The Gold Report

Alderon Iron Ore Corp. TICKER: ADV:TSX; AXX:NYSE.A Visit Company Website Alderon Iron Ore Corp. is a leading iron ore development company in Canada with a project located within an existing iron ore district. The Kami project currently hosts an NI 43-101 mineral resource estimate of 490 Mmt Indicated at 30.0% iron and an additional 598 Mmt Inferred at 30.3% iron. The company recently completed a positive preliminary economic assessment and it plans to commence commercial production in 2015.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Ike Kaja, Salman Partners (5/3/12) "Alderon Iron Ore Corp. announced initial assay results from its 2012 drill program at Kami. . .we viewed these results positively due to their consistency in thickness and grades increasing the likelihood that the company should be able to materially upgrade the mineral resource estimates (from Inferred to Measured and Indicated) at the project before releasing its feasibility study results for Kami in Q3/12. This morning, Alderon announced the completion of its 2012 drill program at Kami. . .these too appear consistent with the initially released results and so we remain confident in the likelihood of the company's success in its goal to revise its mineral resource estimate at North Rose by Q3/12."

Daniel Greenspan, Macquarie Capital Markets (5/1/12) "Alderon Iron Ore Corp. reported infill drill results from six holes on the Kami iron ore project located in the Labrador Trough in northeastern Canada. . .highlights from the drill results include Hole K-12-184, which intersected 270m grading 31.1% Fe starting 182m from surface, and Hole K-12-182, which intersected 253m grading 29.3% Fe starting 177m from surface. . .the initial results from the program reported today show consistent grades and thickness of the mineralized zones at North Rose. . .we continue to believe that the location of the Kami project in the Labrador Trough, combined with the aggressive timeline to development, make Alderon a leading iron ore development story in Canada."

Eldon Brown, National Bank Financial (5/1/12) "Alderon Iron Ore Corp. is carrying out a winter program of 18,000m with six drills focused on infill drilling at the North Rose zone to potentially upgrade the 479.9 Mt, 30.3% Fe Inferred resource. . .all five holes intersected the eastern band of magnetite rich mineralization over thicknesses of 25.5m to 117.3m at grades of 27.1% to 31.7% Fe before entering the wider, higher grade main magnetite-hematite zone where they returned intervals of 111m to 270m at grades of 29.3% Fe to 32.6% Fe. . .Alderon will be one of the best positioned Labrador Trough developers in terms of working capital and reduced project financing risk."

Ike Kaja, Salman Partners (4/20/12) "Alderon Iron Ore Corp.'s two-phase development approach should result in Kami entering commercial production in 2016 with an 8 Mtpa production capacity that rises to 16 Mtpa in 2019. . .we note that the company's value proposition remains highly attractive to us for number of reasons including. . .our continuing confidence in management's ability to take the Kami project into commercial production by 2016 as targeted. . .our increased confidence that Alderon Iron Ore should be able to gain access to critical regional infrastructure. . .and the company's increased backing by industry heavyweights."

Cliff Hale-Sanders, Cormark Securities (4/19/12) "With good access to nearby infrastructure, Alderon Iron Ore Inc. is completing a feasibility study to build an 8 Mtpa concentrate plant with the potential to double; with the recent announcement of a strategic partner, we see the Kami project moving forward aggressively. We are initiating coverage on the company with a Buy rating and CA$5.85 target."

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