New York, NY – Standard & Poor’s announced today that it has commenced Factual Stock Report coverage on Alderon Resource Corp.
Alderon Resource Corp. (TXV:ADV), is an iron ore exploration and development company operating in Canada. The company's Kamistiatusset Project, is located within an existing iron ore district and is slated for near-term production.
The Kamistiatusset (Kami) Property is located next to the mining towns of Wabush, Labrador City and Fermont in western Labrador, Canada. The property is also within close proximity to road, railway and hydro power.
On March 3, 2010, the company completed the acquisition of 0860132 B.C. Ltd., a private company (Privco), through the issuance of 5,000,000 post-consolidated common shares of the company to the shareholders of Privco. The common shares issued are subject to an escrow agreement.
Alderon and Privco are parties to an option agreement with Altius Resources Inc. pursuant to which the company has the right to acquire a 100% interest in the Kami iron ore project in western Labrador. In order to exercise the option, Alderon is required to fund exploration expenditures on the property of at least Canadian Dollar (C$) 1,000,000 in the first year, and cumulative expenditures in the first two years of at least C$5,000,000. At the option of the company, it can elect to incur cumulative exploration expenditures of at least C$2,500,000 in the first two years and pay to Altius an amount in cash equal to C$5,000,000 minus the actual amount of expenditures incurred. Upon incurring such expenditures, Alderon will be entitled to exercise the option and acquire a 100% interest in the Kami project by issuing an aggregate of 31,779,081 post-consolidated shares of the company to Altius, subject to adjustment.
The Kami iron ore project consists of 191 claims in Labrador and 5 Quebec mining titles for a total of 4,775 hectares.
Alderon plans to carry out a C$7 million program in 2010 on the Kami Property. The program is designed to consist of 20,000 meters of drilling, metallurgical testing, ground geophysics surveys and upgrading local infrastructure. The program commenced June 1, 2010. The company intends that the program will be followed by the completion of a National Instrument 43-101 resource estimate and scoping study in the first quarter of 2011.
This report will also be accessible on an ongoing basis to the investment community by scores of buy-side institutions and sell-side firms that utilize S&P research and information platforms daily. Millions of self-directed investors also have access to the report via their e-brokerage accounts. Please visit www.alderonmining.com for additional information.
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Note: All U.S. and Canadian Companies listed on a National Exchange (not covered by S&P’s STARS research) are eligible to obtain this coverage.
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Standard & Poor's Contact:
Media Relations Contact:
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
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