Alderon Iron Ore Corp. (AXXDF)

[LGL8054]

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: [e-mail]
www.alderonironore.com