Vancouver, British Columbia – December 30, 2008: Dr. Hikmet Akin, President of Aldridge Minerals Inc. (“Aldridge” or the “Company”) is pleased to announce that Aldridge has set the record date for its planned spinoff transaction of uranium assets in Turkey. All Aldridge shareholders will receive one common share of Aldridge Uranium Inc. (“Aldridge Uranium”) for every two common shares of the Company held as of the end of trading on December 31, 2008. The Aldridge Uranium shares will be distributed by way of an in specie dividend and not a return of capital. The reorganization of the Company contemplated by the spinoff transaction was approved by the shareholders of the Company on May 1, 2008.
The Company also confirms that the entitlement to receive shares of Aldridge Uranium will be extended to all persons to whom the Company is contractually committed to issue common shares as of December 31, 2008, including all holders of stock options and share purchase warrants of the Company and shareholders of Valhalla Resources Ltd. (“Valhalla”) who are entitled to receive securities of the Company pursuant to the merger agreement between Aldridge, its newly incorporated acquisition vehicle subsidiary and Valhalla. The conversion or exchange ratios, as applicable, for such contractual commitments will be adjusted in accordance with their respective terms to entitle such persons to receive common shares of Aldridge Uranium upon such conversion or exchange.
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 and uranium property position in Turkey, where a systematic exploration 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.