December 22, 2009 – Alderon Resource Corp. (TSX-V: ALD) is pleased to announce that it has
completed its previously announced $1.5 million private placement through the issuance of 10 million
subscription receipts, at a price of $0.15 per subscription receipt. The proceeds are being held in escrow
pending completion of a 2 for 1 share consolidation and the acquisition of a private British Columbia
Company ("Privco"), by the issuance of 5 million post-consolidated shares of Alderon.

Upon completion of the share consolidation and acquisition, each subscription receipt will automatically
convert into one post-consolidated common share of Alderon for no additional consideration. A finder's
fee of 1,000,000 finder's warrants are issuable in connection with the private placement. Each finder's
warrant entitles the holder to purchase one post-consolidated common share of Alderon for $0.15, on or
before December 22, 2010. The finder's warrants cannot be exercised until the share consolidation and
acquisition are completed. The securities issued in the private placement are subject to a hold period
expiring on April 21, 2010.

Trading in the common shares of Alderon will resume at the opening of the market on Thursday,
December 24, 2009.

Privco is party to an Option Agreement dated November 2, 2009 with Altius Resources Inc. ("Altius")
pursuant to which Privco has the right to acquire a 100% interest in the Kamistiatusset iron ore project in
western Labrador. Altius is a wholly owned subsidiary of Altius Minerals Corporation (TSX-ALS).
Pursuant to the terms of the Agreement, Altius has consented to the assignment of the Option Agreement
to Alderon. Other terms of the Option Agreement are described in the Company's December 2, 2009 and
December 16, 2009 News Releases.

A 43-101 report on the Kamistiatusset property is expected to be completed and filed with the TSX
Venture Exchange (the "Exchange") for review in connection with the proposed transaction later in
December. Further information on the Kamistiatusset property and future exploration programs will be
announced once the 43-101 has received regulatory approval and has been filed on SEDAR.

Completion of the acquisition is subject to a number of conditions, including Exchange acceptance and
shareholder approval. The acquisition cannot close until the required shareholder approval is obtained.
There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Filing Statement to be prepared in connection with
the transaction, any information released or received with respect to the transaction may not be accurate
or complete and should not be relied upon. Trading in the securities of Alderon Resource Corp. should be
considered highly speculative.

ALDERON RESOURCE CORP.
On behalf of the Board

"Jeff Durno"
Jeff Durno, CEO/Director

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This new release may contain forward-looking statements. These statements are based on current
expectations and assumptions that are subject to risks and uncertainties. Actual results could differ
materially because of factors discussed in the management discussion and analysis section of our interim
and most recent annual financial statement or other reports and filings with the TSX Venture Exchange
and applicable Canadian securities regulations. We do not assume any obligation to update any forwardlooking
statements.