Alderon Iron Ore Corp. (TSX:ADV) (NYSE MKT:AXX) ("Alderon" or the
"Company") is pleased to announce that it has placed orders for the
autogenous (AG) and ball mills for its Kami Project located in
Canada's premier iron ore district that is surrounded by four
producing iron ore mines. The AG-mill and ball mill are the key
processing equipment in the proposed concentrator as described in
its independent technical reports. The placement of this order is
part of Alderon's strategy to source the long-lead mining and
processing equipment in sufficient time to begin production by the
end of 2015.
An order has been placed with Metso Minerals Canada for the
supply of AG-milling and ball milling systems, which are due for
delivery in Q4 2014, in line with the projected plant commissioning
and start-up in Q4 2015. The AG mill, which is 36 ft. in diameter
and 23 ft. long, the largest diameter commonly used in pinion
driven systems, has a 15 megawatt (MW) power rating. The ball mill
is 22 ft. in diameter and 41 ft. long having a 10 MW rating.
The other key processing equipment that will be ordered in time
includes the crusher, apron feeders, pumps, as well as screens. The
procurement schedule for long-lead items is being managed by the
Engineering, Procurement and Construction Management (EPCM) firm,
WorleyParsons which continues to advance the detailed engineering
for the Kami Project with significant progress to date.
"We continue to make significant progress on the development and
construction of the Kami Project. The ordering of the AG-mill and
ball mill is another critical step in ensuring the timely and
successful development of the Kami Project. The placing of the
order for the two mills is an exciting step for Alderon as these
mills are the cornerstones of our new process plant," said Tayfun
Eldem, President and CEO of Alderon. "This next step in the
construction planning process further validates and meaningfully
de-risks the Kami project and serves as another major milestone on
our way to a successful, high quality iron ore operation ."
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 and construction of the Kami Project; and (ii)
production from 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 514-350-3346
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 1-514-350-3346 or
1-888-990-7989info@alderonironore.com www.alderonironore.com
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