Alderon Iron Ore Corp. (TSX:IRON)
("
Alderon" or the “
Company”)
announced the appointment of new director Mr. Rolland Morier to the
Company’s Board of Directors during the Annual General and Special
Meeting of shareholders which took place on Thursday, June 21, 2018
in Montreal.
“We are excited to have Mr. Morier join the
Alderon board and we are looking forward to working with Rolland to
strengthen existing partnerships and secure financing for our Kami
Project,” stated President and CEO Tayfun Eldem.
“Mr. Morier is a highly respected business
executive in areas of financial management, business strategy,
aboriginal land claims and government relations for the mining
sector. He has a deep understanding and appreciation of our project
and brings with him vast experience in corporate finance and
business strategy in the iron ore sector. His vision, knowledge and
success record are enhancing qualities that will support Alderon’s
ambition as we march ahead with the Kami Project,” Mr. Eldem
added.
Alderon’s Chairman, Mark Morabito acknowledged
Mr. Morier’s career achievements as a seasoned leader with
significant experience working with the stakeholders in
Newfoundland and Labrador and Québec. He was instrumental in
executing the business strategy of Iron Ore Company of Canada
(“IOC”) and Québec North Shore & Labrador Railway – an
arrangement that proved key to IOC’s standing as one of Canada’s
leading iron ore producers. “We are confident that Mr. Morier’s
experience will prove enormously helpful to Alderon’s board and
executive team at this stage of our development and will be key to
Alderon continuing to achieve outstanding outcomes. We look forward
to his advice and guidance in executing our financing and strategic
initiatives for the Kami Project.”
Mr. Morier has served as President of Northern
Strategies Inc. since 2015 - a company that provides executive
consulting services in the areas of financial management, business
strategy and mining plus CFO expertise in the areas of strategy,
corporate finance, business planning and project evaluation,
execution and governance. Prior to his work with Northern
Strategies, Mr. Morier spent 20 years at the Rio Tinto group and
held several senior executive positions at its subsidiaries, which
included IOC, Rio Tinto Iron & Titanium Inc. At IOC, Mr. Morier
filled the role of Vice President of Finance and Strategy for eight
years and was a member of the Board of Directors. He also served as
CFO and Chairman of the company’s Capital Project Approvals
Committee, was responsible for strategy formulation for IOC’s port,
rail, and other infrastructure services to third parties, and
negotiated with the Newfoundland and Labrador Government on various
matters. Prior to joining IOC, Mr. Morier held the role of CFO at
Rio Tinto Iron & Titanium Inc. for three years.
Mr. Morier has earned Master of Business
Administration and Bachelor of Commerce degrees from Concordia
University (Montreal) and McGill University (Montreal)
respectively.
Alderon also reports that the nominees listed in
the management information circular for the 2018 Annual General and
Special Meeting of shareholders were elected as directors of
Alderon. Detailed results of the vote for the election of
directors held at the Annual General and Special Meeting on June
21, 2018 in Vancouver, B.C., are set out below:
|
Votes for |
% Votes for |
Votes withheld |
% Votes withheld |
Mark J. Morabito |
82,999,016 |
99.69 |
254,663 |
0.31 |
Tayfun Eldem |
83,009,679 |
99.71 |
244,000 |
0.29 |
David J. Porter |
83,191,062 |
99.92 |
62,617 |
0.08 |
Adrian Loader |
83,197,062 |
99.93 |
56,617 |
0.07 |
John Baker |
83,005,296 |
99.70 |
248,383 |
0.30 |
Zhou Wei |
82,996,448 |
99.69 |
257,231 |
0.31 |
Dr. Andrew Furey |
83,186,031 |
99.92 |
67,648 |
0.08 |
Rolland G. Morier |
83,203,382 |
99.94 |
50,297 |
0.06 |
Shareholders at the Annual General and Special
Meeting also approved the appointment of Alderon’s auditors and the
issuance of 833,333 common shares pursuant to a security based
compensation arrangement.
About Alderon Iron Ore
Corp.
Alderon is a leading iron ore development
company in Canada. The Kami Project, owned 75% by Alderon and 25%
by HBIS Group Co. Ltd. (formerly Hebei Iron & Steel Group Co.
Ltd.) (“HBIS”) through The Kami Mine Limited Partnership, is
located within Canada’s premier iron ore district, the Labrador
Trough, and is surrounded by two producing iron ore mines. Its port
handling facilities are located in Sept-Îles, the leading iron ore
port in North America. HBIS is Alderon’s strategic partner in the
development of the Kami Project and China’s second largest steel
producer.
For more information on Alderon, please visit our website at
www.alderonironore.com
ALDERON IRON ORE CORP.On behalf
of the Board"Tayfun Eldem"Director &
CEO
Alderon is part of the King & Bay group of
companies. King & Bay is a merchant bank that specializes in
identifying, funding, developing and supporting growth
opportunities in the resource, aviation, and technology
sectors.
Cautionary Note Regarding
Forward-Looking Information
This press release contains "forward-looking
information" within the meaning of the U.S. Private Securities
Litigation Reform Act and Canadian securities laws 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
financing and strategic initiatives for the Kami project; (ii)
future demand for production from the Kami Project; (iii) the next
steps in the development of 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 press 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 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 Project in the short and long-term, the repayment
of the secured note held by Liberty Metals & Mining Holdings
LLC that is due December 31, 2018 (the “Liberty Note”), the
progress of exploration and development activities, the ability of
the Company to use the multi-user terminal facility at the Port of
Sept-Îles, the receipt of necessary regulatory approvals, the
estimation of insurance coverage, assumptions with respect to
currency fluctuations and exchange rates, 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 Project, 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 Project may not be available on
satisfactory terms, or at all, the risk that funds are not
available to repay the Liberty Note; risks related to
disputes concerning property titles and interest, risks related to
disputes with Aboriginal groups, risks related to insufficient
capacity being available for the Company to access the multi-user
terminal facility at the Port of Sept-Îles, 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.
For further information please call:
Mishka Gounden
1-604-681-8030 ext 289
info@alderonironore.com