alderon’s Chief Executive Officer, Tayfun Eldem, successfully led a recent trip to China in support of the financing plan for the Kami Project.

The trip consisted of several meetings with Chinese engineering firms and equipment suppliers as well as Chinese banking institutions and HBIS Group Co., Ltd.  Alderon is focused on increasing the Chinese content for the Kami Project in order to access additional sources of financing from China and continues to work with Chinese banking institutions on potential financing structures for the development of the Kami Project. Mr. Eldem was joined by Honorable Siobhan Coady, Minister of Natural Resources for Newfoundland and Labrador at the meetings with senior representatives of HBIS Group Co. Ltd and the Chinese banking institutions.

Alderon would also like to thank the Canadian Ambassador to China, Hon. John McCallum, for hosting a luncheon at his residence for representatives of Alderon, the Honourable Siobhan Coady, Minister of Natural Resources for Newfoundland and Labrador and senior representatives of HBIS Group Co., Ltd.

NR_Apr_12_2018_img1S.jpg
From left to right: Tayfun Eldem, CEO of Alderon Iron Ore, Hon. John McCallum, Canadian Ambassador to China, Mr. Liu Jian, Vice President of HBIS Group, and Hon. Siobhan Coady, Minister of Natural Resources for Newfoundland and Labrador

About Alderon Iron Ore Corp.

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, the Labrador Trough, 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 IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
Director & CEO

 kingandbay

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Jennifer Paterson, Director 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 financing plan for the Kami Project; (ii) future demand for production from the Kami Project; and (iii) the next steps in 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 repayment of the secured note held by Liberty Metals & Mining Holdings LLC that is due December 31, 2018 (the “Liberty Note”),  the progress of exploration and development activities, 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, the risk that funds are not available to repay the Liberty Note;  risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, 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.

« en français »

VANCOUVER, BRITISH COLUMBIA, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) is pleased to provide a corporate update to shareholders. Subsequent to Tayfun Eldem’s return to Alderon as President, Chief Executive Officer and Director, Alderon has re-established an office in Montreal, Quebec.

In addition, Alderon recently launched a French version of it’s website in an effort to better engage with a broader Canadian audience. The website can be accessed by visiting www.alderonironore.com and using the language toggle provided in the upper-right corner.

“The timing is right to firmly re-establish Alderon’s presence in Quebec as we plan to fast track the Kami Project into production” stated Tayfun Eldem, President and CEO of Alderon. “This is an exciting time for our Company as we continue our efforts to advance the Kami Project. The updated Preliminary Economic Assessment (PEA) and Economic Impact Assessment (EIA) studies demonstrate that the Kami Project maintains sound profitability and will provide significant economic benefits for Newfoundland and Labrador, Quebec, and Canada as a whole.”

The Kami Project has significant economic advantages to the provinces of Newfoundland & Labrador and Quebec, according to the November 2017 Economic Impact Assessment (EIA) performed by Wade Locke, Ph.D. at Memorial University. Alderon is committed to effectively communicating to those who will benefit from the development of the Kami Project.

EIA Highlights:

  • 100,600 person-years of direct, indirect, and induced employment across Canada
  • $7.6 billion in direct, indirect, and induced incomes to workers and businesses across Canada
  • Over 32,000 person-years for Newfoundland and Labrador and over 42,400 person-years for Quebec of direct, indirect and induced employment during construction and operations
  • $2.2 billion for Newfoundland and Labrador and $3.3 billion for Quebec in direct, indirect, and induced incomes to workers and local businesses

The Kami Project will produce a superior, premium iron ore product with very low levels of impurities and high Fe content (65.2% Fe). The Platts Index assesses the price and premiums for different iron ore products and now includes a 65% premium product assessment with a significant price spread above the base quality iron ore (62% Fe). The market demand for premium iron ore product is higher than for base quality iron ore product due to the advantages it offers to the steelmakers in meeting more stringent emissions requirements.

The Kami Project has been released from the Federal and Provincial Environmental Assessment Processes, exhibits sound profitability, and will produce a premium product in high demand; these characteristics attest that the project is a rare development opportunity in the iron ore mining industry.

About Alderon Iron Ore Corp.

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, the Labrador Trough, 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 IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
Director & CEO

 kingandbay

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Jennifer Paterson, Director 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 robust economics of the Kami Project; (ii) future demand for production from the Kami Project; (iii) the results of the EIA and Update Pea; and (iv) the next steps in 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 repayment of the secured note held by Liberty Metals & Mining Holdings LLC that is due December 31, 2018 (the “Liberty Note”), the progress of exploration and development activities, 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, the risk that funds are not available to repay the Liberty Note; risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, 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, BRITISH COLUMBIA, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) is pleased to announce the re-appointment of Mr. John Baker to Alderon’s board of directors effective April 2, 2018.

