Alderon Iron Ore Corp. (AXXDF)

[LGL8054]

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: [e-mail]
www.alderonironore.com

For Investor Relations, please call:
Konstantine Tsakumis
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