Alderon Signs Agreement with the Town of Wabush and Receives
Permission for Mineral Extraction
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 27, 2014) -
Alderon Iron Ore Corp. (TSX:ADV)(NYSEMKT:AXX) ("Alderon" or the
"Company") is pleased to announce that The Kami Mine Limited
Partnership ("Kami LP"), an affiliate of Alderon, has signed a
Grant-in-lieu of Municipal Taxes Agreement (the "Agreement") with
the Town of Wabush ("Wabush") with respect to the development of
the Kami Iron Ore Project ("Kami Project") located in western
Labrador.
"This Agreement is the result of our continuous positive working
relationship with the local communities and marks the final
municipal agreement required for our Kami Project," says Tayfun
Eldem, President & CEO of Alderon. "This Agreement will aid
Wabush to continue providing the services that residents,
businesses and future Kami Project employees rely on. We are very
pleased at the support we have received from Wabush."
"We are confident that the Agreement now in place with the Kami
Project will only brighten the future of both the community and
industry," says Wabush Mayor Colin Vardy. "The Kami Project will
ultimately fill the void from the idling of Wabush Mines."
Under the terms of the Agreement, the Kami LP will pay to Wabush
an annual grant-in-lieu of municipal taxes on the Kami Project
mining operations that will be located within the boundary of the
Town of Wabush and its Municipal Planning Area. Kami LP will also
provide a capital projects disbursement to the Town, with the funds
going towards required infrastructure needs. Payments under the
Agreement will commence after initial production occurs at the Kami
Project. As long as Kami LP makes the payments required under the
Agreement, the Town will not seek to charge or assess Kami LP for
any municipal taxes in relation to the Kami Project or the business
carried on by the Kami LP on the Kami Project.
Alderon is also pleased to announce that the Labrador City and
Wabush municipal plan amendments to rezone lands within the Kami
Project area are now in force. The footprint of the Kami Project's
future operations in Labrador is located entirely within the
Municipal Planning Areas of the Town of Labrador City and the Town
of Wabush. The Towns published these amendments in the March 14,
2014 edition of the Newfoundland and Labrador Gazette following
their registration by the Provincial Department of Municipal
Affairs. These amendments were necessary to permit mineral
extraction and mineral workings within the Project area.
In addition, Alderon is pleased to confirm that following the
release of the Kami Project from the Federal and Provincial
Environmental Assessment Process, it has received the federal
Navigable Waters Protection Act Approval pursuant to
subsections 5(1) and (3) of the Navigable Waters Protection
Act and the federal Fisheries Act Authorization
pursuant to Sections 35(2)(b) of the Fisheries Act.
Alderon has now satisfied its obligation to Hebei Iron & Steel
Group to receive the environmental assessment and related approvals
for the Kami Project prior to March 31, 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") 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 future relationship with
the Town of Wabush; and (iii) the benefits of the
Agreement.
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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