“We are excited to have Mr. Baker return to the Alderon board,” stated President and CEO Tayfun Eldem, “and we are looking forward to working with John and Altius to move the Kami Project towards production.”

Mr. Baker’s reappointment comes after a March 22, 2018 announcement that Altius Minerals Corporation will increase its position in Alderon to approximately 39% of the issued and outstanding Common Shares.

Mr. Baker co-founded Altius in 1997, has been the Chairman of the Board of Altius since 2006 and was appointed its Executive Chairman in June 2014. John was a senior partner in a leading St. John's law firm until June 2014, where he conducted an extensive and diverse mining, securities, and corporate/commercial practice. His history of public company, community and volunteer directorships is considerable. Mr. Baker’s volunteer contributions have been recognized with the Queen’s Golden Jubilee Medal, the Canadian Bar Association Award for Distinguished Public Service and a Paul Harris Fellowship by Rotary International. He was during his legal career named “St. John’s Corporate Lawyer of the Year” by the respected peer review publication Best Lawyers.

About Alderon Iron Ore Corp.

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, the Labrador Trough, 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 IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
Director & CEO

 kingandbay

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Jennifer Paterson, Director 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 financing process for the Kami project; (ii) future demand for production from the Kami Project; (iii) the next steps in 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 repayment of the secured note held by Liberty Metals & Mining Holdings LLC that is due December 31, 2018 (the “Liberty Note”), the progress of exploration and development activities, 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, the risk that funds are not available to repay the Liberty Note; risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, 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, BRITISH COLUMBIA, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) announces that it has been notified by Altius Minerals Corporation (“Altius”) that Altius has agreed to acquire 18,797,454 common shares (“Common Shares”) of Alderon, from Liberty Metals & Mining Holdings, LLC (“Liberty”). After the conclusion of the transaction, Altius will own a total of 51,838,916 Common Shares, or approximately 39% of the issued and outstanding Common Shares on a partially diluted basis. The shares will be acquired at a purchase price of $0.27 per share.

“I am pleased that Altius has decided to increase its stake in Alderon by acquiring the Liberty share position,” stated Tayfun Eldem, President & CEO of Alderon. “Altius clearly recognizes the opportunity at the Kami Project with the high-grade, low deleterious element iron ore that will be produced at Kami. Stricter environmental regulation has driven demand for superior quality iron ore, as it allows end users to improve productivity, reduce costs, and meet more stringent environmental standards. Altius has also recently made other investments in the Labrador Trough.”

Altius will acquire the Common Shares, through a private placement between Altius and Liberty, for investment purposes and may, from time to time, acquire additional Common Shares, dispose of some or all of the Common Shares, or continue to hold the Common Shares.

The Kami Project has been successfully released from both Federal and Provincial environmental assessment processes, exhibits robust economics, and will produce a premium product in high demand; these specifications highlight the project as a rare development opportunity in the iron ore mining industry.

About Alderon Iron Ore Corp.

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, the Labrador Trough, 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 IRON ORE CORP.
On behalf of the Board
"Tayfun Eldem"
Director & CEO

 

k&b_Logo.jpg Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors. 

For further information please call:

Olen Aasen
1-604-681-8030 ext 242
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) production from the Kami Project; (ii) future demand for production from the Kami Project; and (iii) the next steps in 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 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 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, BRITISH COLUMBIA, Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the “Company”) is pleased to announce the reappointment of Mr. Tayfun Eldem as the President & Chief Executive Officer and Director of Alderon effective as of February 5, 2018, at which time Mr. Mark J. Morabito will assume the role of Non-Executive Chairman.

“I am very excited to rejoin Alderon and continue to advance the Kami Project into production,” stated Tayfun Eldem. “Kami will bring jobs to and grow the economies of Newfoundland and Labrador and Quebec by producing a high-quality iron ore in Newfoundland and Labrador and shipping it through the Port of Sept-Îles in Quebec. Currently, prices for high-quality iron ore have a significant spread above the benchmark Platts 62% iron ore index price, and this spread is expected to continue to widen as environmental regulation becomes more rigorous. I want to thank Mark Morabito and the Board for their leadership during the market downturn and their excellent work in maintaining and advancing Kami by updating the Preliminary Economic Assessment (PEA) and Economic Impact Assessment (EIA) reports. With the technical reports fully updated and showing strong fundamentals, now is the ideal time to progress the Kami Project toward production.”

