Alderon Iron Ore Corp. (TSX:ADV)(NYSE MKT:AXX) ("Alderon" or the
"Company") is pleased to announce that the new multi-user deep
water dock at the Port of Sept-Iles, Quebec is on time and on
budget, with construction scheduled to wrap up in late March 2014.
With 95% of project costs now known and incurred, the Port is
confident that the project will be delivered on the $220 million
budget.
"We are enormously pleased that the Port of Sept-Iles has made
such great progress allowing our project development timeline to
remain in place with mine construction expected to commence by Q4
of this year and production beginning by the end of 2015," says
Tayfun Eldem, President and CEO of Alderon. "The on time completion
of the new port facility will provide shipping services for up to 8
million tonnes of iron ore annually based on our agreement and will
secure our access to international markets at the agreed upon
budget that Alderon signed up for."
"We're also very happy with the proactive support and
cooperation of the teams from Pomerleau and Sandvik Canada, which
have worked closely with our team to complete construction of the
country's biggest bulk port terminal," said Port President and CEO
Pierre D. Gagnon.
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For additional information about the Port of Sept-Iles and
Alderon's agreement with the Port, please refer to Alderon News
Releases dated February 14, 2012 and July 16, 2012 respectively.
For a copy of the Port of Sept-Iles Press Release, please visit our
website at:
http://www.alderonironore.com/_resources/news/Multi-User_Dock-Mid-Project_Status20130709.pdf
About the Port of Sept-Iles
Boasting a variety of state-of-the-art facilities, the Port of
Sept-Iles is the leading iron ore port in North America, with an
annual volume of nearly 30 million tons. Sept-Iles' port facilities
play a vital and strategic role in the operations of many
businesses from the region's primary sector. The Port's annual
economic impact is estimated at nearly $1 billion, with some 4,000
direct and indirect jobs. Through its activity, the Port of
Sept-Iles therefore remains a significant source of wealth creation
in Quebec and the rest of Canada.
About Alderon
Alderon is a leading iron ore development company in Canada with
offices in Vancouver, Toronto, Montreal, St. John's and Labrador
City. The Kami Project, owned 75% by Alderon and 25% by Hebei Iron
& Steel Group Co., Ltd. ("HBIS"), 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. HBIS is Alderon's strategic partner in the development
of the Kami Project and China's largest steel producer.
Brian Penney, P. Eng., the Chief Operating Officer for Alderon
and a Qualified Person as defined by National Instrument 43-101,
has reviewed and approved the technical information contained in
this news release.
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
This press release contains "forward-looking information"
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 development of the Kami Project; (ii) the schedule and
costs related to the completion of the new multi-user deep water
dock; and (iii) the commencement of construction and commercial
production 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 reserves and resources, the realization
of resource estimates, iron ore and other metal prices, the timing
and amount of future exploration and 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 Property in the short and long-term, the progress
of exploration and development activities, the receipt of necessary
regulatory approvals, the completion of the environmental
assessment process, the estimation of insurance coverage, and
assumptions with respect to currency fluctuations, 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
Property, 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 Property may not be available on
satisfactory terms, or at all, risks related to disputes concerning
property titles and interest, risks related to disputes with
Aboriginal groups, 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.
Contacts: Alderon Iron Ore Corp. Montreal Office 514-281-9434
514-281-5048 (FAX) Alderon Iron Ore Corp. Vancouver Office
604-681-8030 604-681-8039 (FAX) Alderon Iron Ore Corp. Ian Chadsey
Investor Relations 1-514-817-5799 or
1-888-990-7989info@alderonironore.com www.alderonironore.com
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