Alderon Announces $10,000,000 Private Placement

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S. NEWSWIRE SERVICES

Alderon Resource Corp. (TSX VENTURE:ALD) is pleased to announce that it intends
to complete a non-brokered private placement for gross proceeds of up to
$10,000,000. In connection with the financing, Alderon will issue up to 10
million post-consolidated common shares at a price of $1.00 per share ($0.50 per
share pre-consolidated). Prior to completing the financing the Company also
intends to complete a two for one share consolidation, which was previously
approved by its shareholders. The securities to be issued will be subject to a
four month hold period. Finder's fees may be payable in accordance with the
policies of the TSX Venture Exchange.


Closing of the financing is conditional upon the Company completing the
acquisition of a private British Columbia company ("Privco"), initially
announced on December 2, 2009. The Company and Privco are parties to an Option
Agreement dated November 2, 2009 with Altius Resources Inc. ("Altius") pursuant
to which the Company has the right to acquire a 100% interest in the
Kamistiatusset iron ore project in western Labrador. Altius is a wholly owned
subsidiary of Altius Minerals Corporation (TSX-ALS).


The Company has also entered into an amending agreement with Altius pursuant to
which the parties have agreed that upon the successful completion of the
$10,000,000 private placement, all financing conditions as set out in the Option
Agreement will have been satisfied.


In order to exercise the Option, the Company is required to fund exploration
expenditures on the property of at least $1,000,000 in the first year, and
cumulative expenditures in the first two years of at least $5 million. At the
option of the Company, it can elect to incur cumulative exploration expenditures
of at least $2,500,000 in the first 2 years and pay to Altius an amount in cash
equal to $5,000,000 minus the actual amount of expenditures incurred. Upon
incurring such expenditures the Company will be entitled to exercise the Option
and acquire a 100% interest in the Kamistiatusset project by issuing an
aggregate of 31,778,081 post-consolidated shares of the Company to Altius,
subject to adjustment in the event that the Company issues additional
securities, at less than agreed prices, prior to the exercise of the Option.


A 43-101 report on the Kamistiatusset property has been filed with the TSX
Venture Exchange for review in connection with the proposed transaction. Further
information on the Kamistiatusset property and future exploration programs will
be announced once the 43-101 has received regulatory approval and has been filed
on SEDAR.


The acquisition and private placement remain subject to regulatory approval.

We seek Safe Harbor.

ALDERON RESOURCE CORP.

On behalf of the Board

Jeff Durno, CEO/Director

This new release may contain forward-looking statements. These statements are
based on current expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially because of factors
discussed in the management discussion and analysis section of our interim and
most recent annual financial statement or other reports and filings with the TSX
Venture Exchange and applicable Canadian securities regulations. We do not
assume any obligation to update any forward-looking statements.