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News Article | May 11, 2017
Site: www.marketwired.com

VANCOUVER, BC--(Marketwired - May 11, 2017) - Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the "Company") announced that it has filed its financial results for its first quarter ended March 31, 2017. All amounts, unless indicated, are reported in CAD dollars. "We've had a very exciting and busy start to 2017," says Mark Morabito, Chairman and Chief Executive Officer of Alderon Iron Ore. "We effectively re-booted our Kami Project with the release of a re-scoped Preliminary Economic Assessment, strengthened our board, worked with Memorial University in St. John's to prepare an Economic Impact Assessment study showing the significant number of jobs and considerable contributions to government treasuries that Kami will make, and adopted a new trading symbol, IRON. These efforts pave the way for continued advancement of the Kami project and capitalize on improved iron ore fundamentals." Outlook "Our focus in the coming months will continue to center on advancing Kami's development and gaining access to the idled Scully pit for use as a tailings facility," added Mr. Morabito. "Targeted milestones in the near and longer term include the start of a feasibility study, re-assembling the owner's team, awarding an EPCM/EPC contract, resuming detailed engineering activities and securing construction financing." Alderon's Management Discussion and Analysis and Financial Statements for the first quarter 2017 ended March 31, 2017 are available on the Company's website, http://www.alderonironore.com, and via the Company's SEDAR profile. Alderon AGM Alderon is also pleased to announce that it has received Toronto Stock Exchange ("TSX") approval to hold its annual general meeting ("AGM") on September 14, 2017, outside of the TSX requirement that a company hold an AGM within six months of its year end. The previously announced transaction regarding the Wabush Scully Mine (see Alderon news release dated April 5, 2017) may require shareholder approval depending on the final structure and the Company chose to delay the holding of its AGM rather than holding multiple shareholder meetings in short succession. Technical Information The results of the PEA are from, and the EIA was based on, the technical report entitled "Re-Scoped Preliminary Economic Assessment of the Kamistiatusset (Kami) Iron Ore Property, Labrador", dated effective February 28 2017 (the "PEA Report"). The PEA Report was prepared under the supervision of Mr. Angelo Grandillo, P.Eng, of BBA, a Qualified Person as defined by NI 43-101, with contributions from Gemtec and WGM. Mr. Grandillo is a Qualified Person as defined by NI 43-101 and Mr. Grandillo is independent of Alderon. Mr. Grandillo has reviewed and approved the technical information regarding the PEA results. Mr. Grandillo has verified all the data underlying the technical information disclosed with respect to the PEA results. About Alderon 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 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 is part of the King & Bay West group of companies. King & Bay West is a merchant bank and management services company that specializes in identifying, funding, developing and managing growth opportunities in the resource and technology sectors. *The 2012 Feasibility Study used an exchange rate of $1.00CDN = US$1.00 and was in constant Q4-2012 dollars. No escalation or inflation was applied to costs to bring them to Q1-2017 dollars. The exchange rate used in this current PEA is $1.00CDN = US$0.77. 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 details of the re-scoping of the Kami Project including potential capital and operating cost savings, (ii) the market and future price of iron ore and related products; (iii) expected infrastructure requirements; (iv) the ability to access or acquire the Scully Assets, (v) the results of the EIA; and (vi) the results of the PEA Report including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines and production timelines for the Kami Project, (vii) targeted milestones, and (viii) 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 progress of exploration and development activities, the ability of the Company to gain access to the Wabush Scully Mine site, 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, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, risks related to a third party acquiring the Wabush Scully Mine site, 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.


Abdellaoui S.,CNRS Institute of Molecular and Supramolecular Chemistry and Biochemistry | Bekhouche M.,CNRS Institute of Molecular and Supramolecular Chemistry and Biochemistry | Noiriel A.,CNRS Institute of Molecular and Supramolecular Chemistry and Biochemistry | Henkens R.,Alderon Biosciences, Inc. | And 3 more authors.
Chemical Communications | Year: 2013

The electrochemical detection of dehydrogenase activity in crude cell lysates is performed simultaneously using 96 carbon electrodes modified with electrografted phenazines. The method is applied to the screening of a library of formate dehydrogenase mutants obtained by directed evolution. © 2013 The Royal Society of Chemistry.


