Vancouver, British Columbia, Canada. Aldridge Minerals Inc. (Frankfurt WKN: A0CAPB, TSX.V: AGM) ("Aldridge" or the "Company") announced today that its step-out drill program at the Yenipazar polymetallic deposit in Central Turkey has significantly extended the strike length of the deposit by 480 m.
Aldridge drilled a further 57 RC-holes and two diamond drill holes in addition to the 78 RC-holes included in the recently updated resource estimate technical report (Aldridge news release July 2, 2007), covering a deposit strike-length of 560 m at an average width of about 160 m. Most of the RC-holes are step-out holes on the 40 x 40 m drill grid, aimed at enlarging the resource. The most recent holes were drilled 480 m along strike south of the southernmost RC-hole used for the resource estimate technical report. The drills continued to intersect 10-20 m thick intervals at about the deposit average grade, at depths around 70-80 m. The width of the deposit appears to remain at about 160 m. The Yenipazar deposit remains open to the north as well.
Samples from the individual drill holes are currently being assayed and results will be published once they are obtained. A drill plan can be downloaded from www.aldridgeminerals.com (Our Projects/Yenipazar).
Aldridge President & Director, Hikmet Akin, said, "We are pleased that we have almost doubled the strike length and look forward to receiving the drill results of the individual holes. These results support the possibility that we can significantly enlarge the mineralization and ultimately the resource at Yenipazar. We will continue to methodically advance our exploration and development program in order to reach that goal."
To better understand the full extent of the deposit along strike, Aldridge will conduct a geo-electrical survey (IP sections) to guide further drilling on the southern extension of the deposit. Step-out drilling is now scheduled along N-S 160 m-spaced lines, with one line containing 4-5 RC-holes, 40-m-spaced in E-W-direction.
The Company also announced today that pursuant to the Company's stock option plan, the Company has awarded a total of 306,000 options to certain directors, employees and consultants of the Company. The options have a term of five years and vest in compliance with the Company's stock option plan. The options have an exercise price of CAN $2.88 per common share being the closing price of Aldridge common shares on July 24, 2007, the date that the Board approved the grants.
Martin S. Oczlon, PhD Geo, a director of Aldridge and Qualified Person as defined in NI 43-101, has reviewed and verified the technical content of this press release.
Aldridge Minerals Inc. is a Canadian-based junior mining company formed in 1994 as a minerals exploration company. Aldridge's current main project is the Yenipazar gold, silver, copper, lead, and zinc deposit in central Turkey, where the company has drilled 120 holes for resource definition since May 2007. The Company also holds the Derinkoy gold-silver exploration license in the Pontide copper-gold belt of NE Turkey. For further information, please visit www.aldridgeminerals.com.
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 has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
For further information please contact:
President & Director
Tel. +1 (604) 737 2743
Blackberry +1 (604) 7653747
Fax +1 (604) 737 2743
Aldridge Minerals Inc.
15th Floor, 1040 West Georgia Street
Canada V6E 4H8
The Equicom Group
Tel. +1 (416) 815-0700 x262