Vancouver, British Columbia, Canada. Aldridge Minerals Inc. ("Aldridge") (Frankfurt WKN: A0CAPB, TSX.V: AGM) is pleased to announce that an independent resource evaluation has been completed by P & E Mining Consultants Inc. ("P & E"; Brampton, Ontario) for the Yenipazar polymetallic prospect in central Turkey.
The resulting technical report is compliant with current NI 43-101 standards and can be downloaded from Aldridge's website. The technical report will also be filed on SEDAR and will be available for viewing at http://www.sedar.com/. All results, including those from Aldridge's extensive 4,332 metre RC-drilling program in 2005, as well as historic diamond drill data and preliminary metallurgical results from Anatolia Minerals Development Ltd. have been carefully reviewed. Drilled material has been partly re-assayed by P & E.
The inferred resource estimate utilized assay data from 22 drill holes on an approximate 80 metre x 80 metre spacing and was interpolated with the inverse distance squared (1/d2) grade estimation method.
Resources were reported within an optimized pit shell at 4,705,000 tonnes @ 1.66 g/t Au, 35.6 g/t Ag, 0.45% Cu, 1.44% Pb and 1.64% Zn. An NSR internal open pit cut-off value of US$10/tonne (based on $425/oz Au, $6.75/oz Ag, $1.40/lb Cu, $0.39/lb Pb, $0.51/lb Zn, $8.00/tonne milling, $2.00/tonne G&A, $1.10/rock tonne mined and 55 degree pit slopes) was used to quantify this resource estimate for the Yenipazar deposit.
The in situ contained metal in the resource estimate within an optimized pit shell at the above mentioned metal prices is equivalent to 833,000 oz of gold (251,000 oz Au, 5.39 million oz Ag, 47 million lbs. Cu, 149 million lbs. Pb and 170 million lbs. Zn).
The mineral resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council November, 2004.
Detailed plans and sections for the optimal open pit outline, as suggested by the current database, are provided in the technical report.
Mineral resources which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
Based on the continuity and grade of the poly-metallic mineralized material evident in the drill hole database, P & E believes excellent potential exists to upgrade significant portions of the inferred mineralization to the indicated category. In addition, potential exists to enlarge the resource base through a modest program of along-strike, step-out drilling. Accordingly, P & E recommend that a single phase, 7,760 m, surface RC drilling program be conducted on a 40m x 40m grid. A budget of C$750,000 is proposed and it is estimated that the drilling program would take approximately four months to complete with one drill rig.
Results and mineralized material obtained from the proposed drill program will be used to prepare a preliminary economic assessment to proceed swiftly towards a feasibility study and development of the Yenipazar deposit.
Eugene Puritch, P.Eng., Tracy Armstrong, P.Geo. and Dr. Wayne Ewert, P.Geo. from P & E, are qualified persons as identified by National Instrument 43-101, and have reviewed and verified the technical content of this release.
On behalf of the Board of Directors
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information please contact:
Aldridge Minerals Inc.
Dr. Martin Oczlon, Exploration Manager
Suite 204, 3540 West 41st Avenue
Vancouver, BC, V6N 3E6
Phone +1 (604) 687-4709
Fax +1 (604) 687-4709
Advice Portfolio Management GmbH
Hartmut Thome, Investor Relations
Phone +49 (6227) 8395-0
Fax +49 (6227) 8395-70