Abdellaoui S.,CNRS Institute of Molecular and Supramolecular Chemistry and Biochemistry | Noiriel A.,CNRS Institute of Molecular and Supramolecular Chemistry and Biochemistry | Henkens R.,Alderon Biosciences, Inc. | Bonaventura C.,Alderon Biosciences, Inc. | And 2 more authors.
Analytical Chemistry | Year: 2013

The rapid electrochemical screening of enzyme activities in bioelectronics is still a challenging issue. In order to solve this problem, we propose to use a 96-well electrochemical assay. This system is composed of 96 screen-printed electrodes on a printed circuit board adapted from a commercial system (carbon is used as the working electrode and silver chloride as the counter/reference electrode). The associated device allows for the measurements on the 96 electrodes to be performed within a few seconds. In this work, we demonstrate the validity of the screening method with the commercial laccase from the fungus Trametes versicolor. The signal-to-noise ratio (S/N) is found to be the best way to analyze the electrochemical signals. The S/N follows a saturation-like mechanism with a dynamic linear range of two decades ranging from 0.5 to 75 ng of laccase (corresponding to enzymatic activities from 62 × 10 -6 to 9.37 × 10-3 μmol min-1) and a sensitivity of 3027 μg-1 at +100 mV versus Ag/AgCl. Laccase inhibitors (azide and fluoride anions), pH optima, and interfering molecules could also be identified within a few minutes. © 2013 American Chemical Society.


Grant
Agency: Department of Health and Human Services | Branch: National Institutes of Health | Program: SBIR | Phase: Phase II | Award Amount: 554.45K | Year: 2016

DESCRIPTION provided by applicant Lead exposure threatens the health of millions of children yet it is entirely preventable health problem Our project objective is to develop an advanced blood lead test to identify and protect those at risk through blood lead screening tests of children Even very low lead exposure measured by blood lead levels causes irreversible damage especially in very young children resulting in decreased IQ learning disabilities attention deficit disorders behavioral problems stunted growth and other serious individual and societal problems The US Department of Health and Human Services has established an ambitious goal of eliminating lead poisoning in children The Centers for Disease Control has lowered the level of blood lead that calls for concern down to g dL with predictions of settin a lower level of concern in the near future It is generally agreed that no level of lead exposure s safe To aid in this public health effort we propose to develop a new needed clinical blood lead test The Aims of our Phase II research and development project are to produce and validate a low cost diagnostic product by Aim developing an innovative sensor platform capable of sensor based measurement of blood lead levels by Aim developing the platform to meet current and emerging needs of accuracy and precision over the entire range of measurement for child tests down to blood lead levels of g dL using a single drop of blood by Aim producing a new proprietary Metexchange r reagent containing no toxic chemicals that effectively lyse RBC and releases Pb for sensitive and accurate ASV analysis of blood lead levels over the entire clinical range without bias to Graphite Furnace Atomic Absorption Spectroscopy GFAAS and by Aim validating accurate precise and sensitive measurements of total lead levels in clinical blood specimens over the entire range equal to or better than GFAAS No system yet accomplishes this PUBLIC HEALTH RELEVANCE Lead exposure threatens and harms millions of children yet it is an entirely preventable public health problem In children even very low levels of blood lead are associated with lowered IQ and attention de cit disorder and can lead to juvenile delinquency and criminal behavior More sensitive facile and lower cost blood lead tests are needed for screening children in resource poor settings The goal is to identify lead levels in children for medical and environmental remedial action To meet this need Alderon Biosciences is developing a andquot next generationandquot low cost blood lead test system for early diagnosis of childhood lead poisoning


Grant
Agency: Department of Health and Human Services | Branch: | Program: SBIR | Phase: Phase I | Award Amount: 137.33K | Year: 2014

DESCRIPTION (provided by applicant): This Phase I SBIR application is submitted in response to the call by DHHS for new tests for qualitative measurement of HCV RNA for diagnosis of chronic HCV infection in patients. The need is for HCV RNA assays that areas reliable but less expensive and resource-demanding than current molecular assays. The new test proposed for research and development consists of rapid sample isolation, innovative signal amplification, and detection with a new proprietary Alderon biosensor. The innovation in this research lies in the creation of a new, inexpensive, low-cost, assay for HCV RNA by development of integrated RNA isolation and advanced electrochemical (eSystem) detection, whose feasibility and performance characteristics will be investigated in research with three specific aims. In Aim 1, we will seek to demonstrate a simple mode of making the viral RNA in biofluid samples available for our downstream eSystem assays. In Aim 2, we will investigate innovative HCV RNA detec


