Alderon Iron Ore Corp. and the Innu Nation of Labrador (Innu Nation) are pleased to announce that The Kami Mine Limited Partnership (Kami LP), an affiliate of Alderon, has signed an Impacts and Benefits Agreement (IBA) with respect to the development of the Kami Iron Ore Project (Kami Project) located in western Labrador. The IBA is a life-of-mine agreement that establishes the sharing of benefits that will ensure a continued positive relationship between the Innu Nation and the Kami LP.

The IBA represents full and final settlement to the Innu Nation. By entering into the IBA, the Innu Nation has given its consent and support to the Kami Project in keeping with the provisions of the Agreement. In return, the Innu Nation will benefit through economic opportunities for community members including employment, training, business opportunities and financial benefits.

The IBA also provides for various measures to ensure environment and cultural heritage protection, including the establishment of an environmental monitoring committee. The IBA does not contain any restrictions that would prevent the Kami LP from entering into agreements with other Aboriginal groups. The Innu Nation asserts constitutionally protected aboriginal rights over the area of the Kami Project and is currently engaged in negotiations with Canada and Newfoundland and Labrador to complete a Final Land Rights and Self Government Agreement.