Vancouver, British Columbia, Canada. Aldridge Minerals Inc. ("Aldridge") (Frankfurt WKN: A0CAPB, TSX.V: AGM) is pleased to announce that it entered into a strategic alliance and an option agreement (the "Agreement") with Northfield Inc. ("Northfield"), pursuant to which the Northfield has been granted an option to acquire up to a 75% Aldridge's Derinkoy Property ("Derinkoy"), consisting of 4 mineral licences claims covering an area of 9,000 hectares located in the region of Artvin, in northeastern Turkey.
Derinkoy hosts epithermal gold-silver mineralization, which has been drilled by Aldridge (see Aldridge news release from Janury 5, 2005 on www.sedar.com).
Pursuant to the Agreement, Northfield has been granted an option to acquire up to a 75% interest in Derinkoy by: a) funding not less than CDN $3,000,000 in aggregate exploration related costs on Derinkoy by the fourth anniversary of the closing date of the Agreement ("Closing") of which: i) at least $250,000 shall have been expended by the first anniversary of the Closing, ii) at least $1,000,000 (inclusive of year one amounts) shall have been expended by the second anniversary of the Closing, iii) at least $2,000,000 (inclusive of year one and two amounts) shall have been expended by the third anniversary of the Closing, and iv) at least $3,000,000 (inclusive of year one, two and three amounts) shall have been expended by the fourth anniversary of the Closing; and b) issuing 2,000,000 Post Consolidation Shares to Aldridge as follows: i) 500,000 Post Consolidation Shares after receipt of all necessary regulatory approvals, ii) 500,000 Post Consolidation Shares by the first anniversary of Closing, iii) 500,000 Post Consolidation Shares by the second anniversary of Closing and iv) 500,000 Post Consolidation Shares by the fourth anniversary of Closing. Northfield has the right and option to earn a 51% undivided interest in the Derinkoy by satisfying the requirements up to and including year three (i.e. $2,000,000 in expenditures), and issuing 1,500,000 Post Consolidation Shares to Aldridge. An additional 500,000 Post Consolidation Shares (i.e. 2,000,000 in the aggregate) and an additional $1,000,000 in expenditures (i.e. $3,000,000 in the aggregate) on or before the fourth anniversary of Closing would be required in order to satisfy the requirements to earn an additional 24% interest in the Derinkoy and increase Northfield's interest in the Derinkoy from 51% to 75%.
The completion of the Agreement is subject to the receipt of all necessary regulatory approvals.
Aldridge is active in the exploration and development of gold and base metal projects in Turkey.
On behalf of the Board of Directors
DR. HIKMET AKIN
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information please contact:
Aldridge Minerals Inc.
Tel. +1 (306) 955-4741
Suite 204, 3540 West 41st Avenue
Vancouver, BC, V6N 3E6, Canada
Advice Portfolio Management GmbH
Hartmut Thome, Investor Relations
Tel. +49 (6227) 8395-0
Fax +49 (6227) 8395-70