Alderon Provides Update on Power and Environmental Assessment
Release
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 20, 2013) -
Alderon Iron Ore Corp. (TSX:ADV) (NYSEMKT:AXX) ("Alderon" or the
"Company") provides an update on the power and the environmental
assessment release for its Kami Iron Ore Project ("Kami Project")
in western Labrador.
Power Update
Newfoundland and Labrador Hydro ("NL Hydro") confirmed on
January 10, 2013 that the requisite power will be available for the
Kami Project. NL Hydro has an obligation to supply power to all its
customers within the Province. Following completion of three stages
of engineering, NL Hydro and Alderon have advanced their commercial
discussions and a Power Purchase Agreement is ready for execution
pending the decision from the Provincial Government to expand the
transmission capacity from Churchill Falls to Labrador West.
According to an interview on December 18, 2013 with VOCM News,
Kathy Dunderdale, the Premier of Newfoundland and Labrador,
supports a power line from Churchill Falls to Lab West, not just
because of Alderon but because of the growth in the region. Premier
Dunderdale also said the Government encourages investment and has
been working very closely with Alderon and that Alderon was meeting
with the Minister of Natural Resources on December 18, 2013.
"This meeting with the Minister of Natural Resources did take
place on Wednesday and as with all previous exchanges, it was very
productive. We were informed of the status of power and various
other files under review by the Provincial Government. Following
our discussions with the Minister and his officials, we are
confident that these matters are being pursued diligently and
expeditiously," says Tayfun Eldem, President and CEO of Alderon.
"The Government's approval to build the power line is critical to
Alderon securing the previously announced debt financing and we are
pleased that the Premier has expressed her support for the power
line."
Environmental Assessment Release
The Environmental Assessment process is a dual Federal and
Provincial undertaking. According to VOCM News, Premier Dunderdale
said yesterday that she expects Alderon to be given the final
environmental green light on its Kami Project very early in the New
Year.
Provincial Environmental Assessment process:
The Department of Environment and Conservation of the Government
of Newfoundland & Labrador issued a final Ministerial decision
on the Environmental Impact Statement for the Kami Project on
September 30, 2013. The Environment and Conservation Minister has
determined that no further work is required under the Provincial
Environmental Assessment process. The Kami Project is now awaiting
a final project decision from the Provincial Cabinet and Alderon
understands the conclusion of this process is imminent.
Federal Environmental Assessment process:
The Canadian Environmental Assessment Agency ("the Agency")
released the Comprehensive Study Report on October 28, 2013. On
November 27, 2013 the Agency closed the 30 day public review of the
Comprehensive Study Report, marking the end of the Federal
Environmental Assessment process. Review of the responses received
during the comment period has identified no new issues or fatal
flaws. The Kami Project is now awaiting a final project decision
from the Federal Minister of Environment. The Federal Minister of
the Environment is required to post the final Federal environmental
assessment decision for the Kami Project no later than 12 weeks
from November 27, 2013 and it is anticipated that this decision
will be handed down in early Q1 2014.
"We are extremely excited by the fact that the Provincial and
Federal Environmental Assessment processes have advanced beyond the
regulatory review stage and now await the final decision by the
authorities. During this time, Alderon has been advancing its
project financing, detailed engineering and procurement efforts and
this positions us for a strong start to the New Year," said Mr.
Eldem.
About Alderon
Alderon is a leading iron ore development company in Canada with
offices in Vancouver, 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.
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"
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
development of the Kami Project; (ii) the construction of a new
transmission line and the provision of power for the Kami Project
(iii) the completion of and next steps in the environmental
assessment process; (iv) the commencement of construction and
commercial production of the Kami Project; (v) the ability to
finance the development of the Kami Project; and (vi) the
advancement of detailed engineering and procurement
efforts.
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,
which is included in its Annual Report on Form 40-F filed with the
U.S. Securities and Exchange Commission (the "SEC") or other
reports and filings with applicable Canadian securities regulators
and the SEC. 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.
Alderon Iron Ore Corp.Evelyn Cox1-604-681-8030 ext 223 or
1-888-990-7989info@alderonironore.comwww.alderonironore.comAlderon
Iron Ore Corp.Montreal Office514-281-9434514-281-5048Alderon Iron
Ore Corp.Vancouver Office604-681-8030604-681-8039
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