Grant
Agency: Department of Health and Human Services | Branch: | Program: SBIR | Phase: Phase I | Award Amount: 137.33K | Year: 2013

DESCRIPTION: Lead toxicity is a serious but preventable public health problem in the U.S. and elsewhere in the world. Even at very low levels, ingested lead causes irreversible damage, especially in young children, resulting in decreased IQ, learning disabilities, attention deficit disorders, behavioral problems, stunted growth and other individual and societal problems. The result is significantly decreased health and well-being and increased education and healthcare costs. The U.S. Department of Health and Human Services has established an ambitious goal of eliminating lead poisoning in children. The Centers for Disease Control has recently lowered the reference level of blood lead that calls for action down to 5 ug/dL. However, blood lead levels at and below 5 ug/dL cannot be accurately measured by Lead Care(R), a widely used electrochemical test we invented that is the only existing technology that can deliver blood lead test results at point-of-care. To aid in the effort to eliminate childhood lead poisoning, we propose to develop a better (cheaper, easier, faster, more sensitive, smaller volume) for determining blood lead levels in children at point-of-care. Our research team has developed new materials for this project, and has the experience and expertise needed to create the advanced technology for on-sensor sample handling and more accurate electrochemical lead assays. The Aims of our Phase I research are to create and demonstrate the utility of innovative biosensors that eliminate the need for pre-test specimen preparation (Aim 1) with a limit of detection of 2 ug/dL to meet current and emerging needs (Aim 2) for precise, selective and sensitive measurement of lead in clinical blood specimens (Aim 3). We will research key variables that influence performance and cost of blood lead tests as we carry out research on these Aims. The key innovation we propose is the creation and development of a completely new biosensor, one that can support Anodic Stripping Voltammetry (ASV) assays of blood lead with smaller samples and without any pre- test sample processing. Research will show that the new One Touch biosensors can provide the sensitivity, dynamic range and accuracy needed for blood lead testing to help eliminate lead poisoning in children. Accomplishment of our three Specific Aims will show the feasibility and cost benefits of the proposed new technology and set the stage for further development of a new product, One Touch Lead Care that can deliver results at point-of-care with lower cost and unprecedented simplicity. The high significance and impact of this project lies in the fact that point-of-care tests using the proposed One Touch approach would provide doctors with immediate knowledge of poisoned children minimize loss of children whose parents donot return for followup, and aid in discovery and elimination of environmental lead sources that poison children. PUBLIC HEALTH RELEVANCE PUBLIC HEALTH RELEVANCE: Lead poisoning threatens and harms millions of children, yet is entirely preventable. More sensitive point-of- care blood lead tests are needed to help identify and help protect these children. Alderon Biosciences proposes to meet this need by developing a new biosensor that can support ASV determinations of blood lead levels withoutany pre-test sample processing, and by validating its use in a new product, One Touch Lead Care, to provide more sensitive and less costly testing of blood lead levels in children at point-of-care.


