News-Releases
News Releases

New results from Yenipazar (VMS, Turkey), private placement update, and timing for spin-offs

06/04/2008

Vancouver, British Columbia, Canada. Aldridge Minerals Inc. ("Aldridge" or the "Company") (TSX-V: AGM, Frankfurt: A0CAPB) announced today that its resource definition drill program at Yenipazar has been completed over the entire strike-length of 1700 m for a new 43-101-compliant updated resource statement. About 80% of the resource has been drilled on a grid of 40 x 40 m and about 20% on 80 x 40 m. As of May 27th Aldridge completed 42,652 m of RC-drilling in 311 RC-holes and 277 m in 2 diamond holes (there are another 9 diamond holes drilled earlier by Anatolia Minerals).

Results of the last 23 of these 311 holes are still pending and will be included in the updated resource. The table below summarizes some of the recently received assay results. Assaying was performed at ALSChemex (Vancouver).

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Hole     Interval  (m) Thick Oretype  Au g/t  Ag g/t   Cu %   Pb %   Zn %

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  Nr.    from    to    (m)            ALSCh   ALSCh   ALSCh  ALSCh  ALSCh

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YP-249     72     84     12   Sulph.   2.64   57.82    0.61   1.96   3.84

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YP-249     90    110     20   Sulph.   0.86   82.13    0.15   1.84   1.48

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YP-250     58     78     20   Sulph.   2.70   64.53    0.75   1.58   3.60

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YP-259     98    118     20   Sulph.   2.74   67.83    0.59   2.49   3.72

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YP-264     52    100     48   Sulph.   4.72   66.24    0.96   4.22   7.65

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Includes   52     74     22   Sulph.   3.97   92.91    0.80   7.12  13.05

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YP-264    108    112      4   Sulph.   0.58   32.15    0.28   1.09   1.76

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YP-269     44     56     12   Sulph.   1.08   33.11    0.31   2.70   5.00

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YP-282     82    114     32   Sulph.   2.93   82.11    0.97   3.10   4.84

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YP-286    116    132     16   Sulph.   2.05   73.56    0.58   3.07   5.68

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YP-287     74     94     20   Sulph.   0.81   38.48    0.30   1.26   2.46

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YP-287    110    122     12   Sulