VANCOUVER - Aldridge Minerals Inc. (TSX-V: AGM Frankfurt: A0CAPB) (the "Company") announces that it has amended the terms of its non-brokered private placement units ("Units") originally announced on September 6, 2007. The Company will now issue up to 1,200,000 Units at a price of $2.50 per Unit to raise gross proceeds of $3,000,000.
Each Unit will consist 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 for a period of 12 months from closing. The Company expects to close the private placement immediately upon receiving regulatory approval.
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 may 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
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.
President & Director
Tel. +1 (604) 737 2743
Fax +1 (604) 737 2743
15th Floor, 1040 West Georgia Street
Vancouver, B.C. V6E 4H8
The Equicom Group
Tel. +1 (416) 815-0700 x243