Vancouver, British Columbia, Canada. Aldridge Minerals Inc. (“Aldridge” or the “Company”) is pleased to announce that P&E Mining Consultants Inc. (“P&E”) of Brampton, Ontario, Canada have completed an independent updated resource estimate for the Yenipazar VMS-deposit in Central Turkey. This estimate is based on 43,854 meters in 321 RC-holes drilled by Aldridge during 2005-2008, and 2,293 m in 11 diamond holes, nine of which were drilled by Anatolia Minerals in the late 1990s.
Most of the holes were drilled with an approximate 40 x 40 meters spacing, in a small area 80 x 80 meters. The estimate was interpolated with the inverse distance squared (1/d2) grade estimation method. Resources are reported within an optimized pit shell and represent a 527 % increase compared to the previously reported indicated resource (see NR from May 9, 2007):
(1) Mineral resources, which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
(2) The quantity and grade of reported inferred resources in this estimation are conceptual in nature and there has been insufficient exploration to define these inferred resources as an indicated or measure mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.
The mineral resources are estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council December 11, 2005.
An NSR internal open pit cut-off value of US $16.90 was used to quantify this resource estimate. It is based on 3 year trailing average metal prices of $663/oz Au, $12.49/oz Ag, $3.02/lb Cu, $0.86/lb Pb, $1.27/lb Zn, $14.50/tonne milling, $2.40/tonne G&A, $1.50/rock tonne mined and 50 degree pit slopes.
The in-situ contained metal within the optimized pit shell in the indicated category is 877,500 oz Au, 26.4 million oz Ag, 176.7 million lbs. Cu, 618.3 million lbs. Pb and 811.5 million lbs. Zn, and, in the inferred category, 78,800 oz Au, 2.2 million oz Ag, 20.1 million lbs Cu, 47.1 million lbs Pb, and 60.9 million lbs Zn.
Dr. Hikmet Akin said “Aldridge is very pleased with this extraordinary increase of the resource figures. One should consider these resource quantities and attached grades in the context of a relatively shallow open pit in an almost ideal infrastructural setting. Other deposits may need considerably higher grades, if they are mined underground and/or are located in remote areas with little or no infrastructure.”
An updated resource estimate technical report will be available on SEDAR and Aldridge’s website within 45 days of this press release.
Aldridge is currently in the process of procuring ore processing and other related data for a Preliminary Economic Assessment (PEA) of an open pit operation at Yenipazar to be prepared by P&E, subject to the progress in data compilation for open pit development and plant construction, and in metallurgical testing.
The Yenipazar project is subject to an earn-in agreement with Anatolia Minerals, wherein Aldridge can earn a 100% working interest, subject to a 6 % net proceeds interest (“NPI”, revenues less operational cost) until revenues of US$ 165 million are generated, and 10 % NPI from there on. At the current rate of project expenditures, Aldridge’s work commitment of US$ 6 million should be reached by 2009.
Eugene Puritch, P.Eng., Tracey Armstrong, P.Geo and Antoine Yassa, P.Geo of P&E are independent “Qualified Persons” as identified by National Instrument 43-101, and have reviewed and verified the technical content of this disclosure. Martin S. Oczlon, PhD Geo, a director of Aldridge and Qualified Person as defined in NI 43-101, has also reviewed and verified the technical content of this press release.
About Aldridge Minerals
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.
Aldridge has also identified several prospective nickel and uranium opportunities in Turkey and has amassed a large nickel property position where a systematic development program has commenced.
On behalf of the Board of Directors
DR. HIKMET AKIN
President and 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.