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So does Hebei come up with the geets?
Alderon Appoints Mining Industry Finance & Accounting Professional to its Board
February 21, 2013
Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that it has appointed Mr. Lenard Boggio, B.A., B.Comm., FCA, CPA (Illinois), ICD.D, to the Board of Directors. Mr. Boggio was a Partner with PricewaterhouseCoopers LLP (“PwC”) and its predecessor firm Coopers & Lybrand from 1988 until his retirement from PwC in May 2012. During that time, he was Leader of the B.C. Mining Group of PwC, a senior member of PwC’s Global Mining Industry Practice and an audit practitioner for publicly listed Canadian, U.S. and U.K. mineral resource and energy clients. The scope of his clients' activities included exploration, development and production stage operations in the Americas, Africa, Europe and Asia.
Mr. Boggio holds a Bachelor of Arts and Bachelor of Commerce from the University of Windsor, Ontario, he has been a member of the Institute of Chartered Accountants of British Columbia since 1985 and was awarded the Fellow Chartered Accountant designation for distinguished service to the accounting profession and the community in 2007. Mr. Boggio earned his CPA designation in Illinois in 1999 and is a Member of the State Boards of Accountancy in Illinois and Washington State. He has also been a Member of the Institute of Corporate Directors since 2010, earning his ICD.D designation in 2012.
His numerous avenues of professional involvement include roles as a Board Member and Vice-Chair of the Canadian Institute of Chartered Accountants, Commissioner of the Financial Institutions Commission of B.C., a Member of the Ontario Securities Commission's Continuous Disclosure Advisory Committee and a member of the Institute of Chartered Accountants of B.C. Technical Forum that advised the B.C. Securities Commission and TSX Venture Exchange on policy and interpretation issues.
Stepping aside from the Alderon Board to allow for the appointment of Mr. Boggio is Mr. Bruce Humphrey. Mr. Humphrey was one of Alderon’s founding directors and he has been instrumental in its development. The Board would like to acknowledge and thank Mr. Humphrey for his significant contributions to the Company’s development to date.
About Alderon
Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s. The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four 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 www.alderonironore.com.
ALDERON IRON ORE CORP.
On behalf of the Board
"Mark J. Morabito"
Executive Chairman
E: info@alderonironore.com
www.alderonironore.com
For Investor Relations, please call:
Ian Chadsey
888-990-7989
Alderon’s Environmental Assessment for Kami Property Moves into the Final Stages
February 14, 2013
Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that it has moved into the final stages of the Environmental Assessment (EA) Process for the Kami Project with the submission of the official response to information requests received from the Provincial and Federal Governments, Aboriginal groups and the public. The submission of more than 2,000 pages of documentation marks a significant milestone in the EA Process.
“It is anticipated that the remaining steps of the EA Process will be completed on schedule to allow for the construction of the mine on the Kami property to commence in the fourth quarter of 2013,” says Tayfun Eldem, President and CEO of Alderon. “The documentation is available to the public and can be found on the Provincial and Federal Government websites.”
Alderon is committed to maintaining a high standard in environmental stewardship and sustainability and will continue engagement with the regulators, Aboriginal groups and public stakeholders for the duration of the EA process, as well as through construction and over the life of mining operations at the Kami Project.
Alderon Confirms No Impact as a Result of CN’s Plan to Cancel Feasibility Study
For a New Rail Service in Northern Quebec
Feburary 12, 2013
Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is not reliant on the proposed CN rail service in the Labrador Trough and CN’s decision to terminate the feasibility study for an integrated multi-user rail and terminal does not affect the scheduling or the time-lines of the Kami Project. One of the greatest advantages of Alderon’s Kami Project is its proximity to the existing common carrier rail line owned and operated by the Quebec North Shore and Labrador Railway (“QNS&L”). Alderon’s feasibility study capital and operating cost projections are based on using the QNS&L Railway which has been the central case rail solution for our Kami Project since its inception.
“The QNS&L Railway is a common carrier that operates with the legal obligation to accommodate third-party traffic. It currently has ample surplus capacity and runs within 15 km of the Kami Property,” says Tayfun Eldem, President and CEO of Alderon. “Alderon will continue its rail tariff discussions with QNS&L.”
CN announced today that its feasibility study for a new rail line in Northern Quebec is terminated amid anticipated delays in mine development projects in and around the Labrador Trough. The proposed rail line and terminal handling facility were to serve the Quebec/Labrador iron ore corridor.
Alderon has always viewed CN’s integrated rail and terminal development project as a potentially high value alternative option and as a result signed on to participate in CN’s feasibility study. Now that the feasibility study is canceled, under Alderon’s agreement with CN, they are obligated to refund the $1.5 million Alderon contributed to the study last year.
Alderon and Hebei Set Definitive Closing Date
February 6th, 2013
Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) announces that it has agreed, after consultation with Hebei Iron & Steel Group Co., Ltd. (“Hebei”), to extend the deadline for Hebei’s C$119.9 million limited partnership contribution to March 15, 2013 in order to allow Hebei to complete all internal processes related to funding procurement for its limited partnership contribution and taking into account the coming Chinese New Year holiday period.
Alderon will provide additional updates when available.
About Alderon
Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s. The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four 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 www.alderonironore.com.
ALDERON IRON ORE CORP.
On behalf of the Board
"Mark J. Morabito"
Executive Chairman
E: info@alderonironore.com
www.alderonironore.com
Alderon Files Feasibility Study Technical Report
January 16th, 2013
Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that it has filed a National Instrument 43-101 Technical Report dated effective December 17, 2012 on SEDAR at www.sedar.com. The Report is with respect to Alderon’s Feasibility Study (“FS”) of the Rose Deposit and Resource Estimate for the Mills Lake Deposit of the Kamistiatusset (“Kami”) Iron Ore Property in western Labrador. The results of the FS were announced in a January 9, 2013 news release and there are no material differences between the results announced in that news release and those contained in the final Report.
About Alderon
Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s. The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four 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 www.alderonironore.com.
ALDERON IRON ORE CORP.
On behalf of the Board
"Mark J. Morabito"
Executive Chairman
Alderon Appoints Additional Members to the Management Team
January 15th, 2013
Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce the appointment of Xinneng (David) Li as Vice President, Asia-Pacific Affairs and Ian Chadsey as Vice President Investor Relations, effective immediately. Mr. Li will be based out of Alderon’s Vancouver office and Mr. Chadsey out of the Montreal office.
Mr. Li has over 20 years of international project and financial management and corporate development experience. He worked as the CFO of Selwyn Chihong Mining Ltd., where he managed accounting, finance activities and fund raising for a large zinc and lead project in Canada. Previously, he was the Asia Finance Controller for a US based manufacturing company in China and Director of Strategic Planning for Trina Solar, a NYSE listed public company. He also held various managerial roles in Bunge Ltd., a NYSE listed public company and Cargill’s investment holding company in Beijing. Mr. Li holds an MBA from Thunderbird School of Global Management in Arizona, USA and a Ph.D. in engineering from Beijing University of Aeronautics and Astronautics in Beijing, China.
Mr. Chadsey brings over 15 years of progressive experience in investor relations, media and corporate affairs. In his new role, Mr. Chadsey will be responsible for developing and managing Alderon’s communication activities with the media and financial community. Prior to joining Alderon, he was the head of Investor Relations for several large Canadian Corporations such as Agrium and Manitoba Telecom and most recently has worked for Silver Standard Resources and Norse Energy. He received his MBA from the University of Ottawa, a Bachelors of Commerce degree from Concordia University and has a CMA designation.
“We are fortunate to be adding David and Ian to the team,” says Tayfun Eldem, President and CEO of Alderon. “They are joining us at a critical time as we transition Alderon toward commercial production and their expertise will be invaluable moving forward.”
Nalcor Confirms Power Supply for Alderon’s Kami Project
January 10th, 2013
Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that Nalcor Energy (“Nalcor”) has confirmed that Nalcor will supply power to Alderon’s Kami Project subject to certain conditions, which include the completion of necessary engineering and design work for power infrastructure, the conclusion of a comprehensive Power Purchase Agreement, and the receipt of any required environmental or other regulatory approvals for power infrastructure. Nalcor Energy is headquartered in St. John’s, NL, Canada. Its business includes the development, generation, transmission and sale of electricity; the exploration, development, production and sale of oil and gas; industrial fabrication and energy marketing.
“We are very pleased that Nalcor has confirmed that power will be available for the Kami Project,” says Tayfun Eldem, President and CEO of Alderon. “This will fulfill a major infrastructure requirement for the Kami Project and will allow us to continue to move forward on our development timeline. We are now engaged with Nalcor in a process that will lead to the completion of detailed engineering and conclusion of a mutually acceptable Power Purchase Agreement. This is very positive news for Labrador West, as this project will bring tremendous benefits to the region. We are pleased that Nalcor recognizes the importance of supplying power for industrial development right here in Labrador.”
Nalcor has established a formal process in advance of Nalcor or Newfoundland and Labrador Hydro being able to supply power to an industrial customer in Labrador. The technical process involves three stages: Stage I – Pre-Project Phase; Stage II – Concept Selection; and Stage III – Front End Engineering Design. Alderon and Nalcor have completed Stages I and II of the process. Alderon announced in December 2012 that it has signed an Agreement with Nalcor for Stage III and this stage of the process is expected to take 6-8 months to conclude. Commercial discussions will commence during Stage III of the process and once commercial terms are agreed upon, a formal Power Purchase Agreement will be signed by Alderon and Nalcor subject to environmental and regulatory approvals. The commercial terms and rates for power, transmission and other infrastructure costs will be governed by a Labrador Industrial Rates Policy Framework.
Alderon presented Nalcor with its anticipated annual requirements of between 60MW and 70MW of power for its operations, assuming that the Kami Project reaches commercial production. Nalcor was able to provide Alderon with the confirmation that it will be able to supply power to the Kami Project, subject to the conditions discussed above.
Seems like the MMs were exchanging shares to cover their shorts. Way oversold
For those of you who weren’t able to sit in on Alderon’s conference call this morning, here’s a recap:
Grandich Client Update Page 1 of 3
Alderon Reaches Critical Milestone
Alderon released the Feasibility Study (FS) results for Kami’s Rose Deposit early this morning. The company’s President and CEO, Tayfun Eldem, led the conference call.
Last month many people expressed concerns when the FS results were not released in December, as was initially expected. I think it’s safe to say that the one month delay was well worth the wait! The company took the necessary time to optimize the pit which resulted in a lower strip ratio and ultimately led to a lower operating cost of $42.17/tonne, down from the $44.87/tonne reported in the Preliminary Economic Assessment (PEA) released last year. Other highlights include:
The FS results are completely in-line with what the company expected. A general concern when going from PEA results to FS results is that there will be a huge increase in the capital expenditures. Although the CAPEX for the Kami Project did increase slightly, it was largely off-set by the lower operating costs. The main reason that the CAPEX increased is very simple – the overall size of the project’s footprint increased. Due to the success of the 2011 and 2012 drill programs, Alderon was able to greatly increase the size of the overall resource for the project. The PEA results were only based on the Rose Central deposit. With the addition of the Rose North deposit, the size of the project’s footprint increased leading to higher capital expenditures. However based on
Page 2 of 3
the successful pit optimization that the engineering firm completed, the strip ratio was decreased to 1.66 (from 2.26 reported in the PEA).
Most of the other items, including the size of the deposit, the annual production rate (8 mtpa) & grade (29%), the commercial production start date (Q4 2015) and the flowsheet have remained unchanged. The flowsheet that Alderon intends to use for the Kami project is a very conventional method used throughout the Trough. It includes the standard crushing/grinding of the material followed by the use of gravity and magnetic separation which should result in a quality product of high iron content with low levels of deleterious elements.
Remaining $120 Million Initial Investment From Hebei
According to Tayfun, Hebei will have the final FS report in hand no later than January 31, which is the deadline set out in the agreement between Alderon and Hebei. Within 15 business days of Hebei receiving the FS report that meets certain criteria, Hebei will contribute the remaining $119.9 million of their initial investment and Alderon will contribute the Kami Project and relevant properties to the newly formed limited partnership which is owned 25% by Hebei and 75% by Alderon. This means that by the end of February, Alderon will receive the remaining $119.9 million from Hebei. Since I can already confirm, based on discussions with management, that the FS does in fact meet all of Hebei’s criteria, the only thing I can see delaying Hebei from contributing the remaining $120 million by a few weeks is the Chinese New Year, which of course begins on February 10th and lasts for two weeks. Nothing in this industry is ever easy….
Upcoming Catalysts
Now that Alderon has released the FS results for the Rose Deposit, the company can continue focusing on other aspects necessary to move the project forward towards production. This includes securing the balance of the off-take which, as the company’s President and CEO, Tayfun Eldem, said on the conference call this morning, will likely come from Taiwan, Korea or Japan. Other things to look forward to this year include formal rail and power agreements.
