Retransmission: Alderon Closes C$119.9 Million Contribution by Hebei Iron & Steel Group

Retransmission: Alderon Closes C$119.9 Million Contribution by Hebei Iron & 
Steel Group 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/17/13 -- Alderon
Iron Ore Corp. (TSX:ADV)(NYSE MKT:AXX) ("Alderon") is pleased to
announce that Hebei Iron & Steel Group Co., Ltd. ("HBIS") has
contributed the remaining C$119.9 million of its initial investment
and Alderon has contributed the Kami iron ore project ("Kami
Project") to a limited partnership (the "Kami Limited Partnership")
which is owned 25% by HBIS and 75% by Alderon. HBIS is China's
largest steel producer.  
This concludes HBIS's initial strategic investment, first announced
on April 13, 2012, into both Alderon and its Kami Project for an
aggregate amount of C$182.2 million, in exchange for 19.9% of the
outstanding common shares of Alderon (completion announced on
September 4, 2012) and a 25% interest in the Kami Limited Partnership
which was established to own the Kami Project. Alderon has the
remaining 75% interest in the Kami Limited Partnership. 
Mark Morabito, Executive Chairman of Alderon, said, "Alderon is very
pleased with its long term partnership with HBIS, China's largest
steel company and among the largest steel groups in the world. The
conclusion of this strategic investment further validates and
meaningfully de-risks the project and leads the way to successful
development of the Kami Project into a high quality iron ore mine." 
The entire C$119.9 million of investment proceeds contributed by HBIS
will be used for the continued development of the Kami Project. In
addition, Alderon and HBIS will be required to contribute to capital
expenditures for the development of the Kami Project not covered by
initial capital contributions and project debt financing, in
accordance with their respective interests subject to the terms of
the agreement governing the Kami Limited Partnership. 
In connection with the C$119.9 million contribution, Alderon has
provided confirmations to HBIS with respect to certain information
rights related to the development of the Kami Project and the
expenditure of the C$119.9 million contribution. In addition, Alderon
has agreed that in the event that the environmental assessment and
related approvals for the Kami Project are not obtained by March 31,
2014, Alderon will be required to pay to HBIS C$3 million per month
for each whole month until such approvals are obtained. 
Tayfun Eldem, the President and CEO of Alderon, said, "The conclusion
of this transaction with HBIS marks a significant milestone in the
development of the Kami Project and further strengthens our potential
to finance the remainder of the capital for the Kami project through
global financial markets, including Chinese banks. Alderon now has
both the initial capital and the China market access to build a
leading company. We believe that this strategic partnership
solidifies our ability to become the next major iron ore producer in
the Labrador Trough. In addition, Alderon management is highly
confident that the environmental assessment release and related
approvals for the Kami Project will be obtained during the current
calendar year, well in advance of March 31, 2014." 
As part of the strategic partnership transaction, HBIS is obligated
to purchase upon the commencement of commercial production, 60% of
the actual annual production from the Kami Project up to a maximum of
4.8 million tonnes of the first 8.0 million tonnes of iron ore
concentrate produced annually at the Kami Project. The price paid by
HBIS will be based on the monthly average price per DMT for iron ore
sinter feed fines quoted by Platts Iron Ore Index (including
additional quoted premium for iron content greater than 62%) ("Platts
Price"), less a discount equal to 5% of such quoted price. HBIS will
also have the option to purchase additional tonnage at a price equal
to the Platts Price, without any such discount. In addition, HBIS
agrees to use its best efforts to assist in obtaining project debt
financing for the Kami Project from financial institutions, including
Chinese banks, and HBIS has agreed to co-operate with Alderon in its
efforts to attract additional off-take partners in respect of the
annual production from the Kami Project that has not been committed
to HBIS.  
For more information relating to the strategic partnership please
review news releases issued by Alderon on September 4, 2012 and April
13, 2012.  
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
For more information on Alderon, please visit our website at 
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 use of
proceeds from the HBIS transaction; (ii) the funding by HBIS of costs
of developing the Kami Project; (iii) the terms of the off-take
agreement with HBIS; (iv) HBIS's efforts to assist with project
financing and an additional off-take partner; (v) Alderon's ability
to finance the capital required to develop the Kami Project; (vi) the
development of and production from the Kami Project; and (vii) the
timing of environmental assessment release and related 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
Alderon Iron Ore Corp.
Ian Chadsey
Investor Relations
514-817-5799 or 888-990-7989 
Alderon Iron Ore Corp.
Vancouver Office
604-681-8039 (FAX)
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