Vancouver, British Columbia, Canada. Aldridge Minerals Inc. ("Aldridge") (Frankfurt WKN: A0CAPB, TSX.V: AGM) is pleased to announce that it has entered into a Purchase and Sale Agreement (the "Purchase and Sale Agreement") with BHP Billiton to acquire BHP Billiton's remaining 40% interest in the Olucak and Derinkoy mineral properties in Turkey. Aldridge currently has a 60% interest in the Olucak and Derinkoy properties.
In return for the remaining 40% interest in the Olucak and Derinkoy properties, Aldridge has agreed to issue to BHP Billiton 250,000 common shares of Aldridge, and to grant a 1.5% net smelter return royalty to the Turkish subsidiary of BHP Billiton. This transaction is subject to regulatory approval.
In particular the Derinkoy property yielded excellent Au-Ag results on first round RC-drilling, reported last year (news release from January 5, 2005, filed on SEDAR (http://www.sedar.com/).
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.