Mr. Eldem was President and CEO of Alderon from September 2011 to August 2015, and was instrumental in further developing the Kami Project. Kami Project milestones achieved during Mr. Eldem’s past tenure include: completion of a preliminary economic assessment and bankable feasibility study, establishment of the current mineral resource estimate, signing of a strategic partnership and off-take agreement with HBIS Group of China that included financing commitments totalling $402 million, conclusion of a 15-year off-take agreement with Glencore AG, securing $49 million in equity financing from Liberty Metals and Mining, conclusion of a user agreement with the Port of Sept-Îles, signing of a power purchase agreement with Newfoundland and Labrador Hydro, conclusion of a number of stakeholder agreements and attainment of successful release from Federal and Provincial environmental assessment processes.

Mr. Eldem has 29 years of experience in the mining industry and has 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 Chief Operating Officer, Vice President, Expansion Projects & Engineering, and General Manager of Processing Operations.  As COO Mr. Eldem was accountable for all of IOC’s operations from the mine through the processing plants to rail and port and oversaw the development and delivery of a nearly $2.0 billion program of green and brown fields expansion projects. A graduate of Dalhousie University Mr. Eldem is a professional engineer and has completed the Operations Management Program at the Richard Ivey School of Business and the Strategic Leadership Program at London Business School.

Consistent with the strategic plan to fast track the Kami Project, Mark Morabito, Alderon’s founder and current Chairman and CEO, will transition with Mr. Eldem and continue to be involved with Alderon as Non-Executive Chairman of its Board of Directors.  Mr. Morabito will focus on Alderon’s capital market program and strategic initiatives.

“I am very pleased that Tayfun Eldem has decided to rejoin Alderon as CEO. The high-grade, low deleterious element iron ore that will be produced at Kami is the perfect composition to be blended with Pilbara iron ore and will fetch a premium price because of its quality,” stated Mark Morabito. “Stricter environmental regulation has driven demand for superior quality iron ore, as it allows end users to improve productivity, reduce costs, and meet more stringent environmental standards. The updated PEA and EIA studies, released in late 2017, demonstrate that the Kami Project maintains robust economics and will significantly benefit the economies of Newfoundland and Labrador, Quebec, and Canada as a whole.”

Kami Project Updated PEA and EIA Highlights:

EIA Highlights:

  • 100,600 person years of direct, indirect, and induced employment across Canada
  • $7.6 billion in direct, indirect, and induced incomes to workers and businesses across Canada
  • Over 32,000 person years for Newfoundland and Labrador and over 42,400 person years for Quebec of direct, indirect and induced employment during construction and operations
  • $2.2 billion for Newfoundland and Labrador and $3.3 billion for Quebec in direct, indirect, and induced incomes to workers and local businesses

PEA Highlights:

  • US$1,781 million NPV at 8% discount rate
  • 25.7% IRR and 3.7 projected years to payback
  • US$999.4 million total estimated capital cost
  • US$29.94/dmt average estimated operating costs (loaded in ship Port of Sept-Îles)

The Economic Impact Assessment was based on the production profile, operating cost assumptions and capital cost projections included in the technical report entitled “Update to the Re-Scoped Preliminary Economic Assessment of the Kamistiatusset (Kami) Iron Ore Property, Labrador”, dated effective November 7, 2017 (the “Updated PEA”). The PEA Highlights are taken from the Updated PEA. A copy of the Updated PEA is available on SEDAR at www.sedar.com. The Updated PEA was prepared under the supervision of Mr. Angelo Grandillo, P.Eng, of BBA, a Qualified Person as defined by National Instrument 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 the PEA Highlights.

About Alderon Iron Ore Corp. 

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

k&b_Logo.jpg Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors. 

For further information please call:

Christina Baron
1-604-681-8030 ext 289
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) future shipping operations of the Kami LP; (ii) the financing process for the Kami project; (iii) future demand for production from the Kami Project; (iv) the results of the EIA and Update Pea; and (v) the next steps in 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 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 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, British Columbia, Dec. 19, 2017 (GLOBE NEWSWIRE) -- Alderon Iron Ore Corp. (TSX:IRON) ("Alderon" or the “Company”) announces that the Kami Mine Limited Partnership (“Kami LP”) has signed an Agreement (the “Port Agreement”)  with regards to the Multi-User Dock Contract with the Sept-Îles Port Authority (the “Port”) pursuant to which Kami LP reserved annual iron ore loading capacity of 8 million metric tonnes at the Port’s multi-user dock and previously advanced funds totalling $20.46 million (the “Buy-In Payment”) towards construction of the dock (see July 16, 2012 news release). Kami LP is the owner of the Kami Project and is held 75% by Alderon and 25% by HBIS Group Co. Ltd. (formerly Hebei Iron & Steel Group Co. Ltd).

Pursuant to the terms of the Multi-User Dock Contract, once the multi-user dock is operational Kami LP was required to provide take-or-pay payments to the Port in the event that Kami LP had not commenced shipping operations. The Port Agreement provides that the funds previously advanced by Kami LP for the Buy-In Payment will satisfy the take-or-pay obligation and that Kami LP has no further funding requirements in respect to the take-or-pay obligation. Once the funds previously advanced for the Buy-In Payment are fully offset against the take-or-pay obligation, Kami LP is able to reduce its reserved capacity proportionately based on the remaining term of the Multi-User Dock Contract. Kami LP also retains the option to satisfy the take-or-pay payments by making a reduced cash payment and once Kami LP commences shipping operations, the provisions of the Multi-User Dock Contract will apply. In all other respects, Alderon retains its rights under the Multi-User Dock Contract.

“I am pleased that the Kami LP and the Port have agreed to a reasonable solution regarding the take-or-pay obligations,” stated Mark Morabito, Chairman and CEO of Alderon. “Eliminating the potential for cash take-or-pay payments prior to production will be of great assistance as Alderon works to re-launch its construction financing process following the completion of the update to the re-scope of the Kami Project.”

About Alderon Iron Ore Corp.

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

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Christina Baron
1-604-681-8030 ext 289
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) future shipping operations of the Kami LP; (ii) the financing process for the Kami project; 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 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 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, British Columbia, Dec. 05, 2017 (GLOBE NEWSWIRE) -- Alderon Iron Ore Corp. (TSX:IRON) ("Alderon" or the “Company”) releases an update to the independent Economic Impact Assessment (“EIA”) of the Kamistiatusset (“Kami”) Iron Ore Project, located in the Labrador Trough, Canada’s premier iron ore district. The EIA outlines significant economic benefits and positive implications for the economies of Newfoundland and Labrador, Quebec and Canada.

The Kami Project is expected to create more than 100,600 full-time equivalent jobs across Canada, resulting in $7.6 billion in incomes to workers and businesses. In addition, Kami is expected to generate $5.1 billion in total revenue for federal and provincial treasuries and $19.5 billion in GDP over a 26-year period, including two years of construction activities.

Strategic Concepts, Inc. (“SCI”) prepared the EIA along with Dr. Wade Locke of Memorial University on behalf of Alderon for the purposes of evaluating the economic impacts expected from the development of the Kami Project. The Kami Project’s economic impacts were analyzed for the economies of Newfoundland and Labrador, Quebec, Ontario, the other Provinces of Canada and Canada as a whole.

“China’s bid to reduce harmful emissions is driving an increase in domestic steel mills switching to high-grade iron ore products with fewer impurities,” stated Mark Morabito, Chairman and CEO of Alderon.


“For the type of iron ore concentrate that the Kami Project will produce (in the order of 65% Fe), there is already a significant spread to the normal Platts 62% iron ore index price, that, on September 1, 2017, was pegged at US$23.50 per tonne; this spread has widened over the last 18 months and prices for high-grade ore are expected to continue to increase as environmental regulation becomes more stringent. The high-grade, low deleterious element iron ore that will be produced at Kami is the perfect composition to be blended with Pilbara iron ore and will fetch a premium price because of its quality. Because of these changes in the marketplace the Kami Project is now well positioned to progress into development.”

Government Support of Kami Project

“I am excited by Alderon’s renewed interest in the Kami Project, a project that will bring considerable wealth and growth to the Labrador West region,” said Graham Letto, MHA for Labrador West. “We are seeing a greater demand for high quality iron ore on the world markets, a product that the Kami Project can deliver. I am looking forward to working with Alderon and their partners to move the project forward.”

"I am excited that the Kami Project will bring jobs to the people of Labrador, and bolster economic development in our province,” said Yvonne Jones, Member of Parliament for Labrador. “We have a wealth of natural resources here, but our greatest resource is still the hardworking people who call Labrador home. Alderon and HBIS Group’s Kami project is a clear indication that we are serious about growth and ready to succeed in the international resources market."

Kami’s Economic Impact Estimated for Newfoundland and Labrador

The EIA estimates that over the life of the project, Kami will generate the following benefits for the people, communities and government of Newfoundland and Labrador. (All dollar estimates are denoted in Canadian dollars unless otherwise stated.):

  • $2.2 billion in direct, indirect and induced incomes to workers and local businesses;
  • Over 32,000 person years of direct, indirect and induced employment during construction and operations;
  • Approximately $2.3 billion in treasury contributions from total direct, indirect and induced taxes; and
  • Approximately $16 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:

  • $3.3 billion in direct, indirect and induced incomes to workers and local businesses;
  • 42,400 person years of direct, indirect and induced employment during construction and operations;
  • $462 million in treasury contributions through direct, indirect and induced taxes; and
  • $3.3 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;
  • 100,600 person years of direct, indirect and induced employment during construction and operations;
  • $5.1 billion in total treasury contributions, including $2.2 billion in total contributions to the Federal treasury, through direct, indirect and induced taxes; and
  • $21.3 billion in contribution to the national GDP through income and production.