In September of last year, the company filed the Environmental Impact Statement. Based on the typical duration of the various regulatory proceedings, Alderon expects that it will have the necessary permits to begin construction by November 2013. Construction, which is expected to take less than 24 months to complete, should be done by August 2015 followed by commercial production in November 2015.
Bottomline
For several years now, Alderon has been one of my favorite companies to watch, not only because of the management team but also because of the company’s ability to reach and exceed expectations. Despite the tough market conditions that have plagued the industry this last year, Alderon has managed to relentlessly push ahead successfully reaching milestone after milestone. I had no doubt that Alderon’s management team had the right people and experience necessary to move the Kami project forward, but to see a company take a project to development stage as quickly and efficiently as Alderon has managed to do is more than impressive. Alderon reached a critical milestone today with the release of the Rose Deposit Feasibility Study results. By the end of February, the company should have the remaining $119.9 million initial investment from Hebei which will ultimately allow Alderon to remain on course of becoming the next iron ore producer in the Trough.
Page 3 of 3
Note: Grandich Blog Compensation- $2000 monthly, Options: 225,000 @ $ .30 ( all previously exercised)
Special Note Regarding Forward-Looking Information
This piece contains “forward-looking information” concerning anticipated developments and events that may occur in the future. Forward looking information contained in this presentation includes, but are not limited to, statements with respect to: (i) the estimation of mineral resources and mineral reserves; (ii) the market, demand for and future price of iron ore and related products; (iii) success of exploration activities; (iv) the completion and timing of the permitting and environmental assessment process; (v) the negotiation and conclusion of infrastructure contracts; (vi) expected infrastructure requirements; (vii) potential economic benefits of the Kami Property; (viii) the closing of the Hebei transaction; (ix) future off take agreements; and (x) the results of the FS including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines and production timelines for the Kami Property.
In certain cases, forward-looking information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.
NI 43-101 Qualified Person
Alderon’s exploration work on the Kami Project is supervised by Edward Lyons, P.Geo., the Chief Geologist for Alderon and a Qualified Person as defined by National Instrument 43-101. Mr. Lyons has reviewed and approved for the technical information contained in this presentation.
Additional Information
Following the release of the FS, Alderon will host an analyst and shareholder conference call at 8:00am EST on the same day (January 9, 2012).
To participate in the call, please dial the following:
Toronto: 416-623-0333
Montreal: 514-687-4017
Vancouver: 604-681-8564
Calgary or International: 403-532-5601
Toll Free North America: 1-855-353-9183
Participant Pass Code: 43764#
Alderon Announces Feasibility Study Results Demonstrating
$3.244 Billion NPV and 29.3% IRR for the Kami Project
January 9, 2013
Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that it has received the results of the Feasibility Study (“FS”) on the Rose Deposit of the Kamistiatusset (“Kami”) Iron Ore Property in western Labrador. The FS was completed by BBA Inc. (“BBA”) located in Montreal, Quebec, Stantec Consulting Ltd. (“Stantec”) located in St. John’s, Newfoundland & Labrador and Watts, Griffis and McOuat Limited (“WGM”) located in Toronto, Ontario, and is effective as of December 17, 2012. The National Instrument (NI) 43-101 compliant Report (the “Report”) summarizing the results of the FS will be filed on SEDAR and Alderon’s website within 45 days of this news release. Results of the FS disclosed in this press release are in USD and pre-tax (except where otherwise indicated).
Highlights of the FS include:
NPV at 8% discount rate $ 3,244 M
IRR 29.3%
Total Estimated Capital Cost (excluding sustaining capital) $ 1,272.9 M
Average Estimated Operating Costs (loaded in ship Port of Sept-Iles) $ 42.17
FOB Concentrate Sales Price Forecast - based on long term
CFR benchmark price of $110/T @ 62% iron adjusted for
Kami Fe grade and Hebei agreement terms
Year 1-5 (2016-2020)
Year 6 onward ...
...
...
$
$ ...
...
...
107
102
Estimated Mine Life 30 years
Final Product Iron Grade (%Fe) 65.2%
Measured and Indicated Resource of the Rose Deposit
(COG=15%, 29.6% Total Iron) 1093.2 Mt
Proven and Probable Reserves of the Rose Deposit
(COG=15%, 29.5% Total Iron) 668.5 Mt
Annual Production Rate (average life of mine, post ramp-up year) 8.0 Mtpa
Projected Plant Start-up and Commissioning Q4, 2015
Projected Commencement of Revenue Generation Q1, 2016
Projected Years to Payback at 8% discount rate 3.8
“The completion of the Feasibility Study is a major milestone in Alderon’s development and we are very pleased with the results. The completion of the Feasibility Study is another significant de-risking event that can be added to Alderon’s confirmation of port access, Nalcor Stage III transmission line engineering and assessment agreement and strategic partnership with Hebei Iron and Steel (“Hebei”)”, says Tayfun Eldem, President and CEO of Alderon. “The study demonstrates robust economics on the Kami Property and the results meet all of the threshold criteria under our agreements with Hebei. Our schedule anticipates receipt of permits toward the end of 2013 and construction to follow immediately, with initial production in Q4 2015.”
The FS demonstrates very attractive project economics. Based on a production rate of 8 million tonnes per year of iron ore concentrate at a grade of 65.2% iron, the FS shows a Net Present Value (“NPV”) of $3.244 billion at a cash flow discount rate of 8%. The internal rate of return (“IRR”) for the project is 29.3%. The level of accuracy of the FS is considered to be +/-15% and a foreign exchange rate of $1.00US = $1.00CDN was used.
On an after-tax basis, the FS shows a NPV of $1.858 billion and payback period of 4.5 years at a cash flow discount rate of 8%. The after-tax IRR for the project is 23.1%. The after-tax analysis is based on a number of assumptions which will be fully set out in the Report.
Financial Analysis
Based on the assumption that commercial production would begin in Q4 2015 and would continue for 30 years, the following results were obtained (pre-tax):
IRR 29.3%
Discount Rate NPV
(Billion $) Payback
(years)
0% $ 11.545 3.1
5% $ 5.030 3.5
8% $ 3.244 3.8
10% $ 2.461 4.0
Total capital expenditures (including contingency) are estimated at $1.27 billion. The capital cost estimate excludes closure costs and sustaining capital, which are expected to be in the order of $48.1 million and $642.4 million respectively for the life of the project. These costs are included in the financial analysis for the project.
Summary of Estimated Initial Capital Costs (Million $)
Mining Capitalized Pre-Stripping Costs $ 52.7
Concentrator and Site Infrastructure $ 585.1
Environmental & Tailings Management $ 47.4
Rail Line (Kami Site) $ 57.7
Port Facilities $ 152.2
Indirect Costs (Including Owner’s Costs) $ 258.8
Contingency $ 119.0
TOTAL $ 1,272.9
The FS assumes a Concentrate FOB selling price of $107/tonne for year 1-5 (2016-2020) and $102/tonne from year 6 onwards. The selling price is loaded in ship at Port of Sept-Iles with Fe premiums and Hebei discount applied. Average life-of-mine (“LOM”) operating costs, including annual costs for leasing of equipment (purchase value of $176.9 million), are estimated at $42.17/tonne of concentrate. During the life of the project, leased equipment are replaced as they reach the end of their service life and these replacement costs are capitalized and reflected as part of the sustaining capital expenditures. Average LOM operating costs are based on the following:
Summary of Estimated Operating Costs ($/t of concentrate)
Mining $ 17.11
Processing $ 6.51
Site General $ 0.34
General & Administrative $ 1.50
Environmental & Tailings Management $ 0.52
Rail Transportation $ 13.33
Port & Shiploading $ 2.86
TOTAL $ 42.17
Mineral Resources and Mineral Reserves
The mineral resources and mineral reserves are reported in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources, Mineral Reserves and their Guidelines, and are compliant with NI 43-101.
The mineral resource estimate for the Kami Property is set out below. WGM was retained to audit an in-house estimate completed by Alderon. Mr. Michael Kociumbas, P.Geo. and Mr. Richard Risto, P.Geo. with independent firm, WGM, are Qualified Persons as defined by NI 43-101 and are responsible for reviewing and approving this mineral resource estimate and the QA/QC associated with the estimate. They have verified, reviewed and approved the technical data contained in this news release and underlying sampling, analytical and test data. The mineral resource estimate has been prepared using a 15% Total Fe cut-off grade, is effective December 17, 2012 and inclusive of mineral reserves.
Zone Category Tonnes
(Million) TFe% magFe% hmFe%
Rose Central Measured 249.9 29.4 17.6 8.1
Indicated 294.5 28.5 17.7 5.9
Total M&I 544.4 28.9 17.7 6.9
Inferred 160.7 28.9 16.9 7.1
Rose North Measured 236.3 30.3 13.0 14.7
Indicated 312.5 30.5 11.8 17.1
Total M&I 548.8 30.4 12.3 16.1
Inferred 287.1 29.8 12.5 15.5
Mills Lake Measured 50.7 30.5 21.5 7.0
Indicated 130.6 29.5 20.9 3.9
Total M&I 181.3 29.8 21.1 4.8
Inferred 74.8 29.3 20.3 2.7
The mining engineering work performed for this FS was based on the 3-D block model provided by Alderon and audited by WGM. Pit optimizations were performed on Measured and Indicated Resources and the pit shell having the optimal discounted NPV and strip ratio at a cut-off grade of 15% Total Fe was selected for the mineral reserve estimate. The final mineral reserve was estimated after applying engineering and operational design parameters. BBA is of the opinion that the mineral reserve estimate derived in this FS reasonably quantifies the economical ore mineralization of the Rose Deposit. The reserve estimate is as of December 17, 2012 and the mineral reserves presented in the table below are included in the mineral resource estimate set out above. Only the Measured and Indicated Resources within the Rose Central and the Rose North Deposits have been considered in the FS and have been used for the estimation of mineral reserves. The mineral resources within the Mills Lake Deposit have not been considered in the FS.
Category Mt TFe% WREC% magFe% MAG%
Proven 431.7 29.7 35.5 15.5 21.4
Probable 236.8 29.2 34.1 14.9 20.5
Total 668.5 29.5 35.0 15.3 21.1
Project Summary
The Kami Property is located approximately 10 km from the town of Wabush in Western Labrador and approximately 6 km south from the Wabush Mines mining lease owned by Cliffs Natural Resources Inc. The proposed project at the Kami site, as stated in the FS, includes the following components:
The Rose ore deposit and waste rock disposal areas.
Processing infrastructure including a crushing and grinding circuit, spiral plant, magnetite plant, and fine tailings thickener.
Tailings Management Facility.
Ancillary infrastructure to support the mine and process plant (gate and guardhouse, reclaim water pumphouse, truck wash bay and repair shop, electrical substation, administration/office buildings, maintenance offices, warehouse area and employee facilities, conveyors, loadout silo, stockpiles, sewage and effluent water treatment systems, mobile equipment and transmission lines).
A temporary construction camp is located off-site.
The rail infrastructure, including the rail line connecting to Quebec North Shore & Labrador (QNSL) Railway, the rail loop and the service tracks consist of a total of 25 km of new track passing to the south and east of the Town of Wabush.
Nalcor will provide power directly to the Kami site main substation by means of a 315 kV transmission line.
Facilities at the Port will include:
A rail transportation component consisting of a Sept-Iles Junction interchange, railway line and staging tracks.
A car dumper.
A stacker/reclaimer system.
A concentrate storage area with a capacity of 550,000 tonnes.
A conveyor system feeding the future common deep water shiploading facility, capable of loading high capacity vessels destined for Asia, operated by the Port of Sept-Iles.
The proposed project will produce eight million metric tonnes of iron ore concentrate per year and will ship concentrate to market via the Port of Sept-Iles facilities at Pointe Noire, Quebec. Ore processing will take place at the Kami site and will involve the following steps:
Ore will be mined from the open pit mine using conventional drill and blast techniques and transported via haul trucks;
Ore will be hauled to the primary crusher in proximity of the pit and the crushed ore will be delivered to the stockpile and to the process plant via conveyor;
The process plant will include grinding, screening, and gravity and magnetic concentration;
Tailings (process waste) will be pumped to the tailings impoundment area south of the process plant; and
Iron ore concentrate will be loaded onto gondola rail cars for transportation to the Port of Sept-Iles where it will be stockpiled and in turn transferred to ships for delivery to market.
Development Timetable
A construction schedule has been established that is contingent on the following milestones to be realized:
Major Milestones Date
Interim Engineering & Planning Services Agreement Aug-2012
Start Detailed Engineering Nov-2012
EA Release Sep-2013
Permits and Start Construction Nov-2013
Construction Completed Aug-2015
Power Availability (NL) Sep-2015
Full Handover to Operations Nov-2015
The environmental permitting process began with project registration initiated with the submission of the project description in October 2011. An environmental impact statement was submitted in September 2012 and based on the expected duration of the various regulatory proceedings, it is expected that the permits, which will allow construction, will be issued in November 2013. No site work is anticipated prior to this date. Construction is set to start in November 2013 and is based on a construction schedule of 24 months including Pre-Operational Verifications and plant handover to operations.
