VANCOUVER, B.C. - Aldridge Minerals Inc. ("Aldridge" or "the Company") announced today that the Company has acquired a 100 % interest in certain mineral licenses in Turkey, where historic exploration has identified uranium mineralization in sandstones. Aldridge is currently compiling and assessing this historic work and is reviewing data from other uranium properties in Turkey.
Since the first testing of an innovative tool to read elements at concentrations of a few parts per million in the field (NR from July 7, 2006, on http://www.sedar.com/), Aldridge has worked in conjunction with the inventors to develop and test a portable prototype. This is nearing completion and first results are expected in April-May 2008.
As part of an ongoing review to maximize shareholder value, and subject to shareholder and TSX Venture Exchange approval, management is considering the spin out of the uranium properties and the field analytical tool asset to newly incorporated stand-alone companies. Both projects are not considered material to the Company at this time, in comparison to the core Yenipazar project, but management believes they have the potential to generate value in the future. Management is currently confirming the exact structure and timing of these spin-off transactions and hopes to implement them as soon as practicable.
Aldridge President & Director, Hikmet Akin, said, "We developed the uranium properties and field analytical tool asset within the Company's philosophy to assess every opportunity that may help grow Aldridge. We believe that these programs have matured to a degree that justifies the set-up of new companies so that they can receive adequate capital and management attention, to maximize shareholder value"
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 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 mid-2008, subject to the progress of the resource definition drilling program. 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 has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
For further information: Dr. Hikmet Akin, President & CEO, Aldridge Minerals Inc., (604) 737-2743; Martti Kangas, The Equicom Group, (416)
815-0700 x 243
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