The Economic Impact Assessment was based on the production profile, operating cost assumptions and capital cost projections included in the technical report entitled “Update to the Re-Scoped Preliminary Economic Assessment of the Kamistiatusset (Kami) Iron Ore Property, Labrador”, dated effective November 7, 2017 (the “Updated PEA”). A copy of the Updated PEA is available on SEDAR at www.sedar.com.  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.

About Alderon Iron Ore Corp.

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

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Fiona Grant Leydier (NATIONAL Equicom)
1-416-848-9851
fgrantleydier@national.ca
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 (ii) expected infrastructure requirements; and (iii) the results of the EIA including the number of jobs created, expected tax revenue and expected GDP and income contributions.

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 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 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, British Columbia, Nov. 21, 2017 (GLOBE NEWSWIRE) -- Alderon Iron Ore Corp. (TSX:IRON) ("Alderon" or the “Company”) announces the filing on SEDAR of its National Instrument 43-101 Technical Report entitled “Update to the Re-Scoped Preliminary Economic Assessment of the Kamistiatusset (Kami) Iron Ore Property, Labrador”, dated effective November 7, 2017 (the “Updated PEA”). The Updated PEA is an update to a re-scoped preliminary economic assessment on the Kami Iron Ore Project that was issued on March 14, 2017 (the “March 2017 PEA”).

The March 2017 PEA was prepared based on a plan to use the depleted pit at the Wabush Scully Mine as part of a tailings solution for the Kami Project. The Wabush Scully Mine was recently acquired by a third party who has stated its intention to re-open the mine. As a result, the Updated PEA has been prepared to remove the components related to the Wabush Scully Mine. Alderon announced the results of the Updated PEA in a news release on November 7, 2017. 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 Updated PEA demonstrates that, even without the use of the Wabush Scully Mine, the Kami Project maintains robust economics,” stated Mark Morabito, Chairman and CEO of Alderon. “Stricter environmental regulation has driven demand for high-grade, low-impurity iron ore, like the concentrate that will be produced from the Kami Project, as it allows end users to improve productivity, reduce costs, and meet more stringent environmental standards.”

The Updated PEA replaces the Company’s March 2017 PEA as the current technical report on the Kami Project.

Highlights of the Kami Project Updated Preliminary Economic Assessment (US dollars)

  • Estimated pre-tax Net Present Value (NPV) at 8% discount rate is $1.781 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 $999.4 million;
  • Average estimated operating cost is $29.94/tonne;
  • The FOB concentrate sales price used is US$72.23/tonne. This price was calculated at a reference date of September 1, 2017, using the 3-year trailing average price of US$62.40/tonne for the Platts IODEX 62% Fe, CFR North China, adding the spot Fe premium of US$25.07/tonne and applying the discounts and premiums allowed by the HBIS and Glencore agreements;
  • Estimated mine life of 24 years;
  • Internal rate of return (pre-tax) for the project is 25.7%; and
  • Projected payback period is 3.7 years.
  • The exchange rate used in the Updated PEA is $1.00CDN = US$0.77.

On a post-tax basis, the Updated PEA shows a NPV of US$941 million at a cash flow discount rate of 8%. The post-tax IRR for the project is 19.3% and the payback period is 4.5 years. The post-tax analysis is based on a number of assumptions fully set out in the Updated PEA.

Technical Report and Qualified Person

The Technical 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 Updated PEA can be found in the Technical 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 IRON ORE CORP.
On behalf of the Board
"Mark J Morabito"
Chairman & CEO

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:
Fiona Grant Leydier (NATIONAL Equicom)
1-416-848-9851
fgrantleydier@national.ca
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 market and future price of iron ore and related products; (iii) the negotiation and conclusion of infrastructure contracts; (iv) expected infrastructure requirements; and (v) the results of the Updated 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 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 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, British Columbia, Nov. 07, 2017 (GLOBE NEWSWIRE) -- Alderon Iron Ore Corp. (TSX:IRON) ("Alderon" or the “Company”) is pleased to announce that it has received the results of the updated preliminary economic assessment (“Updated PEA”) on the Rose Deposit of the Kamistiatusset (“Kami”) Iron Ore Project in Western Labrador. The Updated PEA is an update to a re-scoped preliminary economic assessment on the Kami Project that was issued on March 14, 2017 (the “March 2017 PEA”).  The March 2017 PEA was prepared based on a plan to use the depleted pit at the Wabush Scully Mine as part of a tailings solution for the Kami Project. The Wabush Scully Mine was recently acquired by a third party who has stated its intention to re-open the mine. As a result, the Updated PEA has been prepared to remove the components related to the Wabush Scully Mine.

