VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/26/13 -- Alderon Iron Ore Corp. (TSX: ADV)(NYSE MKT: AXX) ("Alderon" or the "Company") is pleased to announce it has signed a Memorandum of Understanding ("MOU") with each of the Towns of Labrador City and Wabush as work progresses toward receiving project related approvals for the Kami iron ore project (the "Kami Project").
Recognizing the tremendous potential benefits for the region and acknowledging the importance of working collaboratively towards achieving those benefits, Alderon and both towns agree in the MOUs to formalize their working relationship and to facilitate community consultation and input. Alderon will establish separate committees with both towns, and schedule regular meetings to address any issues or concerns. This will serve to further enhance community engagement as the Kami Project progresses.
"These MOUs build upon our strong established track record of consultation and cooperation with the communities and residents of Labrador City and Wabush," said Tayfun Eldem, President and CEO of Alderon. "The Kami Project will further build on Labrador's reputation as a significant producer of iron ore, create long-term jobs and spur economic activity. We acknowledge that our activity will impact the local community and we want to work cooperatively with both towns to ensure we identify any issues and concerns, and develop mutually acceptable mitigation measures."
Alderon has already held several public information sessions, conducted extensive meetings with Town Councils and engaged in general community consultation. The outcome of these interactions has been reflected in the Environmental Impact Statement filed in September 2012. The process agreed to in the MOUs will facilitate discussion on such topics as: community infrastructure, environmental concerns, and accommodations for workers.
"Labrador City welcomes the opportunity to work collaboratively with Alderon in the development of the Kami Project, whereby the interests of our residents are protected and the community enhanced," said Karen Oldford, Mayor of the Town of Labrador City. "We appreciate the corporate responsibility demonstrated by Alderon and look forward to more of the same as this project progresses."
"I am encouraged with the potential that the Kami Project can bring to the Town of Wabush, and we will continue to work with Alderon to ensure the safety of the operation," said Ron Barron, Mayor of Wabush. "The Kami Project will benefit our community, and will allow us the resources to plan ahead and make our town an even better place to live in the future. I look forward to a long and prosperous partnership."
The Kami Project will create 800 jobs during the peak of construction and greater than 500+ full time jobs over the life of the 30 year mine. It will generate over $7 billion in Federal and Provincial taxes (direct, indirect and induced) and contribute over $20 billion to the Newfoundland & Labrador GDP.
Alderon is a leading iron ore development company in Canada with offices in Vancouver, Toronto, Montreal, St. John's and Labrador City. The Kami Project is located within Canada's premier iron ore district and is surrounded by four producing iron ore mines. The Alderon team is comprised of skilled professionals with significant iron ore expertise to advance Kami towards production.
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