Alderon and the Innu Nation of Labrador Sign Impacts and Benefits
Agreement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 23, 2014) -
Alderon Iron Ore Corp. (TSX:ADV)(NYSEMKT:AXX) ("Alderon" or the
"Company") and the Innu Nation of Labrador ("Innu Nation") are
pleased to announce that The Kami Mine Limited Partnership ("Kami
LP"), an affiliate of Alderon, has signed an Impacts and Benefits
Agreement ("IBA") with respect to the development of the Kami Iron
Ore Project ("Kami Project") located in western Labrador. The IBA
is a life-of-mine agreement that establishes the sharing of
benefits that will ensure a continued positive relationship between
the Innu Nation and the Kami LP. The IBA represents full and final
settlement to the Innu Nation.
"The successful conclusion of the IBA further strengthens
Alderon and the Kami LP's positive working relationship with the
Innu Nation," says Mark Morabito, Executive Chairman of Alderon.
"This IBA is the result of over three years of consultation and
negotiation and we look forward to a beneficial future for both
parties as we continue to develop the Kami Project."
"We are pleased with this IBA as it gives financial benefits to
the Innu people and opportunities for business contracts and jobs
as well as environmental protection for Innu traditional pursuits,"
says Innu Nation Grand Chief Prote Poker.
By entering into the IBA, the Innu Nation has given its consent
and support to the Kami Project in keeping with the provisions of
the Agreement. In return, the Innu Nation will benefit through
economic opportunities for community members including employment,
training, business opportunities and financial benefits. The IBA
also provides for various measures to ensure environment and
cultural heritage protection, including the establishment of an
environmental monitoring committee. The IBA does not contain any
restrictions that would prevent the Kami LP from entering into
agreements with other Aboriginal groups.
The Innu Nation asserts constitutionally protected aboriginal
rights over the area of the Kami Project and is currently engaged
in negotiations with Canada and Newfoundland and Labrador to
complete a Final Land Rights and Self Government Agreement.
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") through The Kami Mine Limited
Partnership, 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
INNU NATION OF LABRADOR
On behalf of the Innu Nation
Prote Poker, Grand Chief
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 future relationship with
the Innu Nation; and (iv) the benefits of the IBA.
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
Cox604-681-8030 ext 223 or
1-888-990-7989info@alderonironore.comwww.alderonironore.comInnu
Nation of LabradorMark NuiIBA Negotiator709-478-8943
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