Partner

For further information on technical results and progress on the Kamistaitussett Iron Ore project please visit www.alderonmining.com

ALDERON RESOURCES CORP.

Altius entered into an agreement with respect to its Kamistiatusset ("Kami") iron ore project in November 2009 as part of its merchant-banking like approach to co-found a new public company to explore the project and western Labrador region. The agreement resulted in the restructuring and financing of Alderon Resources Corp. (ADV:TSX-V) who in December 2010 fulfilled its option agreement terms with Altius to earn 100% interest in the Kamistiatusset iron ore project (“Kami”) by issuing Altius 32,285,006 payment shares of Alderon (representing approximately 37% of the issued Alderon common shares). Altius also retains a 3% gross sales royalty relating to any potential future mining operations.

Since that time Aderon has achieved a significant number of milestones including:

- On April 5, 2011 Alderon released the results of an initial independent National Instrument 43-101 mineral resource estimate for the Kami project. The Watts, Griffis and McOuat Limited (WGM) estimate includes an indicated iron ore resource of 490 million tonnes at 30.0 per cent iron and an additional inferred resource of 118 million tonnes at 30.3 per cent iron based on a cut-off grade of 20 per cent iron.

- On September 8, 2011, Alderon released results of a Preliminary Economic Assessment ("PEA") study on the Rose Central deposit of the Kamistiatusset property. The PEA was completed by BBA Inc. located in Montreal, Que., and Stassinu Stantec Limited Partnership located in St. John's, Newfoundland and Labrador. Highlights of the Rose Central Kami iron ore PEA included:

- Commercial production commencing in 2015 with a mine life of 15.3 years
- Capital cost of $989-million (excluding closure costs, sustaining capital and leased equipment)
- Pretax internal rate of return of 40.2 per cent
- Net present value (discounted at 8 per cent) of $3.07-billion

- On September 13, 2011 Alderon released the results of the initial National Instrument (NI) 43-101 mineral resource estimate on the North Rose deposit of the Kamistiatusset (Kami) iron ore project. The inferred mineral resource estimate at North Rose totals 480 million tonnes at 30.3 per cent iron based on a cut-off grade of 20 per cent iron. The resource estimate for all three zones (North Rose, Rose Central and Mills Lake) within the Kami project is:

490 million tonnes at 30.0 per cent iron indicated;
598 million tonnes at 30.3 per cent iron inferred.

For further information on the ongoing progress and development plans please visit Alderon’s website at www.alderonmining.com.

Alderon is the third special purpose company co-founded by Altius since 2005 in its proven merchant banking business strategy. As of September 15, 2011, Altius' equity stake in Alderon had a market value in excess of $100 million.