Alderon Reaches Memorandum of Understanding With Innu of Labrador
August 17 2010 - 8:30AM
Marketwired
Alderon Resource Corp. (TSX VENTURE: ADV)(OTCQX: ALDFF) ("Alderon")
is pleased to announce that on August 11, 2010, it has concluded a
Memorandum of Understanding ("MOU") with the Innu Nation whereby
the parties have agreed to an ongoing business relationship with
respect to the development of Alderon's Newfoundland and Labrador
exploration and development activities, mainly with respect to the
Kamistiatusset ("Kami") Iron Ore Project in western Labrador.
The MOU establishes that Alderon and the Innu Nation will work
together to establish a long term, mutually beneficial, cooperative
business relationship. In return for their ongoing consent and
support of Alderon's exploration and development activities in
Labrador, the Innu Nation will benefit through economic
opportunities for community members. These opportunities will
include employment and training for individuals or contracts with
local Innu registered businesses. Furthermore, Alderon has set
aside a budget for the Innu Nation to be involved in the
environmental monitoring of Alderon's exploration and development
activities.
The MOU provides assurances that the exploration and development
of Alderon's projects will be implemented in a manner that protects
the interests of Innu community members and the environment.
Alderon has established good relations with the Innu Nation from
the beginning of its project by utilizing Innu registered
businesses where ever possible and is pleased to have entered into
this MOU with the Innu Nation.
"The MOU further strengthens Alderon's positive working
relationship with the Innu Nation," says Mark Morabito, President
and CEO of Alderon. "We look forward to a beneficial future for
both parties as Alderon works towards its goal of defining a first
class iron ore deposit and taking it to production."
"The Innu Nation is in favour of responsible development,"
states Peter Penashue, Deputy Grand Chief of the Innu Nation. "We
will continue to work agreeably with companies like Alderon that
wish to pursue exploration activities in areas surrounding our
territory in a manner that fulfills each party's objectives."
About Alderon
Alderon is a leading iron ore exploration and development
company in Canada. The Kami Project is located within an existing
iron ore district and is slated for near term production. The
Alderon team is comprised of skilled professionals with significant
iron ore expertise to advance Kami towards production.
For more information on Alderon, please visit our website at
www.alderonmining.com.
ALDERON RESOURCE CORP.
On behalf of the Board
Mark J. Morabito, President & CEO
This new 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Alderon Resource Corp. - Vancouver Office Mark
Morabito President & CEO 604-681-8030 604-681-8039 (FAX)
Alderon Resource Corp. - Toronto Office 416-309-2135 416-861-5887
(FAX) info@alderonmining.com www.alderonmining.com
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