ADV Alderon Iron Ore Corp

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES

Alderon Resource Corp. (TSX VENTURE:ADV) (the "Company") is pleased to announce
that it has completed the acquisition of 0860132 B.C. Ltd., a private British
Columbia company ("Privco"), through the issuance of 5 million post consolidated
common shares of the Company to the shareholders of Privco, including the newly
appointed President and CEO of the Company, Mark J. Morabito. The common shares
issued are subject to an escrow agreement dated February 25, 2010, and will be
released over the next 18 months. The shares are also subject to a hold period
expiring July 4, 2010.


The Company and Privco are parties to an Option Agreement dated November 2, 2009
with Altius Resources Inc. ("Altius") pursuant to which the Company has the
right to acquire a 100% interest in the Kamistiatusset iron ore project in
western Labrador. Altius is a wholly owned subsidiary of Altius Minerals
Corporation (TSX-ALS).


Pursuant to the applicable regulatory requirements, the Company has also filed a
NI 43-101 Technical Report on the Kamistiatusset Property, Newfoundland and
Labrador for 0860132 B.C. Ltd. and Alderon Resource Corp., dated February 12,
2010. The Technical Report was completed by Watts, Griffis and McOuat, Limited
and is available under the Company's profile on SEDAR at www.sedar.com.


In order to exercise the Option, the Company is required to fund exploration
expenditures on the property of at least $1,000,000 in the first year, and
cumulative expenditures in the first two years of at least $5 million. At the
option of the Company, it can elect to incur cumulative exploration expenditures
of at least $2,500,000 in the first 2 years and pay to Altius an amount in cash
equal to $5,000,000 minus the actual amount of expenditures incurred. Upon
incurring such expenditures the Company will be entitled to exercise the Option
and acquire a 100% interest in the Kamistiatusset project by issuing an
aggregate of 31,778,081 post-consolidated shares of the Company to Altius,
subject to adjustment in the event that the Company issues additional
securities, at less than agreed prices, prior to the exercise of the Option.


Pursuant to a special resolution passed by the shareholders on December 8, 2009,
the Company has now consolidated its common shares on a 2 old for 1 new basis.
At the opening of the market on March 4, 2010, the common shares will commence
trading on the TSX Venture Exchange on a consolidated basis under the new
trading symbol, ADV.


On completion of the acquisition, the 10 million subscription receipts issued in
connection with the private placement that closed on December 22, 2009 have
automatically converted into 10 million post consolidated common shares of
Alderon for no additional consideration, and the proceeds of the financing have
been released from escrow. In connection with the private placement, the Company
issued 1 million finder's warrants, each warrant entitling the holder to acquire
one post consolidated common share of the Company for $0.15, on or before
December 22, 2010. The securities issued are subject to a hold period expiring
on April 21, 2010.


The 10 million subscription receipts that were issued in connection with the
subsequent private placement that closed on February 16, 2010 have also
converted into 10 million post consolidated common shares of Alderon for no
additional consideration, and the proceeds of the financing have been released
from escrow. In connection with the private placement, the Company issued
445,500 finder's warrants, each warrant entitling the holder to acquire one post
consolidated common share of the Company for $1.00, on or before February 16,
2011. The securities issued are subject to a hold period expiring on June 16,
2010.


On completion of the acquisition of Privco, the share consolidation, and the 2
private placements, the Company now has 34,279,081 common shares issued and
outstanding. Total gross proceeds of $11,500,000 have also been released from
escrow.


Upon closing, Jeff Durno, Robert Chisholm, Aron Buchman and Craig Goldenberger
have resigned and Stan Bharti, Mark J. Morabito, Bruce Humphrey, Brad Boland,
and Patrick Gleeson were appointed to the Board of Directors. In addition to the
appointment of Mark J. Morabito as President and CEO, Mr. Bharti has been
appointed Executive Chairman and Sonya Sihota has been appointed as CFO.


The Company also announces it has agreed to grant options to purchase an
aggregate of 1,450,000 common shares to certain directors, officers and
consultants of the Company. The options can be exercised at $1.50 per common
share for a period of five years from the date of the grant.


For additional information refer to the Filing Statement of the Company, dated
February 26, 2010, which is available under the Company's profile on SEDAR.


For more information on Alderon, please visit our website at www.alderonmining.com.

We seek Safe Harbor. 

ALDERON RESOURCE CORP.

On behalf of the Board

Mark Morabito, CEO/Director

This news release may contain forward-looking statements. These statements are
based on current expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially because of factors
discussed in the management discussion and analysis section of our interim and
most recent annual financial statement or other reports and filings with the TSX
Venture Exchange and applicable Canadian securities regulations. We do not
assume any obligation to update any forward-looking statements.

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