Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF)(PINK
SHEETS: ALDFF) ("Alderon") is pleased to announce the results of
the initial National Instrument (NI) 43-101 Mineral Resource
estimate on the North Rose Deposit of the Kamistiatusset ("Kami")
Iron Ore Project in western Labrador. The inferred Mineral Resource
estimate at North Rose totals 480 million tonnes at 30.3% iron
based on a cut-off grade of 20% iron. The resource estimate for all
three zones (North Rose, Rose Central and Mills Lake) within the
Kami Project is:
-- 490 million tonnes at 30.0% iron indicated
-- 598 million tonnes at 30.3% iron inferred
Refer to the table below for tonnage and grade details on North
Rose and News Release dated April 5, 2011 for details on Rose
Central and Mills Lake.
"These results are fantastic and we have again exceeded our own
publically stated objectives," says Tayfun Eldem, President and CEO
of Alderon. "The goal of our current program is to upgrade the
majority of the inferred resource into the indicated category ahead
of our feasibility study expected by the third quarter of
2012."
The North Rose Deposit has a currently defined strike length of
about 1,600 metres (m) and a true thickness of up to 250 m and is
open for expansion along strike to the southwest and at depth. The
inferred resource at North Rose totals 480 million tonnes, which
includes a magnetite-rich zone and a hematite-rich zone.
NORTH ROSE INFERRED RESOURCE
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Cut-off % Tonnes (million) Total Iron % Oxide Iron % (i)
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25.0 448.5 30.8 29.2
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22.5 477.5 30.4 28.7
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20.0 479.9 30.3 28.6
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(i) Note: Oxide Iron is the combined iron in Magnetite and Hematite
Resource Estimate Details
The mineral resource estimate for the North Rose Deposit is
based on results from 25 diamond drill holes totaling 6,372 m and
is effective as of September 13, 2011. Watts, Griffis and McOuat
Limited ("WGM"), Consulting Geologists and Engineers of Toronto,
Canada, was retained to audit an in-house estimate completed by
Alderon. Mr. Michael Kociumbas, P.Geo., and Mr. Richard Risto,
P.Geo., with independent firm, WGM, are Qualified Persons as
defined by NI 43-101 and are responsible for reviewing and
approving this mineral resource estimate. They have verified,
reviewed and approved the technical data contained in this news
release and underlying sampling, analytical and test data. The
estimate is classified as an inferred mineral resource, consistent
with the CIM definitions referred to in NI 43-101. This NI 43-101
compliant estimate will be filed in a Technical Report on SEDAR
within 45 days of this news release. Alderon is not aware of any
environmental, permitting, legal, title, taxation, socio-political,
marketing or other issues which may materially affect its estimate
of mineral resources.
The geological and mineral resource modelling parameters consisted of:
-- creation of 3-D wireframes from the drillhole information - the
magnetite-rich zone and the hematite-rich zone were modelled separately;
-- a block model procedure (block sizes of 20 m x 5 m x 5 m) was used with
grades interpolated utilizing an Inverse Distance Squared estimation
technique; Total Iron (TFe%), Fe in magnetite, Fe in hematite,
Manganese% and SiO2% were modelled; and
-- an average density of 3.3 tonnes per cubic m was used for both the
magnetite and hematite zones.
Sawn drill core samples were sent to SGS Mineral Services in
Lakefield, Ontario for analyses. Total iron analysis was performed
using X-ray fluorescence (XRF) and the magnetic component was
determined by Satmagan magnetic analysis. Standards, blanks, and
duplicate assays were included at regular intervals in each sample
batch submitted from the field as part of an ongoing Quality
Assurance/Quality Control program.
Alderon's exploration work on the Kami Project 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 verified
that the results used for the resource estimate were accurate from
the official assay certificates provided to Alderon.
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.
For more information on Alderon, please visit our website at
www.alderonmining.com. Additional information about the Kami
Project 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 Resource Corp." dated May 20, 2011.
ALDERON RESOURCE 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 inferred resources to
the indicated category, the timing for completion of a feasibility
study,and future exploration on 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; the possibility that the
testwork may not be demonstrated on a larger scale; the need for
permits; 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 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 Resource Corp. Mark J. Morabito Executive
Chairman 604-681-8030 604-681-8039 (FAX) info@alderonmining.com
www.alderonmining.com Investor Relations Konstantine Tsakumis
1-866-683-8030
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