“The Updated PEA demonstrates that, even without the use of the Wabush Scully Mine, the Kami Project maintains robust economics,” stated Mark Morabito, Chairman and CEO of Alderon.  “The use of the depleted pit at the Wabush Scully Mine was just one of several cost saving strategies identified as part of the re-scope of the Kami Project. Furthermore, the marketability and payability for high-grade and low impurity iron ore, like the concentrate that will be produced from the Kami Project, continues to improve. Stricter environmental regulation has driven demand for the premium product, like what will be produced from the Kami Project, as it allows end users to improve productivity, reduce costs and meet more stringent environmental standards.”

In particular, China's bid to reduce emissions is seeing an increase in domestic steel mills switching to high-grade iron ore products with fewer impurities. For the type of iron ore concentrate that the Kami Project will produce (in the order of 65% Fe), there is already a significant spread to the Platts 62% iron ore index price, that, on September 1, 2017, was pegged at US$23.50 per tonne. This spread has widened over the last 18 months and prices for high-grade ore are expected to continue to increase as environmental regulation becomes more stringent. At the same time, the spread between the 58% Fe and 62% Fe benchmark price has taken a similar course and penalties for lower grade products have increased.

Highlights of the Updated PEA include:

NPV at 8% discount rateUS$1,781 M 
IRR 25.7 % 
Total Estimated Capital Cost (excluding sustaining capital)US$999.4 M 
Average Estimated Operating Costs (loaded in ship Port of Sept-Îles)US$/dmt29.94 
CFR Concentrate Sales Price Forecast - based on three year trailing average CFR benchmark price of $62.40/T @ 62% iron adjusted for Kami Fe grade, and HBIS Group and Glencore agreement termsUS$/dmtCFR 86.23
 (FOB 72.23)
 
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 
In-pit Resources (COG=15%, 28.6% Total Iron, 3.8% Dilution, 2.8% Loss) 536.8 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 3.7 

All of the planned production from the Kami Project has been pre-sold under the terms of off-take agreements with HBIS Group Co., Ltd. (formerly Hebei Iron & Steel Group Co., Ltd.) (“HBIS”) and a subsidiary of Glencore plc. The FOB concentrate sales price used in the financial analysis in the updated PEA 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 Updated 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 November 7, 2017. The technical report (the “Report”) summarizing the results of the Updated PEA and prepared in accordance with National Instrument (“NI”) 43-101 will be filed on SEDAR and Alderon’s website within 45 days of this news release. The results of the Updated 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 HBIS. In addition, the results of the Updated PEA disclosed in this press release are expressed in USD and pre-tax (except where otherwise indicated).

The present study is 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 an Updated 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 Updated PEA and thus include only resources that have been classified as measured and indicated.

The Updated 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 Updated PEA shows a Net Present Value (“NPV”) of US$1,781 million at a cash flow discount rate of 8%.  The internal rate of return (“IRR”) for the project is 25.7%. The level of accuracy of the Updated PEA is considered to be +/-30% and an exchange rate of $1.00CDN = US$0.77 was used.

On a post-tax basis, the Updated PEA shows a NPV of US$941 million at a cash flow discount rate of 8%.  The post-tax IRR for the project is 19.3% and the payback period is 4.5 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 25.7%
Payback 3.7 years
Discount Rate

0%


US$
NPV
(Million $)
5,896
5%US$2,744
8%US$1,781
10%US$1,340

Total capital expenditures are estimated at US$999.4 million.  The updated PEA capital cost estimate is based on an EPC (Engineering, Procurement and Construction) project execution strategy. The EPC portion of the total capital costs is estimated at $948.8M. This was developed in collaboration with Duro Felguera (DF), which is a potential provider of EPC services to the project should Kami LP decide to proceed with this project execution strategy. The capital cost estimate excludes closure costs and sustaining capital, which are expected to be in the order of $39.5 million and $367.5 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)M$135.4
Mineral ProcessingM$254.1
Site Infrastructure and UtilitiesM$312.8
General EPC CostsM$246.5
TOTAL EPC COSTSM$948.8
Pre-Operational Capitalized CostsM$19.6
Owner’s CostsM$31.0
TOTALM$999.4

The Updated PEA assumes a Concentrate CFR selling price of US$86.23/tonne. This price was calculated at a reference date of September 1, 2017, using the 3-year trailing average price of US$62.40/tonne for the Platts IODEX 62% Fe, CFR North China, adding the spot Fe premium of US$25.07/tonne and applying the discounts and premiums allowed by 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$72.23/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$161.2million), are estimated at US$29.94/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)$10.79
Mineral Processing$5.40
General Site$0.50
General Administration$2.26
Environmental & Tailings Management$0.39
Rail Transportation and Port Services (including railcar leasing costs)$10.60
TOTAL$29.94

Comparison to March 2017 PEA

This present Updated PEA replaces the March 2017 PEA as the current technical report on the Kami Project. The March 2017 PEA incorporated the use of the depleted pit at Wabush Scully Mine and certain related infrastructure. The Update PEA removes the components related to the Wabush Scully Mine and reverts to a stand-alone tailings management facility that will be constructed at the Kami Project. 

