Alderon Completes Acquisition and Enters Iron Ore Sector
Friday, March 5th, 2010
Altius Minerals Corporation announces that Alderon Resources Corp. (ADV:TSX-V) has successfully completed financings and is making plans to explore Altius’ Kamistiatusset iron ore project in the western Labrador iron ore mining district of Canada this year.
Alderon recently completed C$11.5 million in private placements and announced the appointment of new management and directors. Alderon’s board of directors now includes Stan Bharti, Mark J. Morabito, Bruce Humphrey, Brad Boland, Jeff Pontius and Patrick Gleeson. Mark Morabito and Stan Bharti are President & CEO and Executive Chairman, respectively.
An extensive drilling program is planned for 2010 to build upon a previous positive drilling program completed by Altius and to allow the calculation of a formal resource estimate under National Instrument 43-101 guidelines. Alderon has the option to earn a 100% interest in the project by incurring C$5 million in exploration expenditures on the property by November 2012, by meeting certain financing thresholds, which have now been met, and by issuing a minimum of 31,778,081 shares to Altius. Altius will retain a 3% gross sales royalty. Alderon anticipates it will be in a position to exercise its option to acquire the project before the end of 2010.