VANCOUVER, BC--(Marketwired - February 28, 2017) - Alderon Iron Ore Corp. (TSX: ADV) ("Alderon" or the "Company") is pleased to announce that it has received the results of the preliminary economic assessment ("PEA") on the Rose Deposit of the Kamistiatusset ("Kami") Iron Ore Property in Western Labrador. The PEA was prepared as a result of a re-scoping exercise of the capital and operating costs of the Kami Project, which was necessary in order to identify the savings that arose as a result of the depressed state of the market that existed over the last several years, changes in ownership and management of assets in the Labrador Trough (including the acquisition by Société du Plan Nord of rail and port infrastructure) and the idling of the neighbouring Wabush Scully Mine (please see news release dated October 19, 2016). With market conditions now improving, it is an ideal time for the completion of the re-scoping exercise. "The completion of the PEA marks the beginning of the re-boot of the Kami Project in the new economic environment for iron ore," said Mark Morabito, Chairman and CEO of Alderon. "The Company has completed the economic analysis using an iron ore price assumption that is well below the current spot price, adjusted for 65% iron content and low impurities. The Wabush Scully Mine, which was operated from 1965-2014, is depleted of economic ore reserves. The Kami Project can utilize the depleted pit at Wabush as a tailings solution and bring much needed jobs and economic development to the region with a 29-month construction period, followed by a 24-year mine life. The PEA demonstrates that the capital and operating costs of the Kami Project have been significantly reduced in the current environment and the project has attractive economics at an iron ore price that is well below the current spot price." The PEA replaces the previous 2012 Feasibility Study NI 43-101 report (the "2012 Feasibility Study") as the current technical report for the Kami Project. Significant portions of PEA remain unchanged from the Feasibility Study, including sections relating to geology, exploration, drilling, sampling and data verification, and the mineral resource estimate. The current PEA includes the replacement of the port handling and terminal facilities in the Pointe-Noire area of ​​Sept-Îles, Québec, with proposed access to the new multi-user terminal facility at the Port of Sept-Îles that will be open to all market participants, and the integration of the Wabush Scully Mine property as a tailings solution. The present study was prepared as a PEA, not a feasibility study, as a result of the proposed integration of the Wabush Scully Mine property. The Company currently does not have access to the Wabush Scully Mine property to complete the additional engineering and technical work that would be required for the preparation of a feasibility study. For additional information, see below under the heading "Comparison to 2012 Feasibility Study." 100% of the production from the Kami Project has been pre-sold under the terms of off-take agreements with Hesteel Iron & Steel Group Co., Ltd. (formerly Hebei Iron & Steel Group Co., Ltd.) ("Hesteel") and a subsidiary of Glencore plc. The FOB concentrate sales price, which is 36% lower than the long-term price used in the 2012 Feasibility Study, was calculated based on the terms of these off-take agreements. Further details regarding the concentrate sale price are set out below in this news release. The PEA was completed by BBA Inc. ("BBA") located in Montreal, Quebec, Gemtec Limited ("Gemtec") located in St. John's, Newfoundland & Labrador and Watts, Griffis and McOuat Limited ("WGM") located in Toronto, Ontario, and is effective as of February 28, 2017. The technical report (the "Report") summarizing the results of the PEA and prepared in accordance with National Instrument ("NI") 43-101 compliant will be filed on SEDAR and Alderon's website within 45 days of this news release. The results of the PEA are based on 100% ownership of the Kami Project. The Kami Project is held through The Kami Mine Limited Partnership ("Kami LP"), as to 75% by Alderon and 25% by Hesteel. In addition, the results of the PEA disclosed in this press release are expressed in USD and pre-tax (except where otherwise indicated). Alderon has engaged Strategic Concepts, Inc. of St. John's, Newfoundland to update the economic impact assessment of the Kami Project previously released in June of 2012 for the Provinces of Newfoundland & Labrador and Québec (the two regions where the Kami Project has the largest impact) and all other regions across Canada. The updated economic impact analysis will be released in the near future. The completion of this study also forms the basis for Alderon to resume its financing and development efforts for the Kami Project. The PEA demonstrates robust project economics. Based on a production rate of 7.8 million tonnes per year of iron ore concentrate at a grade of 65.2% iron, the PEA shows a Net Present Value ("NPV") of US$1,377 million at a cash flow discount rate of 8%. The internal rate of return ("IRR") for the project is 23.8%. The level of accuracy of the PEA is considered to be +/-30% and an exchange rate of $1.00CDN = US$0.77 was used. On a post-tax basis, the PEA shows a NPV of US$712 million at a cash flow discount rate of 8%. The post-tax IRR for the project is 17.9% and the payback period is 4.7 years. The post-tax analysis is based on a number of assumptions which will be fully set out in the Report. Based on the assumption that commercial production would begin 29 months after the start of construction and would continue for 24 years, the following results were obtained: Total capital expenditures (including contingency) are estimated at US$897.5 million. The capital cost estimate excludes closure costs and sustaining capital, which are expected to be in the order of $30.7 million and $254.6 million