The results of the March 2017 PEA Study are presented for comparative purposes with the results of the Updated PEA in the table below (pre-tax and in USD). In order to provide a direct comparison to the March 2017 PEA, the table below presents the results of the Updated PEA using the same iron ore concentrate sales price that was used in the March 2017 PEA.

  Updated PEA(1)March 2017 PEAVariance
NPV at 8% discount rateUS$1,288 M1,377 M-6.5%
IRR 21.1 %23.8 %-11.3%
Total Initial Capital CostUS$999.4 M897.5 M+11.4%
Total Sustaining Capital CostUS$367.5 M254.6 M+44.3%
Average Estimated Operating Costs (loaded in ship Port of Sept-Îles)US$29.9431.08-3.7%
Estimated Mine Life 24 years24 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 Mt1093.2 Mt- 
Annual Production Rate (average life of mine, post ramp-up year) 7.8 Mtpa7.8 Mtpa- 
Construction Period 29 months29 months- 
Projected Years to Payback 4.53.9 

     (1)       These results use an FOB Concentrate Sales Price of US$65.30 and are presented for comparative purposes only.

The main difference in the results between the March 2017 PEA and the Updated PEA, when analyzed using the same FOB selling price, is an increase in initial and sustaining capital costs as a result of removal of the components related to the Wabush Scully Mine.

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 Person 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, and is effective December 17, 2012.

ZoneCategoryTonnes
(Million)
 TFe% magFe% hmFe%
Rose CentralMeasured249.9 29.4 17.6 8.1
 Indicated294.5 28.5 17.7 5.9
 Total M&I544.4 28.9 17.7 6.9
         
 Inferred160.7 28.9 16.9 7.1
         
Rose NorthMeasured236.3 30.3 13.0 14.7
 Indicated312.5 30.5 11.8 17.1
 Total M&I548.8 30.4 12.3 16.1
         
 Inferred287.1 29.8 12.5 15.5
         
Mills LakeMeasured50.7 30.5 21.5 7.0
 Indicated130.6 29.5 20.9 3.9
 Total M&I181.3 29.8 21.1 4.8
         
 Inferred74.8 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.

In-Pit Resources

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 Updated 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 Updated PEA.

The mineral resources included within the Updated 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 as estimated by BBA.

MaterialTonnes
(Millions)
TFe%WREC%MTFeMAG%Mn%
Measured399.928.934.615.221.01.19
Indicated136.927.931.911.816.21.08
Total536.828.633.914.319.81.17
Waste Rock570.0     
Overburden128.5     
Total Stripping698.5 
Strip Ratio1.3 

Project Summary

The major infrastructure required to support the Kami project, as developed in the updated PEA is based on the following:

  • Mining of the Rose 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, to the east of the Waldorf crossing;

  • Tailings disposed of in the designated area on the Kami property, in the same location which was identified during the 2012 FS;

  • Concentrate load-out located at the new Kami rail loop, connecting to the QNS&L main rail line by way of an new connecting railway  constructed as part of the Project;

  • Rail transportation of concentrate from the Kami rail loop to the common port terminal facilities in Sept-Iles Quebec (Pointe Noire, owned and operated by a third party);

  • Shiploading services provided by Port of Sept-Iles.

In this updated PEA it is assumed that labor requirements for mining and processing operations will be sourced from Labrador West residents.

The updated PEA brings the Project back to the Kami Property with a concept largely based on the detailed engineering advanced by the Kami LP in 2014, with some design optimizations made by DF. The following approach was taken in order to develop the conceptual site plan:

  • BBA’s mining group developed the updated Rose Pit shell footprint based on the WGM 2012 resource estimate and block model and updated economic parameters. For the present updated PEA, there has been no change to the pit footprint compared to the March 2017 PEA.

  • Waste rock and overburden stockpile locations and footprints are the same as in the 2012 FS. Their height 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.

Concerning electric power supply, it is assumed that the power will be supplied to the project by a new power transmission line based on the power agreement between Nalcor and Kami LP.

