Alderon Clarifies Technical Disclosure
18 April 2011 - 11:16PM
Marketwired
Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF) ("Alderon"
or the "Company") announces that as a result of a review by the
British Columbia Securities Commission ("BCSC"), we are issuing
this news release to clarify our disclosure.
The BCSC identified the following National Instrument 43-101
("NI 43-101") compliance issues in the Company's website, corporate
presentation, investor relations material and MD&A:
-- On its website, corporate presentation and investor relations material,
the Company disclosed global resources for the Kamistiatusset ("Kami")
Iron Ore Project that add inferred mineral resources to other
categories.
-- In its corporate presentation, the Company reported the results of an
economic evaluation; including expected capital costs, operating costs,
and mine life that are based on Consolidated Thompson's adjacent Bloom
Lake Mine and the Company has not completed an economic evaluation on
its own Kami Project.
-- On its website, investor relations materials, corporate presentation and
MD&A, the Company discloses the quantity and grade of a potential
mineral deposit and did not include the required disclaimer language or
the basis on which the quantity and grade had been determined.
-- On its website, investor relations materials, corporate presentation,
and MD&A, the Company did not identify and disclose the relationship to
the Company of the qualified person who approved, prepared or supervised
the preparation of the technical information disclosed therein.
While the Company dedicated significant internal resources to
verify the information contained above, the disclosure to the
public through the Company's website and delivery of certain
information in the corporate presentation, investor relations
materials and MD&A was not in complete compliance with NI
43-101.
The Company wishes to clarify this information as follows:
-- The global resource statements regarding the Kami Project are grouped
resources and non-NI-43-101 compliant. The Company retracts its
disclosure of the global resource numbers for the Kami Project and
clarifies that the NI 43-101 compliant resource on the Kami Project
property consists of an indicated iron ore resource of 490 million
tonnes at 30.0% iron and an additional inferred resource of 118 million
tonnes at 30.3% iron based on a cut-off grade of 20% iron. (see April 5,
2011 press release for further information).
-- The Company clarifies that the results of an economic evaluation
included in its corporate presentation; including expected capital
costs, operating costs, and mine life, are based on Consolidated
Thompson's adjacent Bloom Lake Mine and the Company has not yet
completed an economic evaluation on its own Kami Project. There is no
certainty the Alderon's Kami Project will have the same capital costs,
operating costs or mine life as Consolidated Thompson's Bloom Lake Mine.
-- Potential additional resources are conceptual in nature only; there has
been insufficient exploration to define an increased mineral resource
outside the current NI 43-101 compliant resource which consists of an
indicated iron ore resource of 490 million tonnes at 30.0% iron and an
additional inferred resource of 118 million tonnes at 30.3% iron based
on a cut-off grade of 20% iron. It is uncertain if further exploration
will result in the delineation of any additional mineral resources.
Estimates for potential additional resources are reported as exploration
targets based on the presence of step-out mineralized drill holes, known
mineralized zones open along strike and geophysically anomalous areas
from data received by the Company.
-- Content of the website, investor relations materials, corporate
presentation and the MD&A failed to indicate that the disclosure was
approved by a Qualified Person as defined by NI 43-101. Going forward,
all website content and materials distributed to the public will provide
disclosure that it was prepared under the supervision of a Qualified
Person.
The Company retracts the prior investor presentation and has
updated and provided a new presentation to replace the prior
presentation, which is available on the Company's website at
www.alderonmining.com.
In those instances where the Company has retracted, revised,
clarified or updated previous disclosure, the Company advises
readers not to rely on such statements as they may continue to be
found in the public domain.
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 Project 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 reviewed
and is responsible for the technical information contained in this
news release.
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
Information set forth in this news release may involve
forward-looking statements under applicable securities laws.
Forward-looking statements are statements that relate to future,
not past, events. In this context, forward-looking statements often
address expected future business and financial performance, and
often contain words such as "anticipate", "believe", "plan",
"estimate", "expect", and "intend", statements that an action or
event "may", "might", "could", "should", or "will" be taken or
occur, or other similar expressions. All statements, other than
statements of historical fact, included herein including, without
limitation; statements about the development of the Kami Project
are forward-looking statements. By their nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause our actual results, performance or
achievements, or other future events, to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include,
among others, the following risks: the need for additional
financing; operational risks associated with mineral exploration;
fluctuations in commodity prices; title matters; environmental
liability claims and insurance; reliance on key personnel; the
potential for conflicts of interest among certain officers,
directors or promoters with certain other projects; the absence of
dividends; competition; dilution; the volatility of our common
share price and volume and the additional risks identified 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. Forward-looking statements are made based on
management's beliefs, estimates and opinions on the date that
statements are made and Alderon undertakes no obligation to update
forward-looking statements if these beliefs, estimates and opinions
or other circumstances should change, except as required by
applicable securities laws. Investors are cautioned against
attributing undue certainty to 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.
Contacts: Alderon Resource Corp. Mark J Morabito 604-681-8030
604-681-8039 (FAX) info@alderonmining.com www.alderonmining.com
Renmark Financial Communications Inc. Florence Liberski (416)
644-2020 or (514) 939-3989 fliberski@renmarkfinancial.com Renmark
Financial Communications Inc. Barry Mire (416) 644-2020 or (514)
939-3989 bmire@renmarkfinancial.com www.renmarkfinancial.com
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