Alderon Iron Ore (TSX:IRON) (“Alderon” or the “Company”) is pleased to announce that it has received the results of the updated preliminary economic assessment (“Updated PEA”) on the Rose Deposit of the Kamistiatusset (“Kami”) Iron Ore Project in Western Labrador. The Updated PEA is an update to a re-scoped preliminary economic assessment on the Kami Project that was issued on March 14, 2017 (the “March 2017 PEA”).
Mark Morabito, Chairman and CEO of Alderon, said:
“The Updated PEA demonstrates that, even without the use of the Wabush Scully Mine, the Kami Project maintains robust economics. The use of the depleted pit at the Wabush Scully Mine was just one of several cost saving strategies identified as part of the re-scope of the Kami Project.
Furthermore, the marketability and payability for high-grade and low impurity iron ore, like the concentrate that will be produced from the Kami Project, continues to improve. Stricter environmental regulation has driven demand for the premium product, like what will be produced from the Kami Project, as it allows end users to improve productivity, reduce costs and meet more stringent environmental standards.”