Nalcor Confirms Power Supply for Alderon's Kami Project

Nalcor Confirms Power Supply for Alderon's Kami Project 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/10/13 -- Alderon
Iron Ore Corp. (TSX:ADV)(NYSE MKT:AXX) ("Alderon") is pleased to
announce that Nalcor Energy ("Nalcor") has confirmed that Nalcor will
supply power to Alderon's Kami Project subject to certain conditions,
which include the completion of necessary engineering and design work
for power infrastructure, the conclusion of a comprehensive Power
Purchase Agreement, and the receipt of any required environmental or
other regulatory approvals for power infrastructure. Nalcor Energy is
headquartered in St. John's, NL, Canada. Its business includes the
development, generation, transmission and sale of electricity; the
exploration, development, production and sale of oil and gas;
industrial fabrication and energy marketing. 
"We are very pleased that Nalcor has confirmed that power will be
available for the Kami Project," says Tayfun Eldem, President and CEO
of Alderon. "This will fulfill a major infrastructure requirement for
the Kami Project and will allow us to continue to move forward on our
development timeline. We are now engaged with Nalcor in a process
that will lead to the completion of detailed engineering and
conclusion of a mutually acceptable Power Purchase Agreement. This is
very positive news for Labrador West, as this project will bring
tremendous benefits to the region. We are pleased that Nalcor
recognizes the importance of supplying power for industrial
development right here in Labrador."  
Nalcor has established a formal process in advance of Nalcor or
Newfoundland and Labrador Hydro being able to supply power to an
industrial customer in Labrador. The technical process involves three
stages: Stage I - Pre-Project Phase; Stage II - Concept Selection;
and Stage III - Front End Engineering Design. Alderon and Nalcor have
completed Stages I and II of the process. Alderon announced in
December 2012 that it has signed an Agreement with Nalcor for Stage
III and this stage of the process is expected to take 6-8 months to
conclude. Commercial discussions will commence during Stage III of
the process and once commercial terms are agreed upon, a formal Power
Purchase Agreement will be signed by Alderon and Nalcor subject to
environmental and regulatory approvals. The commercial terms and
rates for power, transmission and other infrastructure costs will be
governed by a Labrador Industrial Rates Policy Framework. 
Alderon presented Nalcor with its anticipated annual requirements of
between 60MW and 70MW of power for its operations, assuming that the
Kami Project reaches commercial production. Nalcor was able to
provide Alderon with the confirmation that it will be able to supply
power to the Kami Project, subject to the conditions discussed above. 
About Alderon 
Alderon is a leading iron ore development company in Canada with
offices in Vancouver, Toronto, Montreal, Labrador City and St.
John's. The 100% owned Kami Project is located within Canada's
premier iron ore district and is surrounded by four producing iron
ore mines. The Alderon team is comprised of skilled professionals
with significant iron ore expertise to advance Kami towards
production. 
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" 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 supply of
power by Nalcor; (ii) commercial production from the Kami Project;
(iii) successful negotiation of a Power Purchase Agreement; (iv) the
timelines for completion of formal Nalcor process; and (v) the
receipt of environmental and regulatory approvals.  
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, 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 Property (as
defined herein) in the short and long-term, the progress of
exploration and development activities, the receipt of necessary
regulatory approvals, the completion of the 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 Property may not be available on satisfactory
terms, or at all, risks related to disputes concerning property
titles and interest, 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.
Contacts:
Alderon Iron Ore Corp.
Montreal Office
514-281-9434
514-281-5048 (FAX) 
Alderon Iron Ore Corp.
Vancouver Office
604-681-8030
604-681-8039 (FAX) 
Alderon Iron Ore Corp.
Konstantine Tsakumis
Investor Relations
1-866-683-8030 ext. 232
info@alderonironore.com
www.alderonironore.com