Alderon Iron Ore Corp.: Kami Project Released from Provincial
Environmental Assessment
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 10, 2014) -
Alderon Iron Ore Corp. (TSX:ADV)(NYSEMKT:AXX) ("Alderon" or the
"Company") is extremely pleased to announce that the Government of
Newfoundland and Labrador has released the Kami Iron Ore Project
("Kami Project") in western Labrador from the Provincial
Environmental Assessment ("EA") process.
On January 10th, 2014 the Cabinet of Newfoundland and Labrador
determined that the Kami Project has met the requirements of Part X
of the Newfoundland and Labrador Environmental Protection Act and
is now released from the Provincial EA Process. The Kami Project
still requires release from the Federal EA process which is
expected early this year and is discussed further below.
Alderon would like to thank all stakeholders for participating
in this extensive undertaking that is critical to project sanction.
Alderon looks forward to a positive decision by the Province in the
near future on the next significant milestone which is the
construction of an additional transmission line from Churchill
Falls to western Labrador.
"Release from EA is a huge milestone for the Kami Project. It is
the culmination of over two years of hard work and commitment to
meeting the Provincial regulatory requirements. Our next goal is to
finalize access to power for the Project, which has also been in
the works for over two years," says Tayfun Eldem, President and CEO
of Alderon. "We were very encouraged by the Newfoundland
Government's comments prior to Christmas that indicated a decision
was forthcoming, as they acknowledge the importance of a new
transmission line to facilitate industrial development in western
Labrador. The mining industry has been fortunate to have widespread
support on this issue from Municipal, Provincial and Federal
political leadership as well as key business and trade
associations. All stakeholders agree that construction of a new
transmission line must start immediately, to ensure economic
opportunities are not lost in the region, and we look forward to an
imminent decision on this front."
The Federal Environmental Assessment Process is in its final
stage. The public comment period has closed, no new issues were
raised and, under the Project Agreement for the Kami Project, the
final decision from the Minister of Environment is to be made in
February 2014.
About Alderon
Alderon is a leading iron ore development company in Canada with
offices in Montreal, Vancouver, 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. Its port handling facilities are located in Sept-Iles, the
leading iron ore port in North America. 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; and (iv) the acquisition of permits and the
commencement of construction 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 Project in the short and long-term, the progress
of exploration and development activities, the receipt of necessary
regulatory approvals, the completion of the Federal 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 Project 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.Montreal
Office514-281-9434514-281-5048Alderon Iron Ore Corp.Vancouver
Office604-681-8030604-681-8039Alderon Iron Ore Corp.Evelyn
Cox1-604-681-8030 ext 223 or
1-888-990-7989info@alderonironore.comwww.alderonironore.com
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