Alderon Strengthens Mining Team With Addition of Former Iron Ore Company Vice President as Chief Executive Officer
06 Juli 2011 - 2:30PM
Marketwired
Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF) ("Alderon")
is pleased to announce the addition of Mr. Tayfun Eldem, P.Eng. as
the President and Chief Executive Officer of the Company effective
as of September 7, 2011, at which time Mr. Mark J. Morabito will
assume the role of Executive Chairman and Mr. Stan Bharti will
assume the role of Vice Chairman.
Mr. Eldem has worked for the Iron Ore Company of Canada ("IOC"),
a Rio Tinto subsidiary, for more than 20 years. During this period,
Mr. Eldem has held many senior roles including Vice President,
Expansion Projects & Engineering and Vice President, Operations
& Engineering. Most recently Mr. Eldem was accountable for the
development and delivery of a nearly $2.0 billion program of green
and brown fields expansion projects. Additional responsibilities
included strategic and tactical oversight of clean air and GHG
reduction programs and the execution of sustaining capital
investments and mineral exploration.
Prior to his Projects role, Mr. Eldem was responsible for all of
IOC's "Operations" including the mine, process plants, rail and
port facilities. Mr. Eldem led a team of about 2,000 to deliver two
consecutive years of record annual material movement at the mine
and record ore processing through the concentrator.
Mr. Eldem is a professional engineer who graduated from
Technical University of Nova Scotia (TUNS) in Halifax and will be
based out of Alderon's Montreal office.
Consistent with the strategic plan to fast track the Kami
Project, Mark J. Morabito, Alderon's co-founder and current
President and CEO, will transition with Mr. Eldem and continue to
be involved with Alderon as Executive Chairman of its Board of
Directors. Mr. Morabito will focus on Alderon's capital market
program, strategic initiatives, including potential off-take
partners and corporate governance matters. Stan Bharti will
transition to Vice Chairman and continue his close working
relationship with Mr. Morabito, which has yielded ongoing positive
results since they started working together in October 2009. In
addition, Alderon will maintain its association with Forbes &
Manhattan Inc. and leverage their proven technical and financial
expertise.
Stan Bharti, Director of Alderon states, "I'm thrilled that we
are adding such expertise to our development and mining team with
Tayfun. He will be instrumental in maintaining our aggressive
timeline to production. Mark has assembled an unbeatable team and
has done an outstanding job in leading them through some impressive
milestones. The entire board looks forward to Tayfun and Mark
working with the rest of the management team to advance Alderon
through mine development and permitting."
Alderon has granted Mr. Eldem, under the terms of its stock
option plan, options to purchase 1,000,000 common shares at a price
of $3.20 per share. The options are subject to vesting over a two
year period and have an expiry date of July 6, 2016.
About Alderon
Alderon is a leading iron ore development company in Canada with
offices in Vancouver, Toronto, Montreal 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.alderonmining.com.
ALDERON RESOURCE CORP.
On behalf of the Board
Stan Bharti, Executive Chairman
Cautionary Note Regarding Forward-Looking Information
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 permitting, development, timing and
potential of production at 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 in the risk factors section of the
Company's Annual Information Form for the year ended December 31,
2010 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 unduecertainty 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. - Vancouver Office Mark
Morabito 604-681-8030 604-681-8039 (FAX)
mmorabito@explorationgroup.com Alderon Resource Corp. Toronto
Office 416-309-2138 416-861-8165 (FAX) Alderon Resource Corp.
Montreal Office 514-989-3135 514-934-4640 (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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