Canada-based Alderon Resource Corp. acquires 100 percent interest in iron ore project

Thursday, 09 December 2010 01:59:37 (GMT+2)

Vancouver, British Columbia-based iron ore exploration and development company, Alderon Resource Corp., announced Wednesday that it has exercised its option right under an option agreement dated November 2, 2009, pursuant to which Alderon has acquired a 100 percent interest in the Kamistiatusset (Kami) iron ore project in west Labrador from Altius Resources Inc. in Canada.

In order to complete the exercise of the option, Alderon has issued an aggregate of 32,285,006 common shares from its treasury to Altius.