Alderon Iron Ore Corp. (TSX VENTURE:ADV)(OTCQX:ALDFF)(PINK
SHEETS:ALDFF) ("Alderon") is pleased to announce the first set of
drill results from the ongoing drill program on the 100% owned
Kamistiatusset ("Kami") Iron Ore Project in western Labrador. These
results are from the Mills Lake Zone and are all within the
currently defined National Instrument ("NI") 43-101 resource
estimate. They will be used to upgrade the resource from the
inferred to the indicated category in preparation for the
Feasibility Study.
Highlights include:
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From To Length Total
Drill Hole (meters) (meters) (meters) Iron%
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K-11-118 36.9 68.4 31.5 30.8
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and 103.1 174.2 71.1 30.6
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K-11-120 7.0 24.1 17.1 28.7
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and 62.7 140.5 77.8 30.5
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K-11-122A 3.5 12.6 9.1 29.5
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and 67.4 153.0 85.6 29.7
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K-11-124 52.9 146.2 93.3 29.7
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K-11-125 22.1 80.1 58.0 28.7
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and 131.1 216.0 84.9 30.8
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K-11-126 37.0 131.3 61.2 30.7
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"We are very pleased to be intersecting the expected grade and
thickness during our infill drilling program," says Tayfun Eldem,
President and CEO of Alderon. "We are well on our way to upgrading
our resource from the inferred to indicated category in order to
produce a Feasibility Study in Q3 of 2012."
The Mills Lake Zone is located approximately 3 kilometers
southeast of the Rose Zone, which together have a currently defined
NI 43-101 indicated resource of 490 million tonnes at 30.0% iron
and an additional inferred resource of 598 million tonnes at 30.3%
iron (refer to News Releases dated September 13, 2011 and April 5,
2011 for further details).
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 72% and 92% of the core interval as reported. All samples
were prepared from sawn NQ- or HQ-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 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.
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 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 Iron Ore Corp." dated May 20, 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
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 upgrading the existing resource, the
timing of the Feasibility 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.
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 Iron Ore Corp. Vancouver Office 604-681-8030
604-681-8039 (FAX)info@alderonmining.com Alderon Iron Ore Corp.
Toronto Office 416-309-2138 416-861-8165 (FAX) Alderon Iron Ore
Corp. Montreal Office 514-989-3135 514-934-4640 (FAX) Alderon Iron
Ore Corp. St. John's Office 709-576-5607 Alderon Iron Ore Corp.
Konstantine Tsakumis Investor Relations
1-866-683-8030www.alderonironore.com
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