The documents filed by Alderon in the Environmental Assessment process include provision to increase planned production to 16 million tonnes per year. However, the FS only contemplates an 8 million tonne per year production scenario. Alderon intends to proceed with the 8 million tonne per year production scenario outlined in the FS and it may evaluate the feasibility of a 16 million tonne per year production scenario after the commencement of commercial production at the Kami Property. Such evaluation will be based on several factors including market projections for iron ore supply and demand.
Analyst and Shareholder Conference Call
Alderon will host a conference call today at 8:00 a.m., EST (January 9, 2013) to discuss the FS results. To participate in the call please dial the following:
Toronto: 416-623-0333
Montreal: 514-687-4017
Vancouver: 604-681-8564
Calgary or International: 403-532-5601
Toll Free North America: 1-855-353-9183
Participant Pass Code: 43764#
Technical Report and Qualified Person
A NI 43-101 Technical Report will be filed on SEDAR and on Alderon’s website within 45 days of the date of this news release. The Report will consist of a summary of the Feasibility Study. The Report is being prepared under the supervision of Angelo Grandillo, P.Eng, of BBA, a Qualified Person as defined by NI 43-101, with contributions from Stantec and WGM. Mr. Grandillo is a Qualified Person as defined by NI 43-101 and Mr. Grandillo is independent of Alderon. Mr. Grandillo has reviewed and approved the technical information contained in this news release, with the exception of the mineral resource estimate which was reviewed and approved by WGM as noted above. Mr. Grandillo has verified all the data underlying the technical information disclosed in this news release.
About Alderon
Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s. The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.
Prior to the release of the Report on the FS results, additional information about the Kami Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp.” dated effective October 26, 2011.
For more information on Alderon, please visit our website at www.alderonironore.com.
ALDERON IRON ORE CORP.
On behalf of the Board
"Mark J. Morabito"
Executive Chairman
E: info@alderonironore.com
www.alderonironore.com
For Investor Relations, please call:
Konstantine Tsakumis
1-866-683-8030 ext. 232
Cautionary Note Regarding Forward-Looking Information
This press release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this press release include, but are not limited to, statements with respect to: (i) the estimation of mineral resources and mineral reserves; (ii) the market and future price of iron ore and related products; (iii) success of exploration activities; (iv) the completion and timing of the permitting and environmental assessment process; (v) the negotiation and conclusion of infrastructure contracts; (vi) expected infrastructure requirements; and (vii) the results of the FS including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines and production timelines for the Kami Property.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, the estimation of mineral reserves and resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property (as defined herein) in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks, and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.
Montreal Office
Phone: 514-281-9434
Fax: 514-281-5048 Vancouver Office
Phone: 604-681-8030
Fax: 604-681-8039
Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that it plans to release the results of its Feasibility Study (“FS”) on the Rose Deposit of the Kamistiatusset (“Kami”) Iron Ore Property in western Labrador prior to market open on Wednesday January 9, 2013.
Following the release of the FS, Alderon will host an analyst and shareholder conference call at 8:00am EST on the same day (January 9, 2012).
To participate in the call, please dial the following:
Toronto: 416-623-0333
Montreal: 514-687-4017
Vancouver: 604-681-8564
Calgary or International: 403-532-5601
Toll Free North America: 1-855-353-9183
Participant Pass Code: 43764#
About Alderon
Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John’s. The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four 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 www.alderonironore.com.
ALDERON IRON ORE CORP.
On behalf of the Board
"Mark J. Morabito"
Executive Chairman
BIG NEWS
Alderon To Release Feasibility Study For The Kami Iron Ore ProjectLast update: 1/4/2013 6:00:07 AM(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)January 04, 2013 06:00 ET (11:00 GMT)
The Worst Is Behind Us
Peter Grandich is Cautiously Optimistic About the Juniors in 2013
Kevin Michael Grace
November 5, 2012 - Resources Wire editor Kevin Michael Grace interviewed Peter Grandich October 24, 2012. In this second part of that interview Mr.Grandich focuses on the prospects for junior-resource companies.
Read Part II of this interview with Peter Grandich here. http://resourceswire.com/2012/11/the-worst-is-behind-us/
New Multi-User Deep Water Dock at Port of Sept-Îles on Time and on Budget
October 30th, 2012
Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) (“Alderon”) is pleased to announce that work on the new multi-user deep water dock at the Port of Sept-Îles, Quebec is on time and within budget. Construction of the new facility is expected to be completed by the end of March 2014.
The first phase of the program is now complete and included dredging in order to allow for the loading of large capesize vessels. This work was carried out by Ocean Group Inc., the recognized leader in integrated marine services throughout Eastern Canada.
Construction of the dock commenced during the first week of October and is being carried out by Pomerleau Inc, the largest construction company in Quebec. The driving of the first piles is planned for mid-November.
“We are extremely pleased that the Sept-Îles Port Authority is making such good progress on the construction of the new facility,” says Tayfun Eldem, President and CEO of Alderon. “This should allow for all the necessary port infrastructure to be in place in accordance with Alderon’s project development timeline.”
For additional information about the Port of Sept-Îles and Alderon’s agreement with the Port, please refer to Alderon News Releases dated February 14, 2012 and July 16, 2012 respectively.
Alderon also announces that while the progress of the feasibility study on the Kami Property continues to advance, certain engineering studies and optimization analyses within the overall feasibility initiative are taking more time to conduct and finalize than originally anticipated. The results of the study may still be released during the fourth quarter of 2012, but in any event, the results of the feasibility study will be released prior to January 31, 2013. This delay will not affect Alderon’s project development timeline.
About Alderon
Alderon is a leading iron ore development company in Canada. The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.
Additional information about the Kami Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: “Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp.” dated
effective October 26, 2011.
For more information on Alderon, please visit our website at www.alderonironore.com.
ALDERON IRON ORE CORP.
On behalf of the Board
"Mark J. Morabito"
Executive Chairman
Alderon Iron Ore Corp. Featured by Peter Grandich
"This week the company announced that they have submitted their Environmental Impact Statement (EIS) to the Federal and Provincial Governments. For those that don’t know the significance of this process, it basically means that the countdown has officially begun. In roughly 12 months, Alderon should have all of the necessary permits required to begin construction of the Kami Iron Ore Mine."
Peter Grandich Blog, September 26, 2012
Grandich Client Update
The countdown has begun…
It comes as no surprise that Alderon has achieved yet another milestone, taking a big step towards becoming Canada’s next major iron ore producer! In the past three months, Alderon has confirmed a Measured & Indicated mineral resource of over 1 billion tonnes at 30% iron, the company has secured port access with the Sept-Îles Port Authority and just a few weeks ago, Alderon closed its share subscription agreement with Hebei Iron & Steel. This week the company announced that they have submitted their Environmental Impact Statement (EIS) to the Federal and Provincial Governments. For those that don’t know the significance of this process, it basically means that the countdown has officially begun. In roughly 12 months, Alderon should have all of the necessary permits required to begin construction of the Kami Iron Ore Mine.
The Alderon team has worked diligently over the past two years consulting stakeholders and collecting and analyzing data in order to produce the 5,000 page EIS. The next step in the process will be the public review period – an opportunity for the governments, stakeholders, aboriginal groups and the general public to review the document and provide feedback. And by Q3 of 2013, assuming all permits have been received, the company can officially begin construction, fulfilling its goal of becoming the next iron ore producer in the Labrador Trough. Based on the company’s expected timeline, it appears that they are (not surprisingly) well on schedule.
Bottomline
While the public review process takes place, Alderon’s shareholders have several more milestones to look forward to including the completion of the Feasibility Study, expected before the end of the year, and securing of both rail and power. In addition, there is the possibility of a further offtake deal for the remaining 40% of Kami’s production not covered under the HBIS agreement. All in all, I am looking forward to the next few months as Alderon’s management team continues to deliver strong news flow.
Note: Grandich Blog Compensation- $2000 monthly, Options: 225,000 @ $ .30 ( all previously exercised)
Cautionary Note Regarding Forward-Looking Information
This document contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to: to (i) the ability to commence production at the Kami Project; (ii) the funding by Hebei of costs of developing the Kami Project; and (iii) mineral resource estimates; (iv) permitting timlines; (v) construction timelines; and (vi) an additional off-take deal.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore
and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, including Chinese regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulatiors. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.
Additional Information
Additional information about the Kami Project can be found in the technical reports filed on SEDAR at www.sedar.com entitled: “Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp.” dated effective October 26, 2011
Qualified Person
Edward Lyons, P.Geo., is Chief Geologist of the Company and a Qualified Person as defined by National Instrument 43-101 for the above mentioned project. The QP is a member in good standing of the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC) and the Professional Engineers & Geoscientists Newfoundland & Labrador (PEGNL) as a registered Professional Geoscientist (P.Geo.). Mr. Lyons has reviewed and approved the technical information disclosed above.
Note: Grandich Blog Compensation- $2000 monthly, Options: 225,000 @ $ .30
Cautionary Note Regarding Forward-Looking Information
This document contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to: to (i) the ability to commence production at the Kami Project; (ii) the funding by Hebei of costs of developing the Kami Project; and (iv) Alderon’s ability to finance the capital required to develop the Kami Project; and (v) the future demand for and price of iron ore.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, including Chinese regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the “Risk Factors” section of the Company’s Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulatiors. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.
Additional Information
Additional information about the Kami Project can be found in the technical reports filed on SEDAR at www.sedar.com entitled: “Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp.” dated effective October 26, 2011
Grandich Client Update
The Lobster is in the Pot
Alderon’s announcement on Tuesday that it has closed its share subscription agreement with Hebei Iron and Steel marks another significant milestone for Alderon. As I noted a few days ago, Alderon continues to make virtually all the right moves with respect to the things it can control but must live with the things it can’t, namely falling iron ore prices. However, I think the closing of this deal clearly illustrates Hebei’s view on the current iron ore price. The fact that they are committed to this agreement in the face of relatively rapid falling prices tells me that they believe the current price situation to be a near-term phenomenon that is unsustainable in the long term. While the growth of the Chinese economy is slowing, the recent dramatic iron ore price drops are more directly related to Chinese steel mills producing at record levels during the first half of 2012 into a market of softened demand, rather than a response to some sort of fundamental shift in the iron ore market. This record steel production has resulted in downward pressure on the steel price which, obviously, squeezes margins. In response to this profit margin squeeze, the Chinese are drawing down their raw material stockpiles to levels well below normal. I believe it’s this short-term destocking that is driving the current iron ore price volatility, not a dramatic slowing of the overall Chinese economy. I’m speculating that it shall be a limited time event and can push the price back past $150 in a quarter (If and when it has run its course).
There had been quite a bit of chatter about this Alderon/Hebei deal in the period between its initial announcement and Tuesday’s announced closing, much of it negative, intimating that the deal would never be completed in the current market without a radical restructuring. Although the deal was altered slightly following the initial announcement, the overall investment by Hebei in Alderon is still approximately $400 million. The subscription share price was lowered to $2.41/share, from the original $3.42/share, but this was materially offset with the direct project investment rising to $120 million, from the original $105.7 million. Overall, the deal term adjustments have resulted in a minor 3% reduction in Hebei’s originally proposed investment; a far cry from what many naysayers were suggesting!
While on the subject of naysayers, there was a Toronto based analyst’s note back in April which suggested that Alderon would potentially be in some financial difficulty as the year progressed as deals such as this take 8 to 12 months to receive Chinese government approval. The fact that the deal received all the necessary Chinese government approvals in 4 months, half the time of similar deals, is a strong indication of the merits of this deal. As an investor you have to decide for yourself whether you are going to put your money on an analyst that still has milk on his chin or with an experienced management team such as Alderon’s that has proven they can execute when others cannot.
Bottomline
No one can deny that the current situation in the junior resource sector is difficult and that these difficulties are even more acute in light of the current iron ore price shifts. However, these are precisely the times when the true character of a management team is revealed. The fact that the Alderon team was able to close this deal in the current environment, which is anything other than friendly, and in record time, is undeniable evidence that these guys know what they are doing,,,con't
Alderon Closes Common Share Subscription With Hebei Iron & Steel Group
(TSE:ADV)AMEX: AXX
Today : Tuesday 4 September 2012
Alderon Iron Ore Corp. (TSX:ADV)(NYSE MKT:AXX)(NYSE Amex:AXX) ("Alderon" or the "Company") is pleased to announce that it has closed the Alderon common share ("Common Share") subscription component of the previously announced transaction with Hebei Iron & Steel Group Co., Ltd. ("Hebei"). Pursuant to the terms of the subscription agreement (as amended) (the "Subscription Agreement"), Hebei has acquired 25,858,889 Common Shares at a price of C$2.41 per Common Share for gross proceeds to the Company of approximately C$62.3 million, representing 19.9% of the issued and outstanding Common Shares. Alderon and Hebei have also executed the remaining definitive agreements, including the Investor Rights Agreement, the Off Take Agreement and the agreements required to form and operate the limited partnership that will own the Kami iron ore project (the "Kami Project").
