VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 1, 2013) - Alderon Iron Ore Corp. (ADV.TO)(NYSE MKT:AXX) ("Alderon" or the "Company") is pleased to announce the appointment of Mr. Brian Penney as Chief Operating Officer of Alderon effective immediately. Mr. Penney previously worked for the Iron Ore Company of Canada ("IOC"), a Rio Tinto subsidiary, for more than 15 years. During this period Mr. Penney held many senior roles including General Manager of Processing Operations, General Manager of Mining Operations and General Manager of Integrated Planning. Not only does Mr. Penney have extensive operating experience in iron ore, he also has a great deal of knowledge working within the Labrador Trough.
Mr. Penney's twenty years of experience in the mining sector also includes senior operating and environmental positions in the gold industry. He is a professional engineer and holds a Bachelor of Engineering Degree in Metallurgy from the Technical University of Nova Scotia (TUNS). Mr. Penney is returning to Alderon after spending time as the President & Chief Executive Officer of Ridgemont Iron Ore Corp. Ridgemont has recently announced a transaction whereby all of its common shares will be acquired by a Newfoundland focused gold exploration company.
"Brian and I worked together for many years at IOC and Rio Tinto and I am excited to have someone of his calibre re-join the Alderon team to drive the Kami Project straight through to production," says Tayfun Eldem, President and CEO of Alderon. "I am pleased that we are adding such expertise to our management team which already has extensive hands-on experience in the Labrador Trough and the iron ore sector. Brian's rich background and qualifications will be invaluable as we pursue our aggressive plans towards production."
Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John's and Labrador City. The Kami Project, owned 75% by Alderon and 25% by Hebei Iron & Steel Group Co. Ltd. ("HBIS"), 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. HBIS is Alderon's strategic partner in the development of the Kami Project and China's largest steel producer.
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 development and construction of the Kami Project; and (iii) production from 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 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 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, risks related to disputes with Aboriginal groups, 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.
- Commodity Markets
- Investment & Company Information
- Iron Ore Company of Canada