Alderon Resource Corp. (TSX.V: ADV) (OTCQX: ALDFF) (“Alderon”) is pleased to announce that it has commenced trading on the OTC market’s prestigious tier, OTCQX International as of July 8, 2010 under the symbol of ALDFF. Investors can find current financial disclosure and Real-Time Level 2 quotes for Alderon on www.otcqx.com and www.otcmarkets.com.
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Alderon would also like to announce that it has entered into an independent contractor agreement dated as of May 15, 2010 (the “F&M Agreement”) with Forbes & Manhattan, Inc. (“Forbes”) under which Alderon engages Forbes to provide financial, legal, administrative, management and geological consulting services to Alderon as required from time to time. The term of the F&M Agreement is from July 2, 2010 to December 31, 2012. Under the terms of the F&M Agreement, Alderon will pay Forbes a monthly base fee of $10,000 plus applicable taxes. In addition, on July 2, 2010, Alderon paid to Forbes a signing bonus of $30,000, plus applicable taxes.
Alderon has also entered into an independent contractor agreement dated as of May 15, 2010 (the “2051580 Agreement”) with 2051580 Ontario, Inc. (“2051580”) under which Alderon engages 2051580 to provide the services of Stan Bharti to act as Executive Chairman of Alderon and to provide financial, management and business consulting services to Alderon as required from time to time. The term of the 2051580 Agreement is from July 2, 2010 to December 31, 2012. Under the terms of the 2051580 Agreement, Alderon will pay 2051580 a monthly base fee of $10,000 plus applicable taxes. In addition, on July 2, 2010, Alderon paid to 2051580 a signing bonus of $30,000, plus applicable taxes.
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.
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.
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.