Vancouver, British Columbia, Canada. Aldridge Minerals Inc. ("Aldridge") (Frankfurt WKN: A0CAPB, TSX.V: AGM) is pleased to announce that it signed a strategic alliance and option agreement (“Agreement”) with Anatolia Minerals Development Ltd. and its Turkish subsidiary (collectively: “Anatolia”) for exploration and development of the Yenipazar Au-Ag-Cu-Pb-Zn VMS deposit in central Turkey.
The Agreement amends and restates the previous agreement with Anatolia on the Yenipazar property. Under the terms of the Agreement, and supplementary to earn-in conditions spelled out in the previous agreement, Aldridge has the opportunity to earn 100 % title to the Yenipazar property for payment of 250,000 common Aldridge shares. Further, Aldridge shall pay Anatolia a 6 % net proceeds interest (NPI: revenue less operational cost) until revenues from the Yenipazar operation reach the amount of US$ 165,000,000. If revenues exceed the amount of US$ 165,000,000, the NPI increases to 10 % on the amount in excess of US$165,000,000.
The completion of the Agreement is subject to the receipt of all necessary regulatory approvals and the issue of the 250,000 shares to Anatolia.
This strategic alliance and 100% earn-in option for Aldridge will give Aldridge a major core asset. From Anatolia’s perspective, it has chosen to focus on building up a work infrastructure to develop 100%-owned large Cöpler gold projects, rather than divert its resources to minority ownership in projects that would be controlled and managed by others. (Aldridge could have earned 65 % under the previous agreement.) In agreeing to the new terms, Anatolia recognizes the value to Aldridge in having the opportunity to earn into 100 % of the Yenipazar property and the value to Anatolia over the longer term.
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