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 MilestonesMonth
Permit to Start Construction AvailableM0
Start ConstructionM0
First ConcreteM8
First Structural Steel at ConcentratorM12
Construction CompletedM26
POV CompletedM27
Full Handover to OperationsM29

Prior to construction commencing the Company intends to complete a feasibility study for the updated Project, re-assemble the owner’s team, award an EPCM or 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 Updated 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 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 IRON ORE CORP.
On behalf of the Board
"Mark J Morabito"
Chairman & CEO

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.                 

For further information please call:
Fiona Grant Leydier (NATIONAL Equicom)
1-416-848-9851
fgrantleydier@national.ca
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 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 use of the multi-user terminal facility at the Port of Sept-Îles; and (vii) the results of the Updated 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 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 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 - September 25, 2017) - Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the "Company") is pleased to provide an update on recent corporate developments. The Kami Mine Limited Partnership ("Kami LP"), Alderon's affiliate and the owner of the Kami Project, has reached a settlement with Newfoundland and Labrador Hydro with respect to the $21 million letter of credit that it posted for the construction of a new transmission line to the Labrador West area. As a result of the settlement, Kami LP will be returned $11.5 million (plus accrued interest) from the release of the letter of credit. In addition, if construction of the transmission line resumes within the next five years, Kami LP will receive an additional $750,000 payment as a re-start credit.

Alderon also announces that it is working with BBA, Inc. to update the re-scoped preliminary economic assessment ("PEA") that was completed in February of this year. The Wabush Scully Mine was recently acquired by a third party who has stated its intention to re-open the mine. As a result, Alderon and BBA will be updating the PEA to remove the components related to the Wabush Scully Mine. The use of the depleted pit at the Wabush Scully Mine was just one of the many cost savings that were identified as part of the re-scope of the Kami Project and the updated PEA will still encompass the other cost savings as outlined in the previous PEA.

The Kami Project remains an attractive development prospect due to its high-grade iron ore concentrate with low impurities. Stricter environmental regulation has driven demand for the premium product that will be produced from the Kami Project, as it allows end users to meet more stringent environmental standards. In particular, China's bid to reduce emissions is seeing an increase in domestic steel mills switching to high-grade iron ore products with fewer impurities. For the type of iron ore concentrate that the Kami Project will produce (65% Fe), there is already a spread to the Platts iron ore index price, currently pegged at US $21 per tonne above the benchmark product. This spread has widened over the last 18 months and prices for high-grade ore are expected to continue to increase as environmental regulation becomes more stringent.

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 the advancement and development of the Kami Project, the completion of an updated PEA and the demand for iron ore concentrate produced 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 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 - September 15, 2017) - Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the "Company") reports that the nominees listed in the management information circular for the 2017 Annual General 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 General and Special Meeting on September 14, 2017 in Vancouver, B.C., are set out below:

         
  Votes for % Votes for Votes withheld % Votes withheld
Mark J. Morabito 47,573,430 99.12 422,051 0.88
David J. Porter 47,866,492 99.73 128,989 0.27
Adrian Loader 47,879,142 99.76 116,339 0.24
Ian Ashby 47,876,476 99.75 119,005 0.25
Wang Jinhui 47,843,810 99.68 151,671 0.31
Dr. Andrew Furey 47,925,911 99.86 69,570 0.15
     

Shareholders at the Annual General and Special Meeting also approved the appointment of Alderon's auditors, Alderon's amended stock option plan with 98.57% of the votes in favour, and Alderon's amended deferred share unit plan with 98.71% of the votes in favour.

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 the advancement and 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 - June 08, 2017) - Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the "Company") today announced the appointment of Gary Norris, a 30-year veteran of the Newfoundland and Labrador Government, as Executive Vice President Government & Community Affairs effective immediately. Based in St. John's, Mr. Norris will work closely with local, provincial and federal governments as well as various stakeholders throughout the Labrador Trough as Alderon advances development of its Kami iron ore project.

"With the first phase of our Kami Project re-boot now completed, we are turning our focus towards re-assembling the owner's team to take advantage of improving market conditions and advance our project to the next stage of development," said Mark Morabito, Chairman and CEO of Alderon Iron Ore. "Gary played an instrumental role during his previous tenure with the Company, and we are excited to have him return and provide invaluable leadership in the development and execution of our government and community affairs initiatives."

Mr. Norris spent more than 30 years working for the Newfoundland and Labrador Government, including as the Clerk of the Executive Council and Secretary to Cabinet. Mr. Norris also held a number of other senior Executive positions, including, Assistant Deputy Minister of Environment, and Deputy Minister of Intergovernment Affairs Secretariat.

Mr. Norris holds a Bachelor of Arts degree in Political Science and Economics from Memorial University of Newfoundland.

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 the advancement and 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 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”) 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) (“Ald