Alderon Iron Ore Corp.: Kami Project Receives Positive
Environmental Assessment Decision from Federal Minister of
Environment and Changes to the Board Take Effect
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 19, 2014) -
Alderon Iron Ore Corp. (TSX:ADV)(NYSEMKT:AXX) ("Alderon" or the
"Company") is extremely pleased to announce that the Federal
Government of Canada has issued the Notice of the Minister of
Environment's Environmental Assessment Decision Statement for the
Kami Iron Ore Project ("Kami Project") in western Labrador.
On February 18, 2014
the Federal Minister of Environment posted the Notice of the
Environmental Assessment Decision Statement. The Decision Statement
sets out the Minister's conclusion that the Kami Project is "not
likely to cause significant adverse environmental effects". As a
result of this determination, the Kami Project may now proceed
subject to the terms and conditions included in any federal permits
or authorizations.
On January 10, 2014
the Cabinet of Newfoundland and Labrador determined that the Kami
Project met the requirements of Part X of the Newfoundland and
Labrador Environmental Protection Act and was released from the
Provincial EA Process. Combined with the favourable decision by the
Federal Minister of Environment, Alderon is now in a position to
move ahead with plans to commence construction. Alderon would like
to thank all stakeholders for participating in this extensive
undertaking.
"The positive
decision of the Federal Minister of Environment marks another
enormous milestone for Alderon as we move forward with the
development of the Kami Project," says Tayfun Eldem, President and
CEO of Alderon. "We now have the green light from both the
Provincial Cabinet and the Federal Minister and can move forward
with our construction plans."
Board
Resignation
Alderon also
announces that Mr. Danny Williams has resigned from the Board of
Directors of Alderon but will remain as a consultant to the Company
in the role of special advisor to the Company. Mr. Williams has
served the Alderon Board with distinction since March of 2012 and
the entire Board thanks Mr. Williams for his contributions during
this period of formative growth for Alderon, as it completed
Environmental Assessment and solidified agreements on power, port,
offtake and other key files. Mr. Williams was an influential Board
member and his advice and active participation were instrumental in
Alderon's achievement of numerous milestones over the last two
years. Alderon looks forward to Mr. Williams' continued involvement
with the Company.
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
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 the Kami Project; and (iii) receipt of permits and
authorizations.
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.Montreal
Office514-281-9434514-281-5048Alderon Iron Ore Corp.Vancouver
Office604-681-8030604-681-8039Alderon Iron Ore Corp.Evelyn
Cox1-866-683-8030 ext.
223info@alderonironore.comwww.alderonironore.com
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