Alderon Strengthens Board with Appointment of Dr. Andrew Furey as Independent Director
VANCOUVER, BC--(Marketwired - May 03, 2017) - Alderon Iron Ore Corp. (TSX: IRON) ("Alderon" or the "Company") is pleased to announce the appointment of Dr. Andrew Furey to the Board of Directors of Alderon effective immediately. An active member of Newfoundland and Labrador's business and medical communities, Dr. Furey will serve as an independent director.
"I am extremely pleased that Dr. Furey has agreed to join the Alderon Board at a key point in the re-boot of the Kami Project," says Mark Morabito, Chairman and Chief Executive Officer of Alderon. "Dr. Furey represents the next generation of leaders in Newfoundland and Labrador who are actively advancing the province's economic, health, and social interests. His credentials are extensive and he will be an extremely valuable resource for Alderon. We very much look forward to his counsel and contributions."
Dr. Furey is currently the Associate Professor of Surgery at Memorial University, the President of the Newfoundland and Labrador Surgical Society, Chief of Orthopedic Surgery at Eastern Health, and Director of Research for the Orthopedic Resident Training Program at the Memorial Medical School. In October 2015 Dr. Furey graduated from SAID School of Business at Oxford where he was the valedictorian of a graduating class of scholars from around the world.
Dr. Furey was recently named one of Atlantic Business Magazine's Top 50 CEOs, two years in a row, and was the recipient of the 2015 CBC Innovator of the year award. He also holds a B.Sc. Biology, M.D., and M.Sc., Medicine: Clinical Epidemiology, from Memorial University in Newfoundland. Dr. Furey is also the Co-Founder and President/CEO of Team Broken Earth, a non-profit medical organization providing Critical medical relief to Haiti and some of the poorest parts of the world.
The appointment of Dr. Furey is consistent with Alderon's strategy to effectively re-boot the Kami Project and take advantage of improving iron ore market fundamentals and favorable outlook.
Alderon recently released its Economic Impact Assessment ("EIA") for the Kami project and the full report is now available on the company's website at www.alderonironore.com.
The EIA estimates that the Kami project will, over the life of the project, generate the following benefits for the people, communities and the government of Newfoundland and Labrador:
- $2.2-billion in direct, indirect and induced incomes to workers and local businesses;
- Approximately 32,000 person years of direct, indirect and induced employment during construction and operations; and
- Approximately $1.8-billion in treasury contributions from total direct, indirect and induced taxes;
- $14-billion in contribution to the provincial GDP through incomes generation and the production undertaken.
About Alderon
Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS Group Co. Ltd. (formerly Hebei Iron & Steel Group Co. Ltd.) ("HBIS") through The Kami Mine Limited Partnership, is located within Canada's premier iron ore district and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-ÃŽles, the leading iron ore port in North America. HBIS is Alderon's strategic partner in the development of the Kami Project and China's second largest steel producer.
For more information on Alderon, please visit our website at www.alderonironore.com
Alderon is part of the King & Bay West group of companies. King & Bay West is a merchant bank and management services company that specializes in identifying, funding, developing and managing growth opportunities in the resource and technology sectors.
Alderon Iron Ore Corp.
On behalf of the Board
"Mark J Morabito"
Chairman & CEO
Cautionary Note Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of the U.S. Private Securities Litigation Reform Act and Canadian securities laws concerning anticipated developments and events that may occur in the future. Forward-looking information contained in this press release include, but are not limited to, statements with respect to (i) the benefits from the appointment of Dr. Furey, (ii) the results of the EIA, and (iii) the development of the Kami Project.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this press release is based on certain factors and assumptions regarding, among other things, receipt of governmental and other approvals, the estimation of mineral resources, the realization of resource estimates, iron ore and other metal prices, the timing and amount of future development expenditures, the estimation of initial and sustaining capital requirements, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Kami Project in the short and long-term, the progress of exploration and development activities, the ability of the Company to gain access to the Wabush Scully Mine site, the ability of the Company to use the multi-user terminal facility at the Port of Sept-ÃŽles, the receipt of necessary regulatory approvals, the estimation of insurance coverage, assumptions with respect to currency fluctuations and exchange rates, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined including the possibility that mining operations may not commence at the Kami Project, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access rail transportation, sources of power and port facilities, risks relating to changes in iron ore prices and the worldwide demand for and supply of iron ore and related products, risks related to increased competition in the market for iron ore and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licences and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities at the Kami Project may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, risks related to disputes with Aboriginal groups, risks related to a third party acquiring the Wabush Scully Mine site, risks related to insufficient capacity being available for the Company to access the multi-user terminal facility at the Port of Sept-ÃŽles, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's Annual Information Form for the most recently completed financial year, or other reports and filings with applicable Canadian securities regulators. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this press release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.
Contact
For further information please call:
Joe Racanelli (NATIONAL Equicom)
1-416-586-1943
jracanelli@national.ca
