Alderon Confirms Iron at Mills Lake with 30% Iron Over 193 Meters

Alderon Resource Corp. is pleased to announce assay results from the completed 2010 drill program on the 100% owned Kamistiatusset (“Kami”) Iron Ore Project in western Labrador. These results are from the southern portion of the project, known as the Mills Lake Zone.

All 15 drill holes at Mills Lake intersected iron mineralization and collectively demonstrated that the Mills Lake deposit is larger and thicker than initially expected.

The Mills Lake Zone has been defined along strike for 1,200 meters (m) and to a depth of 370m. This zone will be part of the initial National Instrument 43-101 (“NI 43-101″) resource estimate expected in early March 2011. The goal for the initial resource is to delineate 400 – 500 million tonnes at a grade between 28-32% iron ore. Watts, Griffis and McOuat Limited (“WGM”) has been commissioned to provide this resource estimate and has already completed the required site visits and sampling program. The potential tonnage and grade are conceptual in nature and it is uncertain if further exploration will delineate a mineral resource.

“It’s exciting to have our expectations exceeded in terms of thickness at Mills Lake and be able to add this zone to our upcoming resource estimate,” says Matt Simpson, Chief Operating Officer of Alderon.

True widths of the reported intercepts above vary depending on the angle of the individual drill holes and are estimated to be between 60% and 94% of the core interval as reported. All samples were prepared from sawn NQ-sized half-core sections on site in Labrador. Split drill core samples are then sent to SGS Mineral Services in Lakefield, Ontario for analyses. Total iron analysis is performed using X-ray fluorescence (XRF) and the magnetic component is determined by Satmagan magnetic analysis. Standards, blanks, and duplicate assays are included at regular intervals in each sample batch submitted from the field as part of an ongoing Quality Assurance/Quality Control program.