ADV Alderon Iron Ore Corp

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES

Alderon Resource Corp. (TSX VENTURE:ADV) ("Alderon") is pleased to announce that
on March 23, 2010, it closed a non-brokered private placement of 1,818,182
flow-through shares of Alderon ("Flow-Through Shares") at a price of $2.75 per
Flow-Through Share for gross proceeds of $5,000,000.50 (the "Flow-Through
Private Placement"). Each Flow-Through Share qualifies as a "flow-through share"
for the purposes of the Income Tax Act (Canada). In connection with the
Flow-Through Private Placement, Alderon paid a cash finder's fee equal to 5% of
the gross proceeds received. Alderon also issued to the finder non-transferable
warrants ("Finder's Warrants") equal to 5% of the Flow-Through Shares sold
through the Flow-Through Private Placement. Each Finder's Warrant may be
exercised for one common share of Alderon at an exercise price of $2.75 per
Finder's Warrant for a period of two years from the closing date.


All securities issued pursuant to the Flow-Through Private Placement are subject
to a four month hold period that expires on July 24, 2010.


The funds raised from the Flow-Through Private Placement will be used by Alderon
for exploration expenditures on its properties and specifically will be used to
conduct a drilling program on the Kamistiatusset ("Kami") iron ore project,
which will constitute Canadian exploration expenditures (as defined in the
Income Tax Act (Canada)) and will be renounced for the 2010 taxation year.


About Alderon

Alderon is a leading iron ore exploration and development company in Canada. The
Kami Project is located within an existing iron ore district and is slated for
near term production. The Alderon team is comprised of skilled professionals
with significant iron ore expertise to advance Kami towards production.


For more information on Alderon and its properties, please visit our website at
www.alderonmining.com.


ON BEHALF OF THE ALDERON BOARD

Mark J. Morabito, President & CEO

Information set forth in this news release may involve forward-looking
statements under applicable securities laws, including statements about the
offering of Flow-Through Shares and use of proceeds there from and statement
about the potential of the Kami Project. Forward-looking statements are
statements that relate to future, not past, events. In this context,
forward-looking statements often address expected future business and financial
performance, and often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or event "may",
"might", "could", "should", or "will" be taken or occur, or other similar
expressions. By their nature, forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause our actual
results, performance or achievements, or other future events, to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include, among others,
the following risks: the risks associated with outstanding litigation, if any;
risks associated with project development; the need for additional financing;
operational risks associated with mining and mineral processing; fluctuations in
commodity prices; title matters; environmental liability claims and insurance;
reliance on key personnel; the potential for conflicts of interest among certain
officers, directors or promoters with certain other projects; the absence of
dividends; competition; dilution; the volatility of our common share price and
volume; and tax consequences to U.S. shareholders. Forward-looking statements
are made based on management's beliefs, estimates and opinions on the date that
statements are made and the Company undertakes no obligation to update
forward-looking statements if these beliefs, estimates and opinions or other
circumstances should change, except as required by applicable law. Investors are
cautioned against attributing undue certainty to forward-looking statements.

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