Alderon Resource Corp. (TSX-V: ADV) (“Alderon”) is pleased to announce that on March 23, 2010,
it closed a non-brokered private placement of 1,818,182 flow-through shares of Alderon (“Flow-
Through Shares”) at a price of $2.75 per Flow-Through Share for gross proceeds of $5,000,000.50
(the “Flow-Through Private Placement”). Each Flow-Through Share qualifies as a "flow-through
share" for the purposes of the Income Tax Act (Canada). In connection with the Flow-Through Private
Placement, Alderon paid a cash finder’s fee equal to 5% of the gross proceeds received. Alderon also
issued to the finder non-transferable warrants (“Finder’s Warrants”) equal to 5% of the Flow-Through
Shares sold through the Flow-Through Private Placement. Each Finder’s Warrant may be exercised for
one common share of Alderon at an exercise price of $2.75 per Finder’s Warrant for a period of two
years from the closing date.

All securities issued pursuant to the Flow-Through Private Placement are subject to a four month hold
period that expires on July 24, 2010.

The funds raised from the Flow-Through Private Placement will be used by Alderon for exploration
expenditures on its properties and specifically will be used to conduct a drilling program on the
Kamistiatusset (“Kami”) iron ore project, which will constitute Canadian exploration expenditures (as
defined in the Income Tax Act (Canada)) and will be renounced for the 2010 taxation year.

About Alderon

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 and its properties, please visit our website at www.alderonmining.com

 

ON BEHALF OF THE ALDERON BOARD

"Mark J. Morabito"
President & CEO

Vancouver Office                                                                                            Toronto Office
T: 604-681-8030                                                                                               T: 416-861-2271
F: 604-681-8039                                                                                               F: 416-861-8165
E: info@alderonmining.com

www.alderonmining.com

 

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE
SERVICES

Information set forth in this news release may involve forward-looking statements under applicable securities laws, including
statements about the offering of Flow-Through Shares and use of proceeds there from and statement about the potential of
the Kami Project. Forward-looking statements are statements that relate to future, not past, events. In this context, forwardlooking
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.