TORONTO - Aldridge Minerals Inc. ("Aldridge" or "the Company"), (TSX-V: AGM - News), announced today that the company has completed 26,800 m of RC-drilling and 273 m of diamond drilling for its resource definition program of the Yenipazar open pit target, central Turkey. The total drill program, including all historic diamond holes, comes to more than 29,000 m.
The total cost of approximately US$ 3.5 million attributable to the Yenipazar project since Aldridge acquired the project in Dec 2004, provides an average cost of US$ 130 per meter. This performance underlines several key attributes of Yenipazar including: the ability to use low-cost RC-drilling instead of much more expensive diamond drilling, its location in nearly flat terrain and its very well developed infrastructure.
This resource drill-out program is targeted to bring the entire mineralization contained within the 1,700 m deposit strike length into the indicated and inferred resource categories, to form the basis of a NI-43-101-compliant preliminary economic assessment, scheduled for release in the 2nd quarter of 2008.At least another 40-50 holes remain to be drilled before a revised resource estimate can be finalized.
High-temperature metamorphism of the Yenipazar volcanogenic massive sulphide deposit led to growth of larger mineral grains, potentially facilitating metallurgy and recoveries. This and other parameters are the target of a currently conducted metallurgical study, also forming part of the ensuing preliminary economic assessment.
Aldridge President & Director, Dr. Hikmet Akin, said, "We are pleased to see the Yenipazar project is developing as scheduled, and that our drill program is progressing rapidly to advance the project to a preliminary assessment stage. With a 43-101 compliant preliminary assessment in hand, we will be able to move the project to the next stage of development."
The Yenipazar project is subject to an earn-in agreement with Anatolia Minerals, wherein Aldridge can earn a 100% working interest.
Derinkoy Gold-silver Project:
Aldridge's farm-in partner for the Derinkoy gold-silver project in NE-Turkey, Northfield Metals Inc., terminated the underlying agreement effective October 25, 2007. Aldridge will receive 500,000 shares in Northfield once Northfield is publicly listed, and has 100 % title to the property. Derinkoy has encouraging first-pass, near-surface drill results with 6 m (at) 5.04 g/t Au, 180.5 g/t Ag and 33 m (at) 2.13 g/t Au, 106.7 g/t Ag. Aldridge is currently in talks with other interested parties about the project.
Dr. Martin S. Oczlon, PhD Geo, a director of Aldridge and a Qualified Person as such term is defined in NI-43-101, has reviewed and verified the technical content of this release.
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
President and a Director
The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.
The TSX Venture Exchange Inc. 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