VANCOUVER - Aldridge Minerals Inc. (the "Company") (TSX-V: AGM, Frankfurt: A0CAPB) announced today that it has appointed Mr. Charles M. Raymond to its Board of Directors. Mr. Raymond, MBA, was most recently the Chairman and CEO of Rainy River Resources Ltd. and has over 30 years of senior management and venture capital experience in various industries including mining and oil and gas exploration.
He served as President and Director of St. Phillips Resources Inc. from 1988 to 1993 during which time St. Phillips partnered with Rio Algom Ltd. and El Condor Resources Inc. to develop the Kemess Mine in B.C., Canada. Kemess today is a large open pit operation producing approximately 300,000 oz of gold and 75 M lb (34,000 t) of copper per year.
Mr. Raymond has acted as an advisor to a number of publicly traded companies and financial institutions specializing in initial public offerings, corporate restructurings and business negotiations. He currently serves as President of CMR Capital Corp., a corporate consulting firm.
Aldridge President and Director, Dr. Hikmet Akin, welcomes Mr. Raymond and said, "The wealth of experience Mr. Raymond brings to the Aldridge Board will provide invaluable expertise to the Company."
The Company further announces a grant of stock options to Mr. Raymond to purchase an aggregate total of 152,000 common shares in the capital of Aldridge in two tranches. The first installment consists of 37,000 options to be issued at $ 2.40 per common share (being the closing price of the Company's shares on February 19, 2008). The second installment of 115,000 options shall be granted as soon as further options are available to the company and with an exercise price corresponding to the closing price of the Company's common shares on the Exchange on that day. The options are granted pursuant to the terms of Aldridge's Stock Option Plan and any common shares issued are subject to a four month hold period in accordance to the policies of the TSX Venture 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. A Preliminary Economic Assessment as well as an updated resource calculation are scheduled for mid-2008; subject to the determined size of the deposit and the progress of the resource definition drilling.
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 a director
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS 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