Alderon Iron Ore Corp. (AXXDF)

[LGL8054]

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