Alderon Resource Corp.
TSX VENTURE : ADV
OTCQX : ALDFF

Alderon Resource Corp.

August 24, 2010 09:00 ET

Alderon Intersects 30% Iron Over 604.5 Metres

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2010) - Alderon Resource Corp. (TSX VENTURE:ADV)(OTCQX:ALDFF) ("Alderon") is pleased to announce the first set of drill results from the ongoing drill program on the Kamistiatusset ("Kami") Iron Ore Project in western Labrador. Assay results have now been received for the first four holes drilled at Kami, and highlights include:

Drill Hole From (meters) To (meters) Length (meters) Total Iron %
K-10-27 53.5 658.0 604.5 29.9
         
K-10-28 23.0 437.0 414.0 24.2
  including 23.0 77.0 54.0 26.0
  and 210.7 437.0 226.3 26.0
  plus 500.6 609.9 109.3 28.1
         
K-10-29 102.6 597.0 494.4 28.8
  including 102.6 415.3 312.7 31.1
  and 481.3 597.0 115.7 31.0
         
K-10-30 52.5 165.1 112.6 29.1

"These first set of results clearly demonstrate the potential of this Project," says Mark Morabito, President & CEO of Alderon. "We are confirming as well as expanding the known zone of mineralization, as we had anticipated."

All four drill holes tested the northeast portion of the Rose Lake Central Zone. Holes K-10-27, K-10-29 and K-10-30 were infill holes around K-08-18 previously drilled by Altius Resources Inc. to confirm the continuity of the zone in preparation for the National Instrument 43-101 resource estimate scheduled for the first quarter of 2011. Hole K-10-28 was collared on the next section 180 meters (m) to the southwest and confirms the extension of the mineralized zone.

Complete assay highlights with drill plan maps and sections are posted on the Alderon website at: http://www.alderonmining.com/projects/kami/

True widths of the reported intercepts vary depending on the angle of the individual drill holes and are estimated to be between 20% and 98% of the core interval as reported. Samples were prepared from sawn NQ-sized half-core sections on site in Labrador. Split drill core samples are then sent to SGS Mineral Services in Lakefield, Ontario for analyses. Total iron analysis is performed using X-ray fluorescence (XRF) and the magnetic component is determined by Satmagan magnetic analysis. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program.

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 surrounded by producing iron ore mines. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.

Alderon's exploration work on the Kami Property is supervised by Edward Lyons, P.Geo., the Chief Geologist for Alderon and a Qualified Person as defined by NI 43-101. Mr. Lyons has verified that the assay results presented above have been accurately summarized from the official assay certificates provided to Alderon.

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

ALDERON RESOURCE CORP.

On behalf of the Board

Mark J. 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.

Contact Information

  • Alderon Resource Corp. - Vancouver Office
    Mark Morabito
    President & CEO
    604-681-8030
    604-681-8039 (FAX)
    or
    Alderon Resource Corp. - Toronto Office
    416-309-2135
    416-861-5887 (FAX)
    info@alderonmining.com
    www.alderonmining.com