Alderon Resource Corp. (TSX.V: ADV) (OTCQX: ALDFF) (“Alderon”) is pleased to announce that it has completed a total of 6,824 meters (m) in 20 drill holes to date on the Kamistiatusset (“Kami”) Iron Ore Project in western Labrador. Of the 20 completed holes, 19 holes intersected iron oxide mineralization. The most notable hole is K-10-27, which commenced in iron formation from surface and continued to intersect mineralization to a length of 656m. Assay results for the first set of holes are expected within the next 2 weeks.
All 20 holes have been focused on the Central Rose Lake Target and represent 27% of the total drill program planned for 2010. The Central Rose Lake drilling is expected to be completed by the end of August. Drilling will then focus on the Mills Lake Target and the areas just north and south of the Central Rose Lake Target.
A new zone, the SW Rose Target, is the southwest extension of the Central Rose Lake Target and will also be drill tested this year. This zone has a prominent linear and relatively wide magnetic anomaly that extends over 1.5 km into Quebec. To test the zone, the 2010 drill program has been expanded from 20,000m to 25,000m. This increase in drilling will be achieved by adding 2 extra drills to the program, for a total of 5 drills turning on the property by the end of September 2010.
The current drill plan map is posed on the Alderon website at: http://www.alderonmining.com/_resources/kami/2010_Diamond_Drilling.jpg
Expansion of Property
An additional 92 claims were staked to the east of, and contiguous to, the Kami Property. These new claims cover an area for future production facilities including the proposed tailings/conveyor area. The northern boundary of these new claims border the Wabush Mines claims that belong to Cliffs Natural Resources, as well as claims belonging to Rio Tinto Exploration. Bell Geospace will conduct an airborne gravity survey over the new claims for condemnation and first pass exploration testing in mid-September.
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 slated for near term production. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.
Edward Lyons, P.Geo., the Chief Geologist for Alderon and a Qualified Person as defined by NI 43-101, has reviewed and is responsible for the technical information contained in this news release.
For more information on Alderon, please visit our website at www.alderonmining.com
ALDERON RESOURCE CORP.
On behalf of the Board
President & CEO
Vancouver Office Toronto Office
T: 604-681-8030 T: 416-861-5877
F: 604-681-8039 F: 416-861-5887
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 forward-looking statements.
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