respectively for the life of the project. These costs are included in the financial analysis for the project. The PEA assumes a Concentrate CFR selling price of US$79.30/tonne. This price was calculated using the 3-year trailing average price of US$69.40/tonne for the Platts IODEX 62% Fe, CFR North China, adding the spot Fe premium of US$12.50/tonne and applying the discounts and premiums from the Hebei and Glencore agreements. The final price of concentrate loaded in ship (FOB) at Port of Sept-Îles assumed in the financial analysis is US$65.30/tonne. The final price is determined after applying shipping costs estimate at US$14/tonne. Shipping costs were estimated based on a study performed by a reputed company retained by the Kami LP. Average life-of-mine ("LOM") operating costs, including annual costs for leasing of equipment (purchase value of US$166.8 million), are estimated at US$31.08/tonne of concentrate. During the life of the project, items of leased equipment are replaced as they reach the end of their service life and these replacement costs are capitalized and reflected as part of the sustaining capital expenditures. Average LOM operating costs are based on the following: This present PEA replaces the 2012 Feasibility Study as the current technical report on the Kami Project. Significant portions of PEA remain unchanged from the Feasibility Study, including sections relating to geology, exploration, drilling, sampling and data verification, and the mineral resource estimate. Other sections such as mineral processing, mining methods, recovery methods, environmental studies, permitting and market studies were updated based on work done and developments since the 2012 Feasibility Study was published, including detailed engineering, completion of the environmental assessment process and execution of key project agreements. However, the present study was prepared as a PEA and not a feasibility study as a result of the following: The present study is therefore qualified as a Preliminary Economic Assessment. As such, NI 43-101 guidelines do not permit the disclosure of mineral reserves. Although NI 43-101 allows the use of inferred resources to be included in an economic analysis for a PEA, as long as the appropriate cautionary language is used to qualify such an analysis, Alderon and BBA have chosen not to include inferred resources in the economic analysis of this present PEA and thus includes only resources that have been classified as measured and indicated. The results of the 2012 Feasibility Study are presented for comparative purposes with the results of the PEA in the table below (pre-tax and in USD): Despite the significant reduction in initial and sustaining capital costs as well as operating costs, the NPV and IRR are lower and the payback period is longer than the 2012 Feasibility Study in large part due to the 36% reduction in the long-term FOB concentrate sales price forecast per tonne. There are two key changes that have resulted in the significant reduction in initial and sustaining capital costs. The first is the re-scoped Tailings Management Facility (TMF) which proposes to utilize the existing Wabush Scully Mine open pits for tailings disposal. In addition to the capital cost savings, this will provide a significant reduction in greenfield footprint and a net benefit to the Wabush Scully Mine property relative to the current closure scenario of allowing the pits to partially flood and otherwise leave them as-is and the demolition of existing infrastructure. The second key change is with respect to the port terminal facilities. Specifically, on March 8, 2016 the Government of Quebec became the owner of rail, stockyard and terminal facilities located in Pointe-Noire area of the Port of Sept-Ȋles. The Government of Quebec acquired these facilities from Cliffs Natural Resources and has announced its plans to use these assets to create a multi-user terminal facility at the Port of Sept-Îles that will be open to all market participants. The multi-user facility may be accessed by participants as either a partner in a newly formed limited partnership or as a non-partner regular user. The Kami LP's ability to access the multi-user terminal facility will result in a significant capital cost savings as it will no longer need to construct its own stockyard and material handling facilities. The multi-user terminal facility will allow the Kami LP to connect to the completed multi-user dock facility that the Kami LP has an existing contract to ship 8 million tonnes per annum of material through. The mineral resources are reported in accordance with NI 43-101 and Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and their Guidelines. The mineral resource estimate for the Kami Project is set out below. WGM was retained to audit an in-house estimate completed by Alderon. Mr. Michael Kociumbas, P.Geo. with independent firm, WGM, is a Qualified Persons as defined by NI 43-101 and is responsible for reviewing and approving this mineral resource estimate and the QA/QC associated with the estimate. Mr. Kociumbas has verified, reviewed and approved the technical data contained in this news release and underlying sampling, analytical and test data. The mineral resource estimate has been prepared using a 15% Total Fe cut-off grade, is effective December 17, 2012. The mineral resource estimate for the Kami Project was completed in Gemcom™ using block sizes of 15 m x 15 m x 14 m for Rose Central and Rose North and 5 m x 20 m x 5 m for Mills Lake and is based on results from 209 diamond drillholes at Rose Central and Rose North (170 holes) and Mills Lake (39 holes) zones totaling 62,247 m. These holes were drilled within the iron mineralization for approximately 2,000 m of strike length and a range of 200 to 400 m of width for Rose Central and Rose North. The holes were drilled on section lines that were spaced 100 m apart for both deposits in the main