Alderon Resource Corp. (TSX-V: ADV) (“Alderon”) is pleased to announce that drilling has commenced at the Kamistiatusset (“Kami”) Iron Ore Project in western Labrador. A second drill rig is currently being mobilized at Kami and a third drill will be on the property by the start of next week. The CDN $5 million program will consist of 20,000 metres of drilling using all three drills and is expected to take 5 months. The drill program is designed to delineate approximately 500 million tonnes of iron ore in the inferred and indicated categories.
In conjunction with the drilling program, a further CDN $2 million will be spent on ground geophysical surveys, metallurgical test work, local infrastructure upgrades and the completion of a resource estimate and scoping study.
“We are excited to be drilling Kami and to finally be able to show the investment community the great potential of this iron ore project,” says Mark Morabito, President and CEO of Alderon. “With the successful completion of our program, we should be able to start pre-feasibility by this time next year.”
Additional information and maps showing drill hole locations, as well as the NI 43-101 Technical Report for the Kami Property (dated February 12, 2010), can be found on Alderon’s website at: http://www.alderonmining.com.
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
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