Alderon’s Strategic Partner, HBIS, Meets Newfoundland and Labrador Premier, Hon. Dwight Ball, as Part of Successful China Mission with Stakeholders of the High-Grade Kami Iron Ore Project

Press Release

MONTREAL, QUÉBEC, Alderon Iron Ore Corp. (TSX: IRON) (“Alderon” or the “Company”) is pleased to announce that the Company concluded a successful China mission to advance its relationship with key stakeholders of the Kami Iron Ore Project, located in western Labrador. A number of significant meetings were held on November 12, 2018, including a meeting between Honourable Dwight Ball, Premier of Newfoundland and Labrador, and the Chairman of HBIS Group Co. Ltd. (“HBIS”), Mr. Yu Yong, to discuss the advantages of investing in the Labrador Trough and the development of the Kami Iron Ore Project.

“These meetings were timely, as our government just launched our “Mining the Future 2030” plan, which is aimed at maximizing the value of Newfoundland and Labrador’s diverse mineral resources and our skilled human resources by attracting investment from global leaders in mining. Engagements like these can set the foundation for tremendous long-term economic development, and so I look forward to building strong relationships that make Newfoundland and Labrador a global focus of mining activity,” stated Honourable Dwight Ball, Premier of Newfoundland and Labrador.

Alderon is confident that the engagement between HBIS and the Premier of Newfoundland and Labrador – a resource-rich Atlantic Canadian Province, has further enhanced their understanding of the advantages that the Labrador Trough offers with respect to iron ore mining and product quality. “A strategic partnership between Canadian businesses and Chinese steelmakers, like the one between Alderon and HBIS, offers many advantages,” said Chairman Yu. HBIS owns 25% of The Kami Mine Limited Partnership, through which the Kami Project is held.

Prior to that meeting, Mr. Brian F. Dalton, President and CEO of Altius Minerals Corporation (“Altius”), and Mr. Tayfun Eldem, President and CEO of Alderon, met with HBIS executives to discuss collaborative approaches for the development of the Kami Project. “We were very pleased with the constructive dialogue and the creative ideas put forward and remain positive that the development of the Kami Project will bring significant value for Altius Minerals and Alderon shareholders,” stated Mr. Dalton.

“We are extremely fortunate to have such supportive partners as HBIS, Altius, and the Government of Newfoundland and Labrador. We share a common vision of realizing the full potential of the Kami Project as a supplier of high-grade iron ore concentrates,” said Mr. Eldem. “We look forward to further strengthening our collaboration with our partners and the provinces of Newfoundland and Labrador and Québec, as we pursue project financing for the development of the Kami Project.”

Alderon and HBIS executives attended the Canada China Business Council’s (“CCBC”) 40th AGM gala in Beijing, on November 12, 2018, with members of the Newfoundland and Labrador Government. Alderon would like to thank CCBC for being an important catalyst for business cooperation between China and Canada and congratulates them on their 40th anniversary.

About HBIS Group

HBIS Group Co. Ltd. (formerly Hebei Iron & Steel Group), is China’s second largest iron and steel producer and third largest in the world. It principally engages in smelting, processing, and distributing iron and steel products. Its major products include iron, steel, and steel materials. The company also engages in the manufacture and distribution of coke, industrial gas, and chemical products, as well as in import and export trading business. It distributes its products in the People’s Republic of China and internationally. The company is based in Hebei, the People’s Republic of China.

For more information on the HBIS Group, please go to their website at www.hbisco.com.

About Alderon Iron Ore Corp.

Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district, the Labrador Trough, and is surrounded by three producing iron ore mines. The Kami product will be shipped through the Port of Sept-Îles’ newly commissioned multi-user, deep-water berth. 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 IRON ORE CORP.
On behalf of the Board
“Tayfun Eldem”
President & CEO, Director

Alderon is part of the King & Bay group of companies. King & Bay is a merchant bank that specializes in identifying, funding, developing and supporting growth opportunities in the resource, aviation, and technology sectors.

For further information please call:

Mishka Gounden
1-604-681-8030 ext 289
info@alderonironore.com

IBF4