22 June 2018

22 June 2018

Retirement of Michel Crevier

Michel Crevier joined SEMAFO in 2006 and has held the position of Vice-President, Exploration and Mine Geology and Qualified Person since 2010. With over 30 years of experience in exploration and mine geology, he successfully led the Corporation's exploration programs in Burkina Faso, Niger and Guinea.

Benoit Desormeaux, President and CEO of SEMAFO, commented: "On behalf of the board, management and stakeholders of SEMAFO, I would like to express my thanks to Michel for the pivotal role he played in SEMAFO's growth and success over the past 12 years. Under Michel's guidance, SEMAFO's exploration programs led to the discovery of 7 million ounces of gold in Burkina Faso and the doubling of mineral reserves. His disciplined approach to exploration focusing on near-mine quality ounces strongly contributed to SEMAFO's development. We congratulate him on his productive career and wish him all the best in his retirement."

Richard Roy Appointed Vice-President, Exploration

VANCOUVER, British Columbia, June 21, 2018 (GLOBE NEWSWIRE) -- Rockhaven Resources Ltd. (TSX-V:RK) (“Rockhaven”) is pleased to announce updated Mineral Resource estimates for the high-grade Western BRX, Central BRX, Central Klaza, and Western Klaza zones at its 100%-owned and road accessible Klaza property, located in the Dawson Range Gold Belt of southern Yukon.

“We recognize and greatly appreciate the confidence and support shown by Sprott in providing this financing. We are pleased to be working with the Sprott team as we continue the re-boot of the Kami Project, which will ultimately benefit all of its stakeholders, including the many local and regional interests,” stated Tayfun Eldem, President and CEO of Alderon. “The loan from Sprott will allow Alderon to reduce its overall debt position and provide an extended bridge to the completion of project financing.”

The US$14 million Loan Facility has an initial term of 18-months, maturing on December 31, 2019 (the “Maturity Date”). The Loan Facility may be extended for an additional six-month period subject to the satisfaction of certain conditions. Altius Minerals Corporation (“Altius”), through a wholly-owned subsidiary, will be participating in the Loan Facility by providing US$2 million of the US$14 million principal. The proceeds of the Loan Facility will be advanced to the Kami LP and Alderon is acting as guarantor for the Loan Facility. The proceeds of the Loan Facility will be advanced as a single draw on the closing date. The Loan Facility shall bear interest at 10% per annum, payable monthly. The proceeds of the Loan Facility will be used to repay the existing LMM credit facility and to reimburse Alderon for amounts that are pre-paid to LMM prior to closing.

The terms of the Loan Facility also require the issuance by Alderon of a total of US$1,050,000 in common shares (“Common Shares”) to Sprott and Altius on the closing date (the “Closing Date”). The price per Common Share shall be equal to a 10% discount to the lesser of the volume weighted average trading price on the Toronto Stock Exchange (“TSX”) for the five trading days prior to (A) May 7, 2018; and (B) the Closing Date. In the event that the Maturity Date is extended in accordance with the terms of the Loan Facility, an additional total of US$350,000 in Common Shares shall be issued to Sprott and Altius on the Maturity Date and at a price per share equal to a 10% discount to the volume weighted average trading price on the TSX for the five trading days prior to the Maturity Date. United States dollar amounts shall be converted into Canadian dollars using the daily average exchange rate for the conversion of United States to Canadian dollars set by the Bank of Canada as at the business day immediately prior to the date of issuance of the Common Shares. The Common Shares shall be issued based on a ratio of 12/14^th to Sprott and 2/14^th to Altius.

The closing of the Loan Facility is subject to the receipt of all regulatory, stock exchange and other third-party approvals, and satisfaction of other customary closing conditions.

“Alderon’s Kami Project has the potential to create meaningful value for the steel industry by modernizing and increasing the transparency of the supply chain,'' stated Narinder Nagra, Managing Partner of Sprott. “As one of the largest investors dedicated to the natural resource sector, Sprott is excited to partner with Alderon on the reboot of Kami.”

Altius currently holds 51,838,916 Common Shares (representing 39% of the Company’s current issued and outstanding Common Shares).  After the closing of Loan Facility, Altius will be issued additional Common Shares as detailed above. However, the exact amount will not be determined until the Closing Date and will be disclosed at that time. The Loan Facility was approved by the Company’s Board of Directors; however, Altius’ nominee (Mr. John Baker) declared his interest in the transaction and did not participate in the approval process for the Loan Facility.

Pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"), Altius’s participation in the Loan Facility constitutes a "related party transaction" as Altius is a related party of the Company. The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that at the time Altius’s participation in the Loan Facility was agreed to, the fair market value of the Loan Facility insofar as it involves Altius did not exceed 25% of the Company's market capitalization. The Common Shares that will be acquired by Altius will be acquired pursuant to an exemption from the prospectus requirement in section 2.3 of National Instrument 45-106.

The Company did not file a material change report more than 21 days before the expected closing of this transaction, as the details of the transaction were not finalized until the present and the Company wishes to close the transaction as soon as practicable for sound business reasons, including lowering the Company’s overall debt obligations and improving the Company’s financial position.

About Sprott

Sprott is an alternative asset manager and a global leader in precious metal and real asset investments. Through its subsidiaries in Canada, the US and Asia, the company is dedicated to providing investors with best-in-class investment strategies that include Exchange Listed Products, Alternative Asset Management and Private Resource Investments. The company also operates Merchant Banking and Brokerage businesses in both Canada and the US. Sprott is based in Toronto with offices in New York, Carlsbad and Vancouver and its common shares are listed on the Toronto Stock Exchange under the symbol (TSX:SII). For more information, please visit www.sprottinc.com.

Sprott Resource Lending is a globally recognized leader in natural resource financing and specializes in providing flexible debt solutions to mining companies. Since joining Sprott, the team has financed more than $1.0 billion in bespoke private debt investments. For more information, please visit www.sprottlending.com.

About Alderon Iron Ore Corp.

Alderon is a leading iron ore development company in Canada. The Kami Project, owned 75% by Alderon and 25% by HBIS Group Co. Ltd. (formerly Hebei Iron & Steel Group Co. Ltd.) (“HBIS”) through The Kami Mine Limited Partnership, is located within Canada’s premier iron ore district, the Labrador Trough, and is surrounded by two producing iron ore mines. Its port handling facilities are located in Sept-Îles, the leading iron ore port in North America. HBIS is Alderon’s strategic partner in the development of the Kami Project and China’s second largest steel producer.

For more information on Alderon, please visit our website at www.alderonironore.com.

ALDERON IRON ORE CORP.