Alderon Provides Update on Kami Drill Program
10 August 2010 - 11:00PM
Marketwired
Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF)(PINK
SHEETS: ALDFF) ("Alderon") is pleased to announce that it has
completed a total of 6,824 meters (m) in 20 drill holes to date on
the Kamistiatusset ("Kami") Iron Ore Project in western Labrador.
Of the 20 completed holes, 19 holes intersected iron oxide
mineralization. The most notable hole is K-10-27, which commenced
in iron formation from surface and continued to intersect
mineralization to a length of 656m. Assay results for the first set
of holes are expected within the next 2 weeks.
All 20 holes have been focused on the Central Rose Lake Target
and represent 27% of the total drill program planned for 2010. The
Central Rose Lake drilling is expected to be completed by the end
of August. Drilling will then focus on the Mills Lake Target and
the areas just north and south of the Central Rose Lake Target.
A new zone, the SW Rose Target, is the southwest extension of
the Central Rose Lake Target and will also be drill tested this
year. This zone has a prominent linear and relatively wide magnetic
anomaly that extends over 1.5 km into Quebec. To test the zone, the
2010 drill program has been expanded from 20,000m to 25,000m. This
increase in drilling will be achieved by adding 2 extra drills to
the program, for a total of 5 drills turning on the property by the
end of September 2010.
The current drill plan map is posed on the Alderon website at:
http://www.alderonmining.com/_resources/kami/2010_Diamond_Drilling.jpg
Expansion of Property
An additional 92 claims were staked to the east of, and
contiguous to, the Kami Property. These new claims cover an area
for future production facilities including the proposed
tailings/conveyor area. The northern boundary of these new claims
border the Wabush Mines claims that belong to Cliffs Natural
Resources, as well as claims belonging to Rio Tinto Exploration.
Bell Geospace will conduct an airborne gravity survey over the new
claims for condemnation and first pass exploration testing in
mid-September.
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.
Edward Lyons, P.Geo., the Chief Geologist for Alderon and a
Qualified Person as defined by NI 43-101, has reviewed and is
responsible for the technical information contained in this news
release.
For more information on Alderon, please visit our website at
www.alderonmining.com.
ALDERON RESOURCE CORP.
On behalf of the Board
Mark Morabito, President & CEO
This new release may contain forward-looking statements. These
statements are based on current expectations and assumptions that
are subject to risks and uncertainties. Actual results could differ
materially because of factors discussed in the management
discussion and analysis section of our interim and most recent
annual financial statement or other reports and filings with the
TSX Venture Exchange and applicable Canadian securities
regulations. We do not assume any obligation to update any
forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Alderon Resource Corp. - Vancouver Office Mark
Morabito President & CEO 604-681-8030 604-681-8039 (FAX)
Alderon Resource Corp. - Toronto Office 416-861-5877 416-861-5887
(FAX) info@alderonmining.com www.alderonmining.com
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