Concurrent with the Hebei closing, Liberty Metals & Mining Holdings, LLC ("LMM"), a subsidiary of Liberty Mutual Insurance, has acquired 3,816,181 Common Shares at a price of C$2.41 per Common Share for gross proceeds to the Company of approximately C$9.2 million, allowing LMM to maintain its relative proportionate interest in Alderon. Also concurrent with the Hebei closing, Alderon is repaying the $10.5 million bridge loan previously advanced by LMM.
Mark Morabito, Executive Chairman of Alderon, said, "The closing of the private placement component of Hebei's strategic investment in Alderon and its Kami Project is a major milestone for both parties. One of Alderon's next milestones will be the completion of its Feasibility Study, which is expected in Q4 2012. Once Alderon delivers to Hebei a Feasibility Study that meets the required criteria, Hebei will contribute the remainder of its C$182.2 million investment. I would also like to acknowledge and thank Liberty for its continued support of Alderon."
Hebei's initial investment in Alderon and the Kami Project will total C$182.2 million. Pursuant to the terms of the definitive agreements, within 15 business days of Hebei receiving a feasibility study that meets certain criteria, Hebei will contribute the remaining C$119.9 million of the initial investment and Alderon will contribute the Kami Project and relevant properties to the newly formed limited partnership which is owned as to 25% by Hebei and 75% by Alderon.
Other transaction highlights include:
-- Hebei agrees to use its best efforts to assist in obtaining project debt
financing for the Kami Project from financial institutions, including
Chinese banks.
-- Alderon and Hebei will be required to contribute to capital expenditures
for the development of the Kami Project not covered by initial capital
contributions and project debt financing, in accordance with their
respective interests.
-- Upon Hebei's acquisition of its 25% interest in the Kami Project, it
will be obligated to purchase upon the commencement of commercial
production, 60% of the actual annual production from the Kami Project up
to a maximum of 4.8 million tonnes of the first 8.0 million tonnes of
iron ore concentrate produced annually at the Kami Project. The price
paid by Hebei will be based on the monthly average price per DMT for
iron ore sinter feed fines quoted by Platts Iron Ore Index (including
additional quoted premium for iron content greater than 62%) ("Platts
Price"), less a discount equal to 5% of such quoted price. Hebei will
also have the option to purchase additional tonnage at a price equal to
the Platts Price, without any such discount.
-- Hebei has agreed to co-operate with Alderon in its efforts to attract
additional off-take partners in respect of the annual production from
the Kami Project that has not been committed to Hebei.
-- Alderon will be the manager of the Kami Project and will receive a fixed
annual management fee during the construction period of the project.
Once the Kami Project has reached commercial production, Alderon will
receive a management fee on a per tonne of iron ore concentrate basis.
-- The entire C$182.2 million of investment proceeds from Hebei will be
used for the exploration and development of the Kami Project, the
repayment of the $10.5 million bridge loan from LMM and other relevant
corporate expenses of Alderon.
-- Alderon has granted Hebei a pre-emptive right to maintain its interest
in Alderon in certain circumstances.
As a term of the transaction, Hebei was entitled to nominate two directors to the Board of Alderon. Hebei has nominated Ms. Zheng Liangjun and Mr. Tian Zejun and they have been appointed to the Board of Alderon. The Board would like to welcome the new directors and looks forward to a long term and successful partnership.
Ms. Zheng, B.Eng., M.Eng., MBA, brings 21 years of international trade and investment experience to Alderon. Ms. Zheng was Deputy General Manager of Handan Iron and Steel Group Import & Export Co., Ltd., a subsidiary of Hebei from 2006 to 2008. Since 2009, she has been with Hebei Iron and Steel Group International Trade Corporation, also a subsidiary of Hebei. In 2011, she became Deputy General Manager of Hebei Iron and Steel Group International Trade Corporation, responsible for overseas investment and projects as well as equipment imports. Ms. Zheng received the title of Senior Engineer in 1999 and holds a Bachelor of Engineering degree from Hebei University of Technology, a Masters Degree from Wuhan University of Science and Technology and a Masters of Business Administration from Beijing Jiaotong University.
Mr. Tian, B.Eng., MBA, has 24 years of experience in mining, geological and metallurgical technology and management. Since 2010, Mr. Tian has been Deputy General Manager of Hebei Iron and Steel Group Mining Co., Ltd and General Manager of Laiyuan Non-ferrous Metals Co., Ltd., each a subsidiary of Hebei. Mr. Tian has served as a Standing Committee member and Deputy Secretary of Laiyuan County in Hebei province since 2009. Mr. Tian received the title of Senior Engineer in 1997 and holds a Bachelor of Mining Engineering degree from Xi'an University of Architecture and Technology and a Masters of Business Administration from the University of Texas at Arlington.
Stepping aside from the Alderon Board to allow for the appointment of the Hebei nominees is Mr. Stan Bharti. Mr. Bharti was one of Alderon's founding directors and he has been instrumental in attracting the necessary capital to support its development. Mr. Bharti, through Forbes & Manhattan, Inc., will continue to advise Alderon on a consulting basis and Alderon will retain the benefits of his experience and expertise. The Board would like to acknowledge and thank Mr. Bharti for his significant contributions to the Company's development to date.
About Alderon
Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, Labrador City and St. John's. Alderon's Kami Project is located within Canada's premier iron ore district and is surrounded by four 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 www.alderonironore.com.
ALDERON IRON ORE CORP.
On behalf of the Board
Mark J Morabito, Executive Chairman
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the closing of the Kami Project investment component of the Hebei transaction; (ii) the use of proceeds from the Hebei transaction; (iii) the funding by Hebei of costs of developing the Kami Project; (iv) the timing of the feasibility study;(v) the terms of the off-take agreement with Hebei; and (vi) Alderon's ability to finance the capital required to develop the Kami Project.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future exploration and development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Property in the short and long-term, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the completion of the environmental assessment process, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Property, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Property may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's Annual Information Form for the most recently completed financial year or other reports and filings with applicable Canadian securities regulators.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.
Contacts:
Alderon Iron Ore Corp.
Montreal Office
514-281-9434
514-281-5048 (FAX)
Alderon Iron Ore Corp.
St. John's Office
709-576-5607
709-576-7541 (FAX)
Alderon Iron Ore Corp.
Labrador City
709-944-4820
709-944-4827 (FAX)
Alderon Iron Ore Corp.
Toronto Office
416-309-2138
416-861-8165 (FAX)
Alderon Iron Ore Corp.
Vancouver Office
604-681-8030
604-681-8039 (FAX)
Alderon Iron Ore Corp.
Konstantine Tsakumis
Investor Relations
1-866-683-8030 ext. 232
info@alderonironore.com
www.alderonironore.com
Strength To Strength
Alderon Derisks, Secures Partners, Port for 2015 Iron Ore Production
By Kevin Michael Grace
If you wanted to write a textbook on how to bring a major mining operation to fruition, you would likely lead off with Alderon Iron Ore Corp TSX:ADV. Less than three years after securing the Kamistiatusset “Kami” project in Labrador, Alderon strides confidently and forcefully toward 2015 production.
In just the last three months, Alderon has announced a strategic partnership and offtake agreement with China’s leading steel manufacturer, advanced its agreement with another partner, delineated a resource of over a billion tonnes and secured a port for export.
Read more about Alderon's Labrador Iron play. http://resourceclips.com/2012/07/26/strength-to-strength/
Alderon Appoints Former Newfoundland and Labrador Premier Danny Williams and Bay Street Lawyer John Vettese to the Board of D...
Today : Wednesday 28 March 2012
Click Here for more Addenda Charts.
Alderon Iron Ore Corp. (TSX:ADV)(NYSE Amex:AXX) ("Alderon") is pleased to announce the appointment of Mr. Danny Williams, QC, former Premier of Newfoundland and Labrador and Mr. John Vettese, LLB to the Board of Directors of Alderon, effective March 28, 2012.
Mr. Williams served as the Premier of Newfoundland and Labrador from October 2003 until November 2010, retiring from the position at a time when his government had an approval rating of over 80%. In addition to his distinguished public service career, Mr. Williams has also been deeply involved in private sector business development in the province. From 1975, he guided Cable Atlantic through acquisitions of systems in Gander, Grand Falls-Windsor, Corner Brook, Port aux Basques and other centers, to become one of the largest communications companies in Atlantic Canada. He has also been involved in Newfoundland and Labrador's oil and gas industry as president of offshore oil and gas supply and services company OIS Fisher (later Spectrol), and in the hospitality and tourism industry through the operation of three golf courses and one hotel resort.
Mr. Williams studied political science and economics at Memorial University of Newfoundland. Awarded the Rhodes Scholarship in 1969, he received a degree in Arts in Law from Oxford University in England, and returned to Canada to earn a Bachelor of Law degree from Dalhousie University in Halifax. He practiced law in Newfoundland and Labrador beginning in 1972 and was appointed Queen's Counsel in 1984. In 2011, he received a Honourary Doctorate from the University of PEI.
Mr. Vettese is a corporate finance and M&A lawyer and is the Deputy Managing Partner of Cassels Brock & Blackwell LLP. He is also a member of the firm's Executive Committee. He has acted and continues to act as lead counsel for several companies in the mining sector. Mr. Vettese had previously acted as lead counsel to Consolidated Thompson Iron Mines Ltd. He has consistently been recognized as one of the Best Lawyers in Canada in the area of Natural Resource Law.
"I am extremely pleased to be adding two individuals with Danny and John's expertise to the Board at such a critical time in Alderon's development," says Mark Morabito, Executive Chairman of Alderon. "These gentlemen will be incredible resources for Alderon as we continue to move our Kami project towards production."
Stepping aside from the Board at this time will be Mr. Brad Boland. Mr. Boland was one of Alderon's founding directors and has made valuable contributions to Alderon's development since inception. The Board of Directors would like to thank Mr. Boland for his exemplary service over the past two and half years.
About Alderon
Alderon is a leading Canadian iron ore development company with offices in Vancouver, Toronto, Montreal and St. John's. The 100% owned Kami Project is located within Canada's premier iron ore district and is surrounded by four producing iron ore mines. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.
ALDERON IRON ORE COR
Alderon Files Combined Technical Report for Kami Property
Today : Wednesday 21 March 2012
Alderon Iron Ore Corp. (TSX:ADV)(NYSE Amex:AXX) ("Alderon" or the "Company") announces that it has filed on SEDAR, at www.sedar.com, a Technical Report entitled "Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp." dated effective October 26, 2011 (the "Combined Report") in accordance with National Instrument 43-101.
Alderon previously filed a Technical Report dated September 8, 2011, presenting a Preliminary Economic Assessment for the development of the Rose Central Deposit of the Kami Property and a Technical Report dated October 26, 2011, presenting a Mineral Resource estimate for the Rose North Deposit of the Kami Property (the "Prior Reports"). This Combined Report comprises a consolidation of the two aforementioned Prior Reports and supersedes the Prior Reports. The Combined Report does not contain any new material information that was not included in the Prior Reports. Only the Combined Report should be relied on as the current technical report on the Kami Property.
Kami Property Summary
Kami Property Mineral Resource Estimate
The Rose Central Deposit, together with Mills Lake Deposit and North Rose Deposit of the Kami Property, have an Indicated Mineral Resource estimate of 490 million tonnes at 30.0% iron and an additional Inferred Mineral Resource estimate of 598 million tonnes at 30.3% iron at a cut-off grade of 20%. The effective date of the Mineral Resource estimate is October 26, 2011. Mineral resources that are not mineral reserves do not have demonstrated economic viability
Preliminary Economic Assessment of the Rose Central Deposit
The results of the Preliminary Economic Assessment ("PEA") of the Rose Central Deposit of the Kami Property set out below are unchanged from those announced in Alderon's September 8, 2011 news release. The PEA is based only on the development of the Rose Central Deposit of the Kami Property. Highlights of the PEA include:
-- Concentrate production rate of 8 million tonnes per year at a grade of
65.5% iron.
-- Subject to certain risks and uncertainties set forth below, commercial
production is expected to commence in Q4 2015 with a mine life of 15.3
years.
-- Capital cost of US$989 million (excluding closure costs, sustaining
capital & leased equipment).
-- Pre-Tax IRR of 40.2%.
-- Pre-Tax NPV (discounted at 8%) of US$3.07 billion.
-- Payback period of 2.7 years.
-- Total operating cost (excluding royalties) of US$44.87/tonne concentrate
(averaged over the life of mine).
