Alderon Resource Corp. (TSX.V: ADV) (OTCQX: ALDFF) (“Alderon”) wishes to retract its press
release dated December 22, 2010 announcing the grant of incentive stock options and such stock
options will not be issued. Alderon also wishes to announce that effective today, Alderon has
approved the grant of incentive stock options to purchase a total of 1,175,000 common shares of
Alderon at an exercise price of $3.00 per share to certain executive officers, directors, employees
and consultants of Alderon. The options vest in equal quarterly instalments over a period of 24
months and have a term of five years.

About Alderon Resource Corp.

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.

For more information on Alderon, please visit our website at

On behalf of the Board

"Mark J Morabito"
President & CEO

Vancouver Office                                                                                                 Toronto Office
T: 604-681-8030                                                                                                    T: 416-800-1058
F: 604-681-8039                                                                                                    F: 416-861-5887

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forwardlooking
statements are statements that relate to future, not past, events. In this context, forward-looking statements often address
expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate",
"expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other
similar expressions. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors
which may cause our actual results, performance or achievements, or other future events, to be materially different from any future
results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others,
the following risks: the risks associated with outstanding litigation, if any; risks associated with project development; the need for
additional financing; operational risks associated with mining and mineral processing; fluctuations in commodity prices; title
matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain
officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our
common share price and volume; and tax consequences to U.S. shareholders. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to
update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required
by applicable law. Investors are cautioned against attributing undue certainty to 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.