Alderon Resource Corp.

Alderon Resource Corp.

January 19, 2010 14:34 ET

Alderon Announces Further Board Appointments on Closing of Pending Acquisition

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 19, 2010) -


Alderon Resource Corp. (TSX VENTURE:ALD) is pleased to announce that the following four individuals will join the board of directors of Alderon on closing of the pending acquisition of a private British Columbia company ("Privco"), by the issuance of 5 million post-consolidated common shares of Alderon. Privco is party to an Option Agreement dated November 2, 2009 with Altius Resources Inc. ("Altius") pursuant to which Privco has the right to acquire a 100% interest in the Kamistiatusset iron ore project in western Labrador. Altius is a wholly owned subsidiary of Altius Minerals Corporation (TSX-ALS). Pursuant to the terms of the Agreement, Altius has consented to the assignment of the Option Agreement to Alderon. Other terms of the Option Agreement are described in the Company's December 2, 2009, December 16, 2009 and January 15, 2010 News Releases.

Stan Bharti - Stan Bharti will bring over 25 years of business, management and financing experience to Alderon. Over the last ten years Mr. Bharti has been involved in acquiring, restructuring, and financing public companies. Mr. Bharti has raised over $2 Billion in public markets over the last five years. His experience in public markets includes acquisitions of companies in Europe, Australia and North America. He holds a Masters Degree in Engineering from Moscow, Russia and University of London, England. Mr. Bharti will be appointed Executive Chairman of Alderon.

Bruce Humphrey - Bruce Humphrey is a mining engineer with over 30 years experience with such major companies as Inco, Cominco and Noranda. He served as the President and Chief Executive Officer of Desert Sun Mining Corp. from October 2004 to April 2006 where he contributed to the successful development of the Jacobina Mine in Brazil. From May 1998 to May 2004, Mr. Humphrey served as Senior Vice President and Chief Operating Officer at Goldcorp Inc. during the re-development of its high-grade Red Lake mine. He is a member of the Professional Engineers of Ontario.

Brad Boland - Brad Boland is a Certified Management Accountant. He was the Chief Financial Officer of Consolidated Thompson Iron Mines Limited until July 2009. From May 2005 to September 2007, he was at Kinross Gold Corp., most recently serving in the position of Vice President, Corporate Controller. Prior to that, from August 1998 to February 2005, Mr. Boland was at Goldcorp Inc., as Corporate Controller and the Vice President, Finance.

Patrick Gleeson - Patrick Gleeson is a practicing corporate finance and securities lawyer. Prior to establishing his own private public company services corp, he was a lawyer at a major Canadian law firm, with a focus on mergers and acquisitions. He holds a J.D. and a M.A. from the University of Toronto, and obtained a B.A. from Queen's University.

At closing of the acquisition of Privco, which will include a 2 for 1 share consolidation, the board of directors of Alderon will consist of Stan Bharti, Mark J. Morabito, Bruce Humphrey, Brad Boland, Jeff Pontius and Patrick Gleeson. It is also intended that Mr. Morabito will be appointed President and CEO of Alderon. The acquisition and the recently announced $10,000,000 private placement remain subject to regulatory approval.

We seek Safe Harbor.


On behalf of the Board

Jeff Durno, CEO/Director

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.
    Jeff Durno
    (778) 331-8505