Alderon Iron Ore Corp. (TSX:ADV,NYSEMKT:AXX) announced that The Kami Mine Limited Partnership, an affiliate of Alderon, has signed a Grant-in-lieu of Municipal Taxes Agreement with the Town of Wabush with respect to the development of the Kami iron ore project, located in Western Labrador.

Tayfun Eldem, president and CEO of Alderon, commented:

This Agreement is the result of our continuous positive working relationship with the local communities and marks the final municipal agreement required for our Kami Project. This Agreement will aid Wabush to continue providing the services that residents, businesses and future Kami Project employees rely on. We are very pleased at the support we have received from Wabush.

Wabush Mayor Colin Vardy said:

We are confident that the Agreement now in place with the Kami Project will only brighten the future of both the community and industry. The Kami Project will ultimately fill the void from the idling of Wabush Mines.

Click here to view the full press release.