Alderon Iron Ore Corp. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported loss from operations of CAD 6,775,413 against CAD 16,093,926 a year ago. Loss before income taxes was CAD 6,547,964 against CAD 15,935,717 a year ago. Net loss and comprehensive loss was CAD 6,547,964 against CAD 15,719,257 a year ago. Net loss attributable to owners of the parent was CAD 6,459,157 or CAD 0.05 per basic and diluted share against CAD 15,719,257 or CAD 0.16 per basic and diluted share a year ago. Net cash used in operating activities was CAD 7,051,579 against CAD 16,197,162 a year ago. Purchases of property, plant and equipment, net of disposals was CAD 99,503 against CAD 168,995 a year ago. Additions to mineral properties were CAD 562,388.

Alderon Iron Ore Corp. announced the appointment of Mr. Brian Penney as chief operating officer, effective immediately. Mr. Penney previously worked for the Iron Ore Company of Canada for more than 15 years. During this period Mr. Penney held many senior roles including General Manager of Processing Operations, General Manager of Mining Operations and General Manager of Integrated Planning. Not only does Mr. Penney have extensive operating experience in iron ore, he also has a great deal of knowledge working within the Labrador Trough.

Alderon Iron Ore Corp. announced it has signed a Memorandum of Understanding with each of the Towns of Labrador City and Wabush as work progresses toward receiving project related approvals for the Kami iron ore project. Recognizing the tremendous potential benefits for the region and acknowledging the importance of working collaboratively towards achieving those benefits, the company and both towns agree in the MOUs to formalize their working relationship and to facilitate community consultation and input. The company 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. The company 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. 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.