Vancouver, British Columbia – December 19, 2008: Dr. Hikmet Akin, President of Aldridge Minerals Inc. (“Aldridge” or the “Company”) is pleased to announce that Aldridge has entered into a merger agreement with Valhalla Resources Ltd. (“Valhalla”), whereby it will acquire all of the shares of Valhalla by way of a three-cornered amalgamation. Pursuant to the transaction, each Valhalla shareholder will receive one unit of Aldridge per share held in Valhalla, each unit consisting of 0.25 of an Aldridge common share and 0.05 of a share purchase warrant. Each full warrant will entitle the holder to acquire one common share of Aldridge at a price of $3.00 per share for a period of two years from the closing of the transaction. It is anticipated that 3,743,804 common shares and 748,760 warrants will be issued pursuant to this transaction. Following the completion of the amalgamation, Valhalla will become a wholly-owned subsidiary of Aldridge.
The transaction is subject to several conditions precedent, including shareholder approval by Valhalla, the receipt of required regulatory approvals (including the TSX Venture Exchange for the securities of Aldridge to be issued pursuant to the transaction), compliance with covenants of the merger agreement, receipt of title opinions for Valhalla’s mineral projects, no material change in the affairs of Aldridge or Valhalla to have occurred up to the effective date of the amalgamation, as well as other customary conditions for a transaction of this nature. The Company expects to complete the amalgamation in early 2009. There is no assurance at this time that all conditions precedent will be satisfied or waived.
Valhalla is a privately held company with several mineral exploration projects in Turkey and Romania. The portfolio consists of porphyry/skarn copper and epithermal gold properties (two in Romania and two in Turkey) and a uranium program in Romania including one license and data for other potential uranium projects. The copper and gold properties offer the opportunity of establishing promising copper prospects in association with gold and other base metals, including molybdenum. The Company will provide additional details in regard to these properties as the transaction progresses.
“The portfolio of Valhalla complements and will be a good addition to Aldridge’s existing program in Turkey, which includes the Yenipazar precious and base metal deposit, nickel and uranium properties” said Dr. Akin.
The Company would also like to update shareholders on the previously announced spin-off transaction involving its early stage uranium mineral projects in Turkey. Due to market conditions the completion of the spin-off transaction has been delayed and is now expected to complete as soon as practicable following the closing of the acquisition of Valhalla noted above. As part of the acquisition, Aldridge will acquire Valhalla’s uranium program which will be transferred to the Aldridge Uranium spin-off company.
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.
Aldridge Minerals Inc.
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.