Alderon Iron Ore Corp AXXDF

Alderon Completes Required Engineering to Commence Construct

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June 30, 2014 (TSX: ADV) (NYSE MKT: AXX) Alderon Iron Ore Corp. (TSX: ADV) (NYSE MKT: AXX) ("Alderon" or the “Company”) announces that The Kami Mine Limited Partnership (“Kami LP”), an affiliate of Alderon, has completed the required engineering work in order to commence construction at the Kami Iron Ore Project (“Kami Project”) located in western Labrador. The commencement of construction remains subject to the completion of the Company’s financing plan and project sanction by the Board of Directors of Alderon. In light of the required pre-construction engineering being complete, Alderon has temporarily suspended any further work by its Engineering, Procurement and Construction Management (“EPCM”) contractor, WorleyParsons Canada Services Ltd. (“WorleyParsons”). The internal Kami LP project team will take over management of all works in progress and continue advancing the Kami Project in preparation for the start of construction once the Company’s financing plan is completed. The Company continues to advance all of the elements of its financing plan, including debt, equity and additional off-take arrangements. “While all our requisite pre-construction engineering work, permits and agreements are now completed in preparation for the start of construction, we continue to work on finalizing our financing plan,” says Tayfun Eldem, Alderon President and CEO. “We would like to thank WorleyParsons for their excellent work in seeing us to this point in the development of our Kami Project. We have the in-house experience and expertise to continue with the next steps, but expect WorleyParsons to resume its role as the EPCM contractor for the Kami Project once a decision to commence construction is reached.”