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Alderon Iron Ore (AXX): Extended Deadline for Partnership Contribution

Alderon Iron Ore Corp. (NYSE Amex: AXX) engages in acquiring, exploring, and developing mineral resource properties in Canada. It primarily holds a 100% interest in the Kami iron ore property located next to the mining towns of Wabush, Labrador City, and Fermont in Western Labrador, Canada.

Alderon announces that it has agreed to extend the deadline for Hebei Iron & Steel Group Co., Ltd. (Hebei) C$119.9 million limited partnership contribution to March 15, 2013 in order to allow Hebei to complete all internal processes related to funding procurement for its limited partnership contribution and taking into account the coming Chinese New Year holiday period.

Agreement has been made after consultation with Hebei Iron & Steel Group Co., Ltd. (“Hebei”) and Alderon will provide additional updates when available.