The PEA is preliminary in nature and it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the conclusions reached in the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Total capital expenditures (including contingency) are estimated at US$988.9 million. The capital cost estimate excludes closure costs and sustaining capital, which are expected to be approximately US$25.4 million and US$198.4 million, respectively for the life of the project.
The PEA assumes a concentrate selling price of US$115/tonne for the life of the project and includes a 3% gross sales royalty on iron ore concentrate to Altius. Total operating costs, including annual costs for leasing of equipment (valued at US$259.2 million) over the life of the leases, are estimated at US$44.87/tonne of concentrate.
Alderon has not yet completed a Pre-Feasibility Study or Feasibility Study to demonstrate the economic viability of the Kami Property. Furthermore, no Mineral Reserves have been established on the Kami Property. Any statements regarding planned production rates, projected cash flows, payback period, IRR, NPV, construction timelines or the expected commencement of commercial production in Q4 2015 assume that Alderon is or will be able to complete all of the required steps to bring the Kami Property into commercial production including the completion of a Feasibility Study to demonstrate the economic viability of the Kami Property, the completion of the environmental assessment process, the conclusion of infrastructure agreements for railway transportation, power and access to port facilities and that Alderon obtains the necessary project financing to pay for the capital costs to develop and construct a mine at the Kami Property. There is no certainty that Alderon will be able to complete any or all of these steps and reference should be made to the "Risk Factors" section in Alderon's Annual Information Form for the most recently completed financial year.
Future Exploration and Development
Alderon is currently conducting its 2012 winter drilling program on the Kami Property. The four month drill program will be focused predominately on the North Rose Deposit and will include up to 18,000 metres of drilling with six drills. The program will concentrate on infill drilling with the goal of upgrading the current mineral resource estimate from the indicated and inferred categories to the measured and indicated categories in preparation for the Feasibility Study on the Kami Property expected to be completed in the third quarter of 2012.
About Alderon
Alderon is a leading Canadian iron ore development company with offices in Vancouver, Toronto, Montreal and St. John's. The 100% owned Kami Project is located within Canada's premier iron ore district and is surrounded by four producing iron ore mines. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.
Alderon's exploration work on the Kami Property is supervised by Edward Lyons, P.Geo., the Chief Geologist for Alderon and a Qualified Person as defined by NI 43-101. Mr. Lyons has reviewed and approved the technical information contained in this news release.
Additional information about the Kami Project can be found in the technical report filed on SEDAR at www.sedar.com entitled: "Technical Report Preliminary Economic Assessment of the Rose Central Deposit and Resource Estimate for the Rose Central, Rose North and Mills Deposits of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp." dated March 9, 2012. For more information on Alderon, please visit our website at www.alderonironore.com.
ALDERON IRON ORE CORP.
On behalf of the Board
Mark J Morabito, Executive Chairman
CHECK OUT PAGE 5 OF THIS GOVERNMENT REPORT:
http://www.nr.gov.nl.ca/nr/mines/exploration/explorationactivity/Exploration%20Highlights%202010%20for%20web.pdf
Alderon to List on the NYSE Amex Under the Symbol “AXX”
March 5, 2012
Alderon Iron Ore Corp. (TSX: ADV) (OTCQX: ALDFF) (“Alderon” or the “Company”) is pleased to announce that its common shares have been approved for listing on the NYSE Amex. Alderon anticipates trading on the NYSE Amex exchange will begin on Friday, March 9, 2012 under the symbol “AXX”. The Company will continue to trade on the Toronto Stock Exchange under the symbol “ADV”.
“This NYSE Amex listing represents another significant milestone in Alderon’s growth,” stated Mark Morabito, Alderon’s Executive Chairman. “The listing will provide greater trading accessibility for United States investors, is expected to enhance liquidity and will provide Alderon with exposure to a wider audience of investors.”
Alderon Continues to Receive Positive Drill Results in Preparation for Feasibility Study
February 16, 2012
Alderon Iron Ore Corp. (TSX: ADV) (OTCQX: ALDFF) (“Alderon”) is pleased to announce that it has received the final set of results from its 2011 drill program on the 100% owned Kamistiatusset (“Kami”) Iron Ore Project in western Labrador. The 2011 drilling campaign consisted of 86 holes, totaling 22,250 metres, and was executed with the goal of upgrading the currently defined mineral resource estimate from the Indicated and Inferred categories to the Measured and Indicated categories in preparation for the Feasibility Study. The majority of these results are from the Rose Central Zone and are all within the area of the currently defined National Instrument (“NI”) 43-101 mineral resource estimate. Highlights from this most recent set of results include:
Drill Hole From
(metres) To
(metres) Interval
(metres) Total Iron %
K-11-146 128.8 353.5 224.8 31.2
K-11-150 46.6 215.0 168.5 31.0
K-11-156 18.0 135.5 117.7 30.8
K-11-159 328.0 431.0 103.0 29.4
K-11-160 62.0 377.0 315.0 30.5
K-11-168 141.2 244.0 102.8 29.3
K-11-171 103.4 263.0 159.6 30.1
K-11-172 175.5 260.0 84.5 31.8
“We are very pleased with the results from our entire 2011 drilling program, as they show the consistent grades and thicknesses that we expected,” says Tayfun Eldem, President and CEO of Alderon. “These results, along with those from our current drilling campaign, which is our final drill campaign before the Feasibility Study, will enable us to continue working towards our goal of upgrading the mineral resource in advance of the Feasibility Study expected in Q3 of 2012.”
Rose Central, together with Mills Lake and North Rose, host a current NI 43-101 indicated resource estimate of 490 million tonnes at 30.0% iron and an additional inferred resource of 598 million tonnes at 30.3% iron.
Complete assay highlights with drill plan maps are posted on the Alderon website at: http://www.alderonironore.com/projects/kami/
True widths of the reported intercepts above vary depending on the angle of the individual drill holes and are estimated to be between 41% and 65% of the core interval as reported. All samples were prepared from sawn HQ-sized half-core sections on-site in Labrador. Split drill core samples are then sent to independent contractor SGS Mineral Services in Lakefield, Ontario for analyses. Total iron analysis is performed using X-ray fluorescence (XRF) and the magnetic component is determined by Satmagan magnetic analysis. FeO titration analysis permits an estimation of hematite. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program.
About Alderon
Alderon is a leading Canadian iron ore development company with offices in Vancouver, Toronto, Montreal and St. John’s. The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four producing iron ore mines. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.
Alderon’s exploration work on the Kami Property is supervised by Edward Lyons, P.Geo., the Chief Geologist for Alderon and a Qualified Person as defined by NI 43-101. Mr. Lyons has reviewed and approved the technical information contained in this news release. Mr. Lyons has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information disclosed in this news release. Mr. Lyons has verified that the results were accurate from the official assay certificates provided to Alderon.
Additional information about the Kami Project can be found in the technical reports filed on SEDAR at www.sedar.com entitled: “Preliminary Economic Assessment Report of the Kamistiatusset (Kami) Iron Ore Property, Labrador for Alderon Iron Ore Corp.” dated September 8, 2011; and “Technical Report and Mineral Resource Estimate on the Rose North Deposit, Kamistiatusset Property, Newfoundland and Labrador for Alderon Iron Ore Corp.” dated October 26, 2011. For more information on Alderon, please visit our website at www.alderonironore.com
ALDERON IRON ORE CORP.
On behalf of the Board
"Mark J Morabito"
Executive Chairman
E: info@alderonironore.com
www.alderonironore.com
For Investor Relations, please call:
Konstantine Tsakumis
1-866-683-8030 x232
News Release January 16, 2012
Alderon Announces Closing of $40 Million Strategic Investment
Alderon Iron Ore Corp. (TSX:ADV) (OTCQX: ALDFF) ("Alderon") is pleased to announce that it has closed a C$40 million strategic investment from Liberty Metals & Mining Holdings, LLC ("LMM"), a subsidiary of Liberty Mutual Group. LMM purchased 14,981,273 common shares (the "Purchased Shares") of Alderon on a private placement basis for an aggregate purchase price of approximately C$40 million at a price per Purchased Share of $2.67 (the "Placement"). The purchase price was based on the volume weighted average price of Alderon's shares on the Toronto Stock Exchange for the twenty trading days ended January 11, 2012.
Pursuant to the terms of the subscription agreement between LMM and Alderon, LMM has nominated Christopher Noel Dunn to be appointed to the Alderon board of directors. Mr. Dunn is Managing Director of LMM. He has spent most of his career working in investment banking, primarily with Goldman Sachs, managing a capital underwriting business in London. In later years, he worked with Bear Stearns and JP Morgan as a leader of their respective investment banking practices in mining and metals. Mr. Dunn is a non-executive director of Pan American Silver Corp. and Pretium Resources Inc.
"We are very pleased that Liberty Metals & Mining has chosen to make such a sizable investment in Alderon at this crucial juncture in the development of our Kami project," stated Mark Morabito, Executive Chairman of Alderon. "This investment should fully finance our Kami project through the completion of the 2012 winter drilling program and Feasibility Study expected in Q3 2012. I would also like to welcome Noel Dunn to the Alderon board. Noel will bring significant experience in equity and debt financing and is a great addition to the Alderon board."
Under the terms of the subscription agreement, LMM has a pre-emptive right to participate in future equity financings of Alderon. In the event that LMM desires to sell any of its Purchased Shares, Alderon will hold the right to identify a purchaser or purchasers to whom such Purchased Shares shall be sold.
Alderon intends to use the net proceeds of the Placement primarily to fund the drilling program and feasibility study for Alderon's main asset, the Kami iron ore project, to secure long-lead equipment and for general and administrative expenses.
The Purchased Shares described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of Alderon's securities in the United States.
About Alderon
Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal and St. John's. The 100% owned Kami project is located within Canada's premier iron ore district and is surrounded by four 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 www.alderonironore.com.
ALDERON IRON ORE CORP.
On behalf of the Board
"Mark J. Morabito"
Executive Chairman
For more information please contact:
info@alderonironore.com
Web: www.alderonironore.com
Vancouver Office
Alderon to Commence Trading on the Toronto Stock Exchange
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2011) - Alderon Iron Ore Corp. (TSX VENTURE:ADV)(OTCQX:ALDFF)(PINK SHEETS:ALDFF) ("Alderon") is pleased to announce that it has received final approval for its common shares to be listed and commence trading on the Toronto Stock Exchange ("TSX") at the opening of trading on Wednesday, October 12, 2011. The Company shall retain its current trading symbol "ADV". Concurrently, Alderon's common shares will be delisted from the TSX Venture Exchange.
Alderon's President and Chief Executive Officer, Tayfun Eldem commented, "The TSX is the premier global exchange for the mining industry and this listing is a significant milestone for Alderon. The TSX listing represents an opportunity to provide greater accessibility and liquidity to a broader group of investors and provides increased market recognition and access to capital."
About Alderon
Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal and St. John's. The 100% owned Kami Project is located within Canada's premier iron ore district and is surrounded by four 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: www.alderonironore.com
The Iron Hub
Alderon Sees Massive Kami Production
By Greg Klein
Something big is happening in Labrador and, according to Alderon Resource TSXV:ADV Executive Chairman Mark Morabito, it’s part of the most underreported story in mining. “Everybody knows Chinese steelmakers want to diversify their iron ore supply away from the Big Three, which are Vale, Rio Tinto and BHP Billiton. So the Chinese are out there making deals with earlier-stage companies. But that’s had a domino effect.”
See the rest of this article at http://resourceclips.com/2011/09/28/the-iron-hub/.
News Release
ST. JOHN'S, NEWFOUNDLAND--(Marketwire -09/21/11)- One of Canada's leading iron ore development companies has expanded its presence in Newfoundland & Labrador. Alderon Resource Corp. ("Alderon") (TSX-V: ADV.V - News)(OTCQX: ALDFF.PK - News) today announced the opening of a corporate office in St. John's as it continues to advance its iron ore project, the Kamistiatusset ("Kami") Property.
The 100% owned Kami project is located outside Wabush and Labrador City in Western Labrador. Alderon has completed a preliminary economic assessment and announced an iron resource estimate.
"The timing is right to firmly establish Alderon's presence in Newfoundland & Labrador given the positive results we have seen in our preliminary economic assessment of the Kami project," said Tayfun Eldem, President and CEO of Alderon. "This is an exciting day for our company as we move into the next phase of development."
"Our company looks forward to becoming part of the local corporate community and increasing our on-the-ground presence in Labrador," added Mark Morabito, Executive Chairman of Alderon. "We have assembled an experienced team and are well positioned to move the project through the development stage and into production. We will continue our efforts to include all stakeholders and local service providers as part of our development plan."
The company currently employs over 20 people in Labrador and is scheduled to open an office in Labrador West this Fall. Further exploration and geotechnical drilling will take place in the coming months. The Kami Project is expected to begin construction in late 2013 and will be a flagship development with the potential to gain global attention for the province's resource sector.
To view a photo associated with this press release, please click on the following link: http://media3.marketwire.com/docs/a920.pdf
About Alderon
Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal and St. John's. 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
Mark J Morabito, Executive Chairman
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking 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. All statements, other than statements of historical fact, included herein including, without limitation; statements about future exploration of and drilling on the Kami Project, timeline to production and the development of the Kami Project are forward-looking statements. 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 need for additional financing; operational risks associated with mineral exploration; the possibility that the testwork may not be demonstrated on a larger scale; the need for permits; 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 inability to conclude contracts for rail, port and power infrastructure; disputes with First Nations groups; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified in the "Risk Factors" section of the Company's Annual Information Form for the year ended December 31, 2010 other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Alderon undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. 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.
Contact:
Alderon Resource Corp.
Vancouver Office
604-681-8030
604-681-8039 (FAX)
Alderon Resource Corp.
Toronto Office
416-309-2138
416-861-8165 (FAX)
Alderon Resource Corp.
Montreal Office
514-989-3135
514-934-4640 (FAX)
Alderon Resource Corp.
St. John's Office
709-576-5607
Alderon Resource Corp.
Gary Norris
Executive Vice President - Government & Community Affairs
Cell: 709-770-2985
gnorris@alderonmining.com
Alderon Resource Corp.
Konstantine Tsakumis
Investor Relations
1-866-683-8030
info@alderonmining.com
www.alderonmining.com
Here is a great link to a presentation about the company.
http://alderonmining.com/_resources/presentations/presentation.pdf
Cheers.
B
Labrador Iron Companies such as Alderon Resource Corp. are booming in today's market. IOC/Rio tinto one of the larges iron producers in the region of Labrador West stated that they are expanding their mining capacity from 4 million tonnes to 22 million tonnes by 2012 as well as doubling their full time staff. Look for some great gains here.
NEWS RELEASE
Alderon Announces Initial Iron Resource at North Rose
September 13th, 2011 (TSX.V: ADV) (OTCQX: ALDFF)
Alderon Resource Corp. (TSX.V: ADV) (OTCQX: ALDFF) (“Alderon”) is pleased to announce the results of the initial National Instrument (NI) 43-101 Mineral Resource estimate on the North Rose Deposit of the Kamistiatusset (“Kami”) Iron Ore Project in western Labrador. The inferred Mineral Resource estimate at North Rose totals 480 million tonnes at 30.3% iron based on a cut-off grade of 20% iron. The resource estimate for all three zones (North Rose, Rose Central and Mills Lake)
Within the Kami Project is:
- 490 million tonnes at 30.0% iron indicated
- 598 million tonnes at 30.3% iron inferred
Refer to the table below for tonnage and grade details on North Rose and News Release dated
April 5, 2011 for details on Rose Central and Mills Lake. “These results are fantastic and we have again exceeded our own publically stated objectives,” says Tayfun Eldem, President and CEO of Alderon. “The goal of our current program is to upgrade the majority of the inferred resource into the indicated category ahead of our feasibility study expected by the third quarter of 2012.”
The North Rose Deposit has a currently defined strike length of about 1,600 meters (m) and a true thickness of up to 250 m and is open for expansion along strike to the southwest and at depth. The
inferred resource at North Rose totals 480 million tonnes, which includes a magnetite-rich zone and a hematite-rich zone.
NORTH ROSE INFERRED RESOURCE
Cut-off % | Tonnes (million) | Total Iron % | Oxide Iron %
25.0----------------448.5-------------30.8--------------29.2
22.5----------------477.5-------------30.4--------------28.7
20.0----------------479.9-------------30.3--------------28.6
* Note: Oxide Iron is the combined iron in Magnetite and Hematite
Resource Estimate Details.
The mineral resource estimate for the North Rose Deposit is based on results from 25 diamond drill holes totaling 6,372 m and is effective as of September 13, 2011. Watts, Griffis and McOuat Limited (“WGM”), Consulting Geologists and Engineers of Toronto, Canada, was retained to audit an in-house estimate completed by Alderon. Mr. Michael Kociumbas, P.Geo. and Mr. Richard Risto, P.Geo. with independent firm, WGM, are Qualified Persons as defined by NI 43-101 and are responsible for reviewing and approving this mineral resource estimate. They have verified, reviewed and approved the technical data contained in this news release and underlying sampling, analytical and test data. The estimate is classified as an inferred mineral resource, consistent with the CIM definitions referred to in NI 43-101. This NI 43-101 compliant estimate will be filed in a Technical Report on SEDAR within 45 days of this news release. Alderon is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issues which may materially affect its estimate of mineral resources.
The geological and mineral resource modelling parameters consisted of:
Creation of 3-D wireframes from the drillhole information – the magnetite-rich zone and the hematite-rich zone were modelled separately; a block model procedure (block sizes of 20 m x 5 m x 5 m) was used with grades interpolated utilizing an Inverse Distance Squared estimation technique; Total Iron (TFe%), Fe in magnetite, Fe in hematite, Manganese% and SiO2% were modelled; and an average density of 3.3 tonnes per cubic m was used for both the magnetite and hematite zones.
Sawn drill core samples were sent to SGS Mineral Services in Lakefield, Ontario for analyses. Total iron analysis was performed using X-ray fluorescence (XRF) and the magnetic component was determined by Satmagan magnetic analysis. Standards, blanks, and duplicate assays were included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program.
Alderon’s exploration work on the Kami Project is supervised by Edward Lyons, P.Geo., the Chief Geologist for Alderon and a Qualified Person as defined by NI 43-101. Mr. Lyons has verified that the results used for the resource estimate were accurate from the official assay certificates provided to Alderon.
About Alderon
Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal and St. John’s. The 100% owned Kami Project is located within Canada’s premier iron ore district and is surrounded by four 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 http://www.alderonmining.com. Additional information about the Kami Project can be found in the technical report filed on SEDAR at www.sedar.com entitled “Technical report and Mineral Resource Estimate on the Kamistiatusset property, Newfoundland and Labrador for Alderon Resource Corp.” dated May 20, 2011.
ALDERON RESOURCE CORP.
On behalf of the Board
"Mark J Morabito"
Executive Chairman
| Vancouver Office | Toronto Office | Montreal Office | St. John’s Office |
T: 604-681-8030 - T: 416-309-2138 - T: - 514-989-3135 - T: 709-576-5607
F: 604-681-8039 - F: 416-861-8165 - F: 514-934-4640
E: info@alderonmining.com
www.alderonmining.com
For Investor Relations, please call:
Konstantine Tsakumis
1-866-683-8030
Up And Coming Labrador Iron Mines.
May make for some great long term investments.
NML.V
http://nmliron.com/
IHUB: IHUB Link
Looks to be a great Iron ore company to invest in.
ADV.V
http://alderonmining.com/
IHUB: IHUB Link
I have been hearing from friends that work in the mining industry in Labrador West that Cliffs Natural Resources Inc. (owners of Wabash mine) are planning to buy out Alderon Resource Corp.(ADV.V) "Rumor only"
As well IOC/Rio Tinto (Iron Ore Company of Canada) plans of expansion their mining capacity from 4 million tonnes to 22 million tonnes by 2012. Showing the growth of the iron ore industry in Labrador West.
http://www.ironore.ca/main.php?sid=m&mid=9&lng=1&id=126
I would love to get some opinions from other inverters in these companies.
Best regards, and Happy investing.
B
This is all in my opinion so please do your own DD before investing in any company.
Alderon Reports Final North Rose Results in Preparation for Updated Resource
Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF) ("Alderon") is pleased to announce final assay results from the 2011 winter program on the 100% owned Kamistiatusset ("Kami") Iron Ore Project in western Labrador. These results are from North Rose and are all outside of the currently defined National Instrument ("NI") 43-101 resource estimate. Highlights include:
-----------------------------------------------------------------------
From To Length
Drill Hole (meters) (meters) (meters) Total Iron %
-----------------------------------------------------------------------
K-11-114D 33.3 115.0 81.7 30.7
-----------------------------------------------------------------------
-----------------------------------------------------------------------
K-11-115 8.1 144.0 135.9 30.3
-----------------------------------------------------------------------
and 174.7 408.0 233.3 31.8
-----------------------------------------------------------------------
-----------------------------------------------------------------------
K-11-116 118.8 192.0 73.2 36.5
-----------------------------------------------------------------------
Holes K-11-114D and K-11-116 were collared within mineralization and therefore did not intersect the full mineralized zone. Iron ore mineralization at North Rose varies in thickness from 160 to 200 meters.
"With consistently positive results at North Rose, we are very excited to have this new zone included in the updated resource estimate later this year," says Mark Morabito, President and CEO of Alderon.
The North Rose Zone is located northwest of Rose Central, which has a currently defined NI 43-101 indicated resource of 376.1 million tonnes at 29.8% iron and an additional inferred resource of 46.0 million tonnes at 29.8% iron (refer to News Release dated April 5, 2011 for further details). This new North Rose Zone will be part of the updated NI 43-101 resource estimate expected in Q3 2011. The goal for the updated resource is to delineate 800 million to 1 billion tonnes at a grade between 28-32% iron ore. The potential increase in tonnage and the grade are conceptual in nature, there has been insufficient exploration to define a larger mineral resource and it is uncertain if further exploration will delineate a larger mineral resource. These updated resource figures are reported as exploration targets based on the presence of step-out mineralized drill holes, known mineralized zones open along strike and geophysically anomalous areas from data received by Alderon.
Complete assay highlights with drill plan maps and sections are posted on the Alderon website at: http://www.alderonmining.com/projects/kami/
All samples were prepared from sawn NQ-sized half-core sections on site in Labrador. Split drill core samples are then sent to SGS Mineral Services in Lakefield, Ontario for analyses. Total iron analysis is performed using X-ray fluorescence (XRF) and the magnetic component is determined by Satmagan magnetic analysis. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program.
About Alderon
Alderon is a leading iron ore exploration and development company in Canada. The 100% owned 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.
Alderon's exploration work on the Kami Property is supervised by Edward Lyons, P.Geo., the Chief Geologist for Alderon and a Qualified Person as defined by NI 43-101. Mr. Lyons has reviewed and is responsible for the technical information contained in this news release. Mr. Lyons has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information disclosed in this news release. Mr. Lyons has verified that the results were accurate from the official assay certificates provided to Alderon.
Additional information about the Kami Project and the initial resource estimate can be found in the technical report filed on SEDAR at www.sedar.com entitled "Technical report and Mineral resource estimate on the Kamistiatusset property, Newfoundland and Labrador for Alderon Resource Corp." dated May 20, 2011. For more information on Alderon, please visit our website at www.alderonmining.com.
ALDERON RESOURCE CORP.
On behalf of the Board
Mark J Morabito, President & CEO
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking 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. All statements, other than statements of historical fact, included herein including, without limitation; statements about the timing and size of an increased resource estimate and future exploration on and the development of the Kami Project are forward-looking statements. 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 need for additional financing; operational risks associated with mineral exploration; 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 the additional risks identified in the "Risk Factors" section of the Company's Annual Information Form for the year ended December 31, 2010 or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Alderon undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Cautionary Note Concerning Reserve and Resource Estimates
This press release uses the terms "reserves", "resources", "proven reserves", "probable reserves", "measured resources", "indicated resources" and "inferred resources". United States investors are advised that, while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission (the "SEC") does not recognize them. Under United States standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. Mineral resources that are not mineral reserves do not have demonstrated economic viability. United States investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Inferred Resources are in addition to Measured and Indicated Resources. Further, inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Therefore, United States investors are also cautioned not to assume that all or any part of the inferred resources exist, or that they can be mined legally or economically. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations, however, the SEC normally only permits issuers to report "resources" as in place tonnage and grade without reference to unit measures. Accordingly, information concerning descriptions of mineralization and resources contained in this release may not be comparable to information made public by United States companies subject to the reporting and disclosure requirements of the SEC.
National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") is a rule developed by the Canadian Securities Administrators, which established standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all reserve and resource estimates referred to in this press release or released by the Company in the future have been or will be prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. The requirements of NI 43-101 are not the same as those of the SEC and any reserves reported by the Company in compliance with NI 43-101 may not qualify as reserves under the SEC's standards.
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.
Contacts:
Alderon Resource Corp.
Vancouver Office
604-681-8030
604-681-8039 (FAX)
Alderon Resource Corp.
Toronto Office
416-309-2135
416-861-5887 (FAX)
info@alderonmining.com
www.alderonmining.com
Renmark Financial Communications Inc.
Florence Liberski
(416) 644-2020 or (514) 939-3989
Renmark Financial Communications Inc.
Barry Mire
(416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com
Alderon Appoints Key Executives to the Mining Team
Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF) ("Alderon") is pleased to announce the appointment of Mr. Todd Burlingame as Executive Vice President Environment & Aboriginal Affairs effective as of June 13, 2011 and Mr. Gary Norris as Executive Vice President Government & Community Affairs effective as of July 4, 2011.
Mr. Burlingame has over 20 years of experience in the mining sector across Canada and has worked for Nalcor Energy for the past three years as the Manager of Environment and Aboriginal Affairs and Chief Negotiator for the 3000 Megawatt Lower Churchill Hydroelectric Project. Nalcor Energy is the Crown Corporation advancing the Lower Churchill Project, located in Labrador, Canada, on behalf of the Province of Newfoundland and Labrador.
Mr. Burlingame will be responsible for all environmental permitting aspects to develop the Kamistiatusset ("Kami") Project through to production, including acquiring all required environmental approvals. He will also have a lead role in Aboriginal Relations. Mr. Burlingame graduated from the University of British Columbia with a bachelor's degree in Geology. He will be based out of Alderon's new office in St. John's, Newfoundland.
Mr. Norris has spent over 30 years working for the Newfoundland and Labrador Government, most recently as the Clerk of the Executive Council and Secretary to Cabinet. Mr. Norris has also held a number of other senior Executive positions, including Assistant Deputy Minister of Environment, and Deputy Minister of Intergovernment Affairs Secretariat. Mr. Norris will liaise with local, provincial and federal Governments as we go through the permitting stage all the way through production. He will be involved in all aspects of project development including discussions regarding port and rail access. Mr. Norris holds a Bachelor of Arts degree in Political Science and Economics from Memorial University of Newfoundland. Mr. Norris will also be based out of the St. John's, Newfoundland office.
"Gary and Todd will be instrumental in the development of Kami," says Mark Morabito, President and CEO of Alderon. "Their knowledge, specifically in Labrador, is unsurpassed and I'm very excited to have them join our team."
Alderon has granted Mr. Burlingame, under the terms of its stock option plan, options to purchase up to 250,000 common shares at a price of $2.62 per share. Alderon has also granted Mr. Norris options to purchase up to 250,000 common shares at a price of $2.62 per share. The options are subject to vesting over a two year period and have an expiry date of June 13, 2016. Alderon has also granted certain employees and consultants options to purchase 300,000 common shares at price of $2.62 per share vesting over a two year period and having an expiry date on June 13, 2016.
About Alderon
Alderon is a leading iron ore exploration and development company in Canada. The 100% owned 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 www.alderonmining.com
ALDERON RESOURCE CORP.
On behalf of the Board
Mark J Morabito, President & CEO
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking 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. All statements, other than statements of historical fact, included herein including, without limitation; statements about the development of the Kami Project are forward-looking statements. 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 need for additional financing; operational risks associated with mineral exploration; 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 the additional risks identified 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. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Alderon undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. 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.
Contacts:
Alderon Resource Corp.
Mark J. Morabito
President & CEO
604-681-8030
604-681-8039 (FAX)
info@alderonmining.com
Alderon Resource Corp.
Toronto Office
416-309-2135
416-861-5887 (FAX)
www.alderonmining.com
Renmark Financial Communications Inc.
Florence Liberski
(416) 644-2020 or (514) 939-3989
fliberski@renmarkfinancial.com
Renmark Financial Communications Inc.
Barry Mire
(416) 644-2020 or (514) 939-3989
bmire@renmarkfinancial.com
www.renmarkfinancial.com
Alderon Targets 800 Million to 1 Billion Tonne Resource at 28 to 32% Iron With 2011 Drill Program Launch
Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF) ("Alderon") is pleased to announce that its summer/fall 2011 drill program has commenced at the 100% owned Kamistiatusset ("Kami") Iron Ore Project in western Labrador. The CDN $11 million program will consist of 26,000 metres (m) of drilling and is designed to upgrade the current resource as well as expand the known zones of mineralization and target new areas.
The Kami Project has a currently defined National Instrument (NI) 43-101 indicated resource of 490 million tonnes at 30.0% iron and an additional inferred resource of 118 million tonnes at 30.3% iron (refer to News Release dated April 5, 2011 for further details). The current program aims at increasing the size of the resource to between 800 million and 1 billion tonnes at a grade between 28 to 32% iron. The potential tonnage and grade are conceptual in nature; there has been insufficient exploration to define an increased mineral resource and it is uncertain if further exploration will increase the mineral resource. These updated resource figures are reported as exploration targets based on the presence of step-out mineralized drill holes, known mineralized zones open along strike and geophysical anomalous areas from data received by Alderon.
Program Details
The summer/fall 2011 program will consist of 26,000 m of drilling, ground geophysical surveys, metallurgical test work and environment studies. The drill program has started with 2 drills and will ramp up to 6 drills by the end of July and is expected to take 6 months to complete. Drilling will be directed at upgrading the resource from indicated and inferred to measured and indicated as well as expanding the known mineralization at the Rose Central, North Rose and Mills Zones and targeting new areas outlined by the 2010 exploration program.
Drilling will be carried out by Major Drilling Group International Inc. ("Major") and Forages Cabo Inc. ("Cabo"), the Quebec branch of Cabo Drilling Corp. Major is one of the largest drilling service companies working in 22 countries and has a fleet of over 540 drills. Cabo is well recognized in the drilling industry with operations in seven countries and over 250 employees. Alderon is confident that both Major and Cabo will provide the level of professionalism, safety and environmental awareness that is required and that they will complete the 2011 program on time and on budget.
In conjunction with the program, further geotechnical studies and metallurgical test work will be carried out. Environmental studies will also be conducted, as will an updated resource estimate and scoping study. A prefeasibility study will commence later this year upon completion of the scoping study.
The proposed drill hole location map is posted on the Alderon website at: http://www.alderonmining.com/projects/kami/
About Alderon
Alderon is a leading iron ore exploration and development company in Canada. The 100% owned 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.
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.
Additional information about the Kami Project and the initial resource estimate can be found in the technical report filed on SEDAR at www.sedar.com entitled "Technical report and Mineral resource estimate on the Kamistiatusset property, Newfoundland and Labrador for Alderon Resource Corp." dated May 20, 2011. For more information on Alderon, please visit our website at www.alderonmining.com
ALDERON RESOURCE CORP.
On behalf of the Board
Mark J Morabito, President & CEO
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking 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. All statements, other than statements of historical fact, included herein including, without limitation; statements about the increased and upgraded resource estimate, the details and timing of the drill program, the completion of environmental studies, the completion of a scoping study and prefeasibility study and the development of the Kami Project are forward-looking statements. 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 need for additional financing; operational risks associated with mineral exploration; 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 the additional risks identified in the "Risk Factors" section of the Company's Annual Information Form for the year ended December 31, 2010 or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Alderon undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. 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.
Contacts:
Alderon Resource Corp.
Mark J. Morabito
President & CEO
604-681-8030
604-681-8039 (FAX)
info@alderonmining.com
Alderon Resource Corp.
Toronto Office
416-309-2135
416-861-5887 (FAX)
www.alderonmining.com
Renmark Financial Communications Inc.
Florence Liberski
(416) 644-2020 or (514) 939-3989
fliberski@renmarkfinancial.com
Renmark Financial Communications Inc.
Barry Mire
(416) 644-2020 or (514) 939-3989
bmire@renmarkfinancial.com
www.renmarkfinancial.com
Alderon Appoints Former Iron Ore Company General Manager as COO
Date : 04/27/2011 @ 8:30AM
Source : MarketWire
Alderon Appoints Former Iron Ore Company General Manager as COO
Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF) ("Alderon") is pleased to announce the appointment of Brian Penney as Chief Operating Officer, effective as of May 7, 2011. Mr. Penney has worked for the Iron Ore Company of Canada ("IOC"), a Rio Tinto subsidiary, for more than 15 years. During this period Mr. Penney has held many senior roles including: General Manager of all Processing facilities, General Manager of Mining Operations and General Manager of Integrated Planning. Not only does Mr. Penney have extensive operating experience in iron ore, he also has a great deal of knowledge working within the Labrador Trough as his work with IOC took place at their Carol Lake Iron Ore Deposit in Labrador, located only 18 kilometres (km) north of Alderon's Kamistiatusset ("Kami") Project.
Mr. Penney's twenty years of experience in the mining sector has also included senior operating and environmental positions in the gold industry. He is a professional engineer, graduating from Technical University of Nova Scotia (TUNS) with a degree in Metallurgy. Mr. Penney will be based out of Montreal.
Matt Simpson, Alderon's current Chief Operating Officer, will transition with Mr. Penney over the next month and will continue to be involved with Alderon as a member of its Board of Directors, giving Alderon access to his specialized knowledge on matters such as mining and energy.
"Brian and I worked together for many years at IOC and I'm excited to have someone with his vast experience join us at Alderon to drive the Kami Project straight through to production", says Matt Simpson.
Mark Morabito, President and CEO of Alderon states, "I'm very excited that we are adding such expertise to our mining team. The education and professional background of Brian will be invaluable in the development of Kami. We will continue to add key personnel to our management team as we maintain our aggressive timeline to production."
Alderon has granted Mr. Penney, under the terms of its stock option plan, options to purchase up to 300,000 common shares at a price of $3.40 per share. The options are subject to vesting over a two year period and have an expiry date of April 4, 2016.
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. 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
Mark J. Morabito, President & CEO
Cautionary Note Regarding Forward-Looking Information
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking 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. All statements, other than statements of historical fact, included herein including, without limitation; statements about the timing and potential of production at the Kami Project are forward-looking statements. 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 need for additional financing; operational risks associated with mineral exploration; 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 the additional risks identified 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. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and Alderon undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. 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.
Contacts:
Alderon Resource Corp.
Vancouver Office
604-681-8030
604-681-8039 (FAX)
info@alderonmining.com
www.alderonmining.com
Alderon Resource Corp.
Toronto Office
416-861-5877
416-861-5887 (FAX)
Renmark Financial Communications Inc.
Florence Liberski
(416) 644-2020 or (514) 939-3989
fliberski@renmarkfinancial.com
Renmark Financial Communications Inc.
Barry Mire
(416) 644-2020 or (514) 939-3989
bmire@renmarkfinancial.com
www.renmarkfinancial.com
Haywood Securities Inc.
Kami: A Growing Fe Ore Property
Nestled Between Four Mines
Geordie Mark and Colin Healey
We are initiating formal coverage of Alderon Resource corp. (ADV-TSX-V) with a 12-month target price of C$3.40 per share. The 62% projected return justifies a SECTOR OUTPERFORM rating. Alderon has a SPECULATIVE risk rating due to the early exploration stage of the Company’s Kamistiatusset (Kami) iron ore property, which is on the door step of four operating iron ore mines in the Fermont district, Labrador Trough, Canada. Company highlights include:
Kami is ideally positioned to make use of the existing infrastructure established for the neighboring Labrador City, Fermont and Wabush townships that service several iron ore mines within 10-20 kilometres from Alderon’s property.
A maiden resource estimate on Kami is due in Q1’11, and is based primarily on 25,000 m drilling to be completed in 2010. An additional 5,000m drilling will be undertaken on Rose Lake North staring late January 2011, and will be incorporated into a revised resource update in Q2?11 where Alderon has a target resource estimate of 600-800 Mt at 28 to 32% Fe. Our estimates are for an exploitable resource of 300 Mt @ 30% Fe, which is expected to be primarily derived from the Rose Lake Central and Mills Lake areas. These resources are expected to be magnetite dominant with lesser specular hematite, and are anticipated to contain low S, P and Mn. Additional resource potential is also expected from the Rose Lake North area of the property.
Our model scenario for Kami employs a conceptual production rate of 8 Mtpa of 65% Fe magnetite-rich concentrate, which is estimated to have an average production cost on the order of (~US$43/t). This model uses an exploitable resource estimate of 300 Mt @30% Fe, and by inputting our commodity price assumptions the operation could generate 1st and 2nd year cashflow of $164 and $288 respectively for a ~17 year Life-of-Mine.
Alderon has a clear strategy to advance Kami towards a production scenario, and host a strong board and management team that were in part responsible for progressing Bloom Lake through the development corridor and into production.
Valuation: Our DCF 12% analysis of the Kami Property produces an NPV of C$733 million, with adjustments for resource growth potential provides a total corporate NAV of C$749 million.
To recieve a copy of the full coverage on Alderon, please contact:
info@alderonmining.com
Web: www.alderonmining.com
Vancouver Office
Suite 1240-1140 West Pender Street
Vancouver, BC V6E 4G1
Phone: 604-681-8030
Fax: 604-681-8039 Toronto Office
65 Queen St. W., 8th Floor
Toronto, ON, M5H 2M5
Phone : 416-309-2135
Fax: 416-861-5887
The Kami Property is strategically located next to the mining towns of Wabush, Labrador City and Fermont. The property includes 191 claims in Labrador and 5 Quebec Mining Titles for a total of 4,775 hectares.
Kami is located 6.4km East of Consolidated Thompson's Bloom Lake Deposit and is in close proximity to a road (~2.5km), a railway (~4.5km) and a hydro power station (~15.5km). There are two railway options to transport the material to the deep sea ports and four port options which all provide year round access to the global market.
The Kami Property is strategically located next to the mining towns of Wabush, Labrador City and Fermont. The property includes 191 claims in Labrador and 5 Quebec Mining Titles for a total of 4,775 hectares.
Kami is located 6.4km East of Consolidated Thompson's Bloom Lake Deposit and is in close proximity to a road (~2.5km), a railway (~4.5km) and a hydro power station (~15.5km). There are two railway options to transport the material to the deep sea ports and four port options which all provide year round access to the global market.
Alderon Confirms Iron at North Rose With 31% Iron Over 204 Meters
Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF) ("Alderon") is pleased to announce assay results from the current 2011 winter program on the 100% owned Kamistiatusset ("Kami") Iron Ore Project in western Labrador. These results are from North Rose and are all outside of the currently defined National Instrument ("NI") 43-101 resource estimate. Highlights include:
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Drill From To Length Total
Hole (meters) (meters) (meters) Iron %
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K-11-99 38.5 168.0 129.5 33.0
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K-11-101 46.5 140.8 94.3 33.0
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K-11-102 110.3 296.0 185.7 30.3
---------------------------------------------------------------------------
K-11-104 92.0 296.0 204.0 30.6
including 176.0 296.0 120.0 33.4
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K-11-106 46.0 142.0 96.0 34.4
---------------------------------------------------------------------------
The North Rose Zone is located northwest of Rose Central, which has a currently defined NI 43-101 indicated resource of 376.1 million tonnes at 29.8% iron and an additional inferred resource of 46.0 million tonnes at 29.8% iron (refer to News Release dated April 5, 2011 for further details). This new North Rose Zone will be part of the updated NI 43-101 resource estimate expected in Q3 2011. The goal for the updated resource is to delineate 800 million to 1 billion tonnes at a grade between 28-32% iron ore. The potential increase in tonnage and the grade are conceptual in nature, there has been insufficient exploration to define a larger mineral resource and it is uncertain if further exploration will delineate a larger mineral resource. These updated resource figures are reported as exploration targets based on the presence of step-out mineralized drill holes, known mineralized zones open along strike and geophysically anomalous areas from data received by Alderon.
"It's exciting to see a new zone yield similar results as those from our 2010 drill program," says Mark Morabito, President and CEO of Alderon. "We are looking forward to having North Rose included into the resource update later this year."
Complete assay highlights with drill plan maps and sections are posted on the Alderon website at: http://www.alderonmining.com/projects/kami/
True widths of the reported intercepts above vary depending on the angle of the individual drill holes and are estimated to be between 45% and 75% of the core interval as reported. All samples were prepared from sawn NQ-sized half-core sections on site in Labrador. Split drill core samples are then sent to SGS Mineral Services in Lakefield, Ontario for analyses. Total iron analysis is performed using X-ray fluorescence (XRF) and the magnetic component is determined by Satmagan magnetic analysis. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program.
About Alderon
Alderon is a leading iron ore exploration and development company in Canada. The 100% owned 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.
Alderon's exploration work on the Kami Property is supervised by Edward Lyons, P.Geo., the Chief Geologist for Alderon and a Qualified Person as defined by NI 43-101. Mr. Lyons has reviewed and is responsible for the technical information contained in this news release. Mr. Lyons has verified the data disclosed in this news release, including sampling, analytical and test data underlying the information disclosed in this news release. Mr. Lyons has verified that the results were accurate from the official assay certificates provided to Alderon.
For more information on Alderon, please visit our website at www.alderonmining.com.
ALDERON RESOURCE CORP.
On behalf of the Board
Mark J. Morabito, President & CEO
Contacts:
Alderon Resource Corp. - Vancouver Office
Mark J. Morabito
President & CEO
604-681-8030
604-681-8039 (FAX)
Alderon Resource Corp. - Toronto Office
416-309-2135
416-861-5887 (FAX)
info@alderonmining.com
www.alderonmining.com
Media Coverage
Wednesday, April 6, 2011
Alderon Resource Corp. featured by Peter Grandich
The Son of Consolidated Thompson
"Alderon's highly anticipated initial resource estimate was released this morning, and the results - even better than anticipated! 608.2 million tonnes at 30.0% total iron ...In a business where it is the norm for companies to constantly over promise and under deliver, it is so refreshing to watch a story unfold like Alderon Resource Corp. This company has definitely made a habit of surpassing expectations and I anticipate the good news to continue..."
Peter Grandich Blog, April 5, 2011
Click here to view the complete article
featuring Alderon Resource Corp.
For more information please contact:
info@alderonmining.com
Vancouver Office
Suite 1240-1140 West Pender Street
Vancouver, BC V6E 4G1
Phone: 604-681-8030
Fax: 604-681-8039
Toronto Office
65 Queen St. W., 8th Floor
Toronto, ON, M5H 2M5
Phone : 416-309-2135
Fax: 416-861-8165
Web: www.alderonmining.com
Media Coverage
Wednesday, April 6, 2011
Alderon Resource Corp. featured by Peter Grandich
The Son of Consolidated Thompson
"Alderon's highly anticipated initial resource estimate was released this morning, and the results - even better than anticipated! 608.2 million tonnes at 30.0% total iron ...In a business where it is the norm for companies to constantly over promise and under deliver, it is so refreshing to watch a story unfold like Alderon Resource Corp. This company has definitely made a habit of surpassing expectations and I anticipate the good news to continue..."
Peter Grandich Blog, April 5, 2011
Click here to view the complete article
featuring Alderon Resource Corp.
For more information please contact:
info@alderonmining.com
Vancouver Office
Suite 1240-1140 West Pender Street
Vancouver, BC V6E 4G1
Phone: 604-681-8030
Fax: 604-681-8039
Toronto Office
65 Queen St. W., 8th Floor
Toronto, ON, M5H 2M5
Phone : 416-309-2135
Fax: 416-861-8165
Web: www.alderonmining.com
CLAIM OWNERSHIP
Alderon has acquired a 100% interest in the Kami iron ore project from Altius by issuing 32,285,006 common shares to Altius as well as appointing John Baker (Chairman of Altius) and Brian Dalton (CEO of Altius) to the Alderon Board of Directors. Altius will also retain a 3% gross sales royalty on iron ore concentrate from the Kami Project.
GEOLOGY
The Sokoman Fm. also known as the Wabush Iron Fm. is the ore-bearing formation in the Wabush Lake-Mount Wright area. The formation conformably overlies the Wishart Fm. quartzite where it is present, but also locally shares its basal contact with the Denault Fm. dolomite. The Sokoman Fm. is subdivided into Lower, Middle and Upper Members.
The Lower Member (LIF) consists of a 0 - 75 m thick sequence of fine to coarse grained banded quartz - carbonate, and/or quartz - carbonate - magnetite, and/or quartz-carbonate (i.e. siderite, ankerite and ferroan-dolomite) - silicate ( i.e. grunerite, cummingtonite, actinolite, garnets), and/or quartz - carbonate - silicate - magnetite, and/or quartz -magnetite - specularite units. Mixtures of these units can occur both vertically and laterally. This member may contain iron ore locally.
The Middle Member (MIF) which forms the principal iron ore unit consists of a 45 - 110m thick sequence of quartz-magnetite, and/or quartz-specularite-magnetite, and/or quartz-specularite-magnetite-carbonate, and/or quartz-specularite-magnetite anthophyllite gneiss and schist units. Actinolite and grunerite rich bands can be present in this member. Martite can also occur in weathered zones by alteration of magnetite.
The Upper Member (UIF) consists of a 45 – 75 m thick sequence similar in composition to the Lower Member and can generally only be differentiated through their contact relationships with the overlying and underlying formations supported by detailed structural interpretations. The hydrous iron oxides, limonite and/or goethite, have been observed in all members of the Sokoman Fm. Limonite and/or goethite are present in weathered and fractured zones and are derived primarily from alteration of carbonates. Pyrolusite (MnO2) was also observed in all members of the Sokoman Fm. and is typically associated with surficial or supergene enrichment, extending to depth along and adjacent to fault and fractured zones.
HISTORICAL EXPLORATION
Airborne surveys were carried out in the 1970s and in 1978 LM&E carried out a lake bottom sediment geochemical program. In 1979, a limited four line (3,500 m) ground magnetic survey was carried out in the Mills Lake area and in 1979 LM&E completed one hole, (28m) in the Elfie Lake area. In 1982, a 51 m hole was completed in the same area with 2 m of oxide iron formation intersected. In 1985, LM&E carried out limited field work in the north part of the Altius ground.
In 2001, IOCC carried out an airborne geophysical survey and although the Altius claim area was recommended by SRK as a high priority area, no follow-up work is recorded.
ALTIUS EXPLORATION
Altius carried out reconnaissance mapping in 2006 and 2007 in conjunction with an airborne geophysical survey in 2007.
Work in 2008 included acquisition of satellite imagery, line cutting, 69.8 km of ground magnetic and gravity surveys, and 6,130 m of diamond drilling in 27 holes of which 24 were completed to bedrock.
Ground Gravity Survey (Altius)
* 70 line kilometre ground gravity and magnetic survey
* Used to highlight specularite-rich areas.
* Significant gravity anomalies located in the Rose, Mart and Mills Lake areas.
* 1VD of the Bouguer gravity shows good correlation with mapped geology and aided in extrapolating geology into covered areas.
click here to view
ground gravity survey map
Helicopter-borne Magnetic Survey (Altius)
* Highlights magnetite-rich horizons within the Sokoman Formation.
* Used to help with geological mapping and structure.
* Areas of coincident magnetics and gravity were tested by drilling.
http://www.alderonmining.com/projects/kami/
Kami Iron Ore Project
TECHNICAL REPORT
Click here for the complete NI 43-101 report on the Kami Iron Ore Project (PDF 7.56 MB)
HIGHLIGHTS
* Potential for near term iron ore production
* The goal of the 2010 and 2011 exploration programs is to delineate 600 to 800 million tonnes with grades between 28 to 32% iron
* Transportation infrastructure already in place
LOCATION
The Kami Property is strategically located next to the mining towns of Wabush, Labrador City and Fermont. The property includes 191 claims in Labrador and 5 Quebec Mining Titles for a total of 4,775 hectares.
Kami is located 6.4km East of Consolidated Thompson's Bloom Lake Deposit and is in close proximity to a road (~2.5km), a railway (~4.5km) and a hydro power station (~15.5km). There are two railway options to transport the material to the deep sea ports and four port options which all provide year round access to the global market.
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Alderon is a development company with an iron ore project located next to mining towns of Wabush, Labrador City and Fermont in Western Labrador, Canada. The property is also surrounded by four producing mines and is within close proximity to a common carrier railway as well as a deep sea port which will provide year round access to the global market.
Kami currently hosts an NI 43-101 Mineral Resource estimate of 490 million tonnes indicated at 30.0% iron and an additional 598 million tonnes inferred at 30.3% iron. Further information about Alderon's resource estimate can be found in the April 5, 2011 and September 13, 2011 news releases. A total of 26,000m of infill and exploration drilling is being carried out in the 2011 Summer/Fall program.
Based on the recently completed Preliminary Economic Assessment,Alderon plans to commence commercial production in 2015 at a rate of 8 million tonnes per year at a grade of 65.5% iron. The Preliminary Economic Assessment also illustrated robust project economics including an NPV of US$3.07 billion, an IRR of 40.2%, with a payback period of 2.7 years.
Worldwide demand for steel will keep driving iron ore prices upward and Alderon is well positioned to benefit from the continued demand. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.
Recent News
|
September 6, 2011
SHARES OUTSTANDING: | 82,615,264 |
FULLY DILUTED: | 96,952,349 |
WORKING CAPITAL: | CDN $16.2M |
Options/Warrants | |
Options | 9,215,000 |
Finder's Warrants ($2.75) | 90,910 |
Investor Warrants ($2.80) | 4,594,262 |
Broker Warrants ($2.20 & $2.80) | 436,913 |
Total | 14,337,085 |
Significant Holders | ||
Insiders | 9,792,202 | 11.9% |
- includes Mark Morabito | 3,230,000 | 3.9% |
Altius | 32,285,006 | 39.3% |
Vancouver Office | Toronto Office | |
Phone: 604-681-8030 Fax: 604-681-8039 Attn: Mark Morabito | Phone: 416-309-2138 Fax: 416-861-8165 Attn: Matt Simpson | |
Mailing Address: 1240 - 1140 W Pender St. Vancouver, BC, V6E 4G1 | Mailing Address: 65 Queen St. W., 8th Floor Toronto, ON, M5H 2M5 | |
Montreal Office | St. John's Office | |
Phone: 514-989-3135 Fax: 514-934-4640 Attn: Brian Penney | Phone: 709-576-5607 | |
Mailing Address: | Mailing Address: 804-10 Fort William Place, Baine Johnston Center St. John's, NL, A1C 1K4 |
Email
info@alderonmining.com
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