Vancouver, British Columbia: Aldridge Minerals Inc. (the “Company”) is pleased to announce that it has completed the initial tranche of its private placement originally announced on September 6, 2007. The private placement consisted of 962,040 units at a price of $2.50 per unit raising gross proceeds of $2,405,100. Each unit consists of one common share and one share purchase warrant, with each warrant entitling the holder to acquire one additional common share at a price of $3.50 per share until November 29, 2008. The Company paid a finder’s fee consisting of 32,084 units and $120,255 in cash. The securities issued under the private placement are subject to a four month hold period expiring on March 30, 2008.
The proceeds of the private placement will be used for continuing exploration and drill programs on the Company's mineral properties in Turkey and for general working capital purposes. The Company will pay a finder's fee incidental to the financing in accordance with Exchange policies. The private placement and payment of a finder's fee are subject to TSX Venture Exchange acceptance.
Aldridge Minerals Inc. is wholly focused on mineral opportunities in Turkey where the Company is conducting an ambitious exploration and development program at its flagship Yenipazar polymetallic VMS project. A Preliminary Economic Assessment as well as an updated resource calculation is scheduled for Q2 2008, subject to the eventually determined size of the deposit and progress of respective resource definition drilling. Aldridge has also identified several prospective nickel opportunities in Turkey and has amassed a large property position where a systematic development program has commenced.
On behalf of the Board of Directors
DR. HIKMET AKIN
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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.
Hikmet Akin, President & Director
Tel. +1 (604) 737 2743
Fax +1 (604) 737 2743
The Equicom Group
Tel. +1 (416) 815-0700 x243