Alderon Resource Corp. (TSX.V: ADV) (OTCQX: ALDFF) (“Alderon”) is pleased to announce that it has exercised its option right (the “Option”) under an Option Agreement dated November 2, 2009, pursuant to which Alderon has acquired a 100% interest in the Kamistiatusset (“Kami”) iron ore project in western Labrador from Altius Resources Inc. (“Altius”).  Altius is a wholly-owned subsidiary of Altius Minerals Corporation (TSX: ALS).  In order to complete the exercise of the Option, Alderon has issued an aggregate of 32,285,006 common shares from its treasury to Altius.  In addition, Altius’ Chairman, John Baker, and CEO, Brian Dalton, have been nominated for election to the Alderon Board of Directors at the Annual General Meeting (“AGM”) which is being held on December 10, 2010.  Details regarding the AGM can be found on the company website at  Altius will also retain a 3% gross sales royalty on iron ore concentrate from the Kami Project.

Alderon is also pleased to announce the completion of the 2010 drill program.  A total of 25,749 meters (m) have been drilled on the property, representing 73 drill holes.  Assay highlights with drill plan maps and sections from the 2010 program are posted on the Alderon website at:  An initial National Instrument 43-101 (“NI 43-101”) resource estimate is underway and is expected to be complete in the first quarter of 2011. Watts, Griffis and McOuat Limited (“WGM”) have been commissioned to provide this resource estimate and have already completed the required site visits and sampling program. 

A $2.5 million 2011 winter drill program has been planned and is aimed at further increasing the potential size of the iron ore resource. The program will consist of 5,000m of drilling in North Rose and is expected to commence during the last week of January and take approximately seven weeks to complete. The 2010 and winter 2011 programs are designed with the goal of delineating 600 to 800 million tonnes at a grade between 28-32% iron ore. The potential tonnage and grade are conceptual in nature and it is uncertain if further exploration will delineate a mineral resource.  An updated NI 43-101 resource estimate will follow the 2011 winter program and is expected late in the second quarter of 2011.

“The completion of the exercise of option as well as the 25,000m drill program represent significant milestones in the company’s development”, says Mark Morabito, President and Chief Executive Officer of Alderon. “We’re looking forward to 2011 when we expect to complete two resource estimates, a scoping study and full metallurgical program.” 

About Alderon

Alderon is a leading iron ore exploration and development company in Canada. The Kami Project is located within an existing iron ore district and is surrounded by producing iron ore mines. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

Alderon’s exploration work on the Kami Property is supervised by Edward Lyons, P.Geo., the Chief Geologist for Alderon and a Qualified Person as defined by NI 43-101. Mr. Lyons has reviewed and is responsible for the technical information contained in this news release.

For more information on Alderon, please visit our website at



"Mark J. Morabito"

President & CEO


Vancouver Office                                                                   Toronto Office

T: 604-681-8030                                                                      T: 416-309-2135

F: 604-681-8039                                                                      F: 416-861-5887


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