Alderon Iron Ore Corp. (TSX:IRON)
("
Alderon" or the “
Company”) is
pleased to announce that Alderon’s Chief Executive Officer, Tayfun
Eldem, successfully led a recent trip to China in support of the
financing plan for the Kami Project.
The trip consisted of several meetings with
Chinese engineering firms and equipment suppliers as well as
Chinese banking institutions and HBIS Group Co., Ltd. Alderon
is focused on increasing the Chinese content for the Kami Project
in order to access additional sources of financing from China and
continues to work with Chinese banking institutions on potential
financing structures for the development of the Kami Project. Mr.
Eldem was joined by Honorable Siobhan Coady, Minister of Natural
Resources for Newfoundland and Labrador at the meetings with senior
representatives of HBIS Group Co. Ltd and the Chinese banking
institutions.
Alderon would also like to thank the Canadian
Ambassador to China, Hon. John McCallum, for hosting a luncheon at
his residence for representatives of Alderon, the Honourable
Siobhan Coady, Minister of Natural Resources for Newfoundland and
Labrador and senior representatives of HBIS Group Co., Ltd.
About Alderon Iron Ore
Corp.
Alderon is a leading iron ore development
company in Canada. The Kami Project, owned 75% by Alderon and
25% by HBIS Group Co. Ltd. (formerly Hebei Iron & Steel Group
Co. Ltd.) (“HBIS”) through The Kami Mine Limited Partnership, is
located within Canada’s premier iron ore district, the Labrador
Trough, and is surrounded by two producing iron ore mines. Its port
handling facilities are located in Sept-Îles, the leading iron ore
port in North America. HBIS is Alderon’s strategic partner in the
development of the Kami Project and China’s second 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"Tayfun Eldem"Director &
CEO
Alderon is part of the King & Bay group of
companies. King & Bay is a merchant bank that specializes in
identifying, funding, developing and supporting growth
opportunities in the resource, aviation, and technology
sectors.
For further information please
call:
Jennifer Paterson, Director of Corporate
Development1-604-681-8030 ext 248info@alderonironore.com
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
financing plan for the Kami Project; (ii) future demand for
production from the Kami Project; and (iii) the next steps in the
development of the Kami Project.
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 resources, the
realization of resource estimates, iron ore and other metal prices,
the timing and amount of future 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 repayment
of the secured note held by Liberty Metals & Mining Holdings
LLC that is due December 31, 2018 (the “Liberty Note”), the
progress of exploration and development activities, the ability of
the Company to use the multi-user terminal facility at the Port of
Sept-Îles, the receipt of necessary regulatory approvals, the
estimation of insurance coverage, assumptions with respect to
currency fluctuations and exchange rates, 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 Project, 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, the risk that funds are not
available to repay the Liberty Note; risks related to
disputes concerning property titles and interest, risks related to
disputes with Aboriginal groups, risks related to insufficient
capacity being available for the Company to access the multi-user
terminal facility at the Port of Sept-Îles, 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, or other reports and filings with
applicable Canadian securities regulators. 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.