area of mineralization. For the geological modelling, 3-D bounding boxes defining the maximum extents of the Rose and Mills Lake deposit areas were created. The boxes extended approximately 200 m along strike from the outermost drillholes in each area. Mineralized boundaries extended up to a maximum of about 400 m on the ends of the zones and at depth where there was no/little drillhole information, but only if the interpretation was supported by drillhole intersections on adjacent cross sections or by solid geological inference. Only the measured and indicated mineral resources within the Rose Deposit, which consists of the Rose Central and the Rose North deposits, have been considered in the PEA. The mineral resources within the Mills Lake Deposit, and the inferred mineral resources within the Rose Deposit, have not been considered in the economic analysis of this PEA. The mineral resources included within the PEA mine plan ("In-Pit Mineral Resources") for the Rose Deposit, which consider the pit design parameters and include mining dilution and losses, total 536.8 Mt with an average grade of 28.6% TFe. The total stripping is estimated at 698.5 Mt, which includes 128.5 Mt of overburden and which results in a stripping ratio of 1.3 to 1. The In-Pit Mineral Resources consider a cut-off grade of 15% TFe. The table below presents a summary of the In-Pit Mineral Resources. The re-scoped Kami Project is located on two sites: the Kami open pit mine area and the Wabush Scully Mine site. A conceptual project plot plan has been developed for the PEA. The following approach was taken in order to develop the conceptual site plan: The proposed project will produce 7.8 million metric tonnes of 65% iron, low impurity iron ore concentrate per year and will ship concentrate to market via the Port of Sept-Îles facilities at Pointe Noire, Quebec. Mineral processing and concentrate handling for the Project will involve the following steps: A project schedule has been established that starts at the point where construction financing is in place, detailed engineering has been completed, and permits have been obtained such that construction can commence: Prior to construction commencing the Company will have to complete a feasibility study for the re-scoped Project, re-assemble the owner's team, award an EPCM/EPC contract, resume detailed engineering, and have construction financing in place. This process could take several months to complete once it is commenced. A NI 43-101 Technical Report will be filed on SEDAR and on Alderon's website within 45 days of the date of this news release. The Report will consist of a summary of the PEA. The Report is being prepared under the supervision of Mr. Angelo Grandillo, P.Eng, of BBA, a Qualified Person as defined by NI 43-101, with contributions from Gemtec and WGM. Mr. Grandillo is a Qualified Person as defined by NI 43-101 and Mr. Grandillo is independent of Alderon. Mr. Grandillo has reviewed and approved the technical information contained in this news release, with the exception of the mineral resource estimate which was reviewed and approved by WGM as noted above. Mr. Grandillo has verified all the data underlying the technical information disclosed in this news release. Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by Hesteel Group Co. Ltd. (formerly Hebei Iron & Steel Group Co. Ltd.) ("Hesteel") through The Kami Mine Limited Partnership, is located within Canada's premier iron ore district 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. Hesteel 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 is part of the King & Bay West Group ("KBW") of companies. KBW is a merchant bank and management services company that specializes in identifying, funding, developing and managing growth opportunities in the resource and technology sectors. 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 details of the re-scoping of the Kami Project including potential capital and operating cost savings, (ii) the estimation of mineral resources; (iii) the market and future price of iron ore and related products; (iv) the negotiation and conclusion of infrastructure contracts; (v) expected infrastructure requirements; (vi) the ability to access the Wabush Scully Mine site, (vii) the use of the multi-user terminal facility at the Port of Sept-Îles; and (viii) the results of the PEA including statements about future production, future operating and capital costs, the projected IRR, NPV, payback period, construction timelines and production timelines for 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 progress of exploration and development activities, the ability of the Company to gain access to the Wabush Scully Mine site, 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, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, risks related to a third party acquiring the Wabush Scully Mine site, 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.


News Article | October 28, 2016
Site: www.marketwired.com

VANCOUVER, BC--(Marketwired - October 25, 2016) - Alderon Iron Ore Corp. (TSX: ADV) ("Alderon" or the "Company") at the request of IIROC Market Surveillance, on behalf of the Toronto Stock Exchange, announces that the Company is not aware of any material undisclosed development at this time that would cause the recent upward movement in the Company's share price. Recent developments regarding the Company's re-scoping process on the Kami Iron Ore Project are disclosed in the Company's press release dated October 19, 2016. Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by Hesteel Group Co. Ltd. (formerly Hebei Iron & Steel Group Co. Ltd.) ("Hesteel") through The Kami Mine Limited Partnership, is located within Canada's premier iron ore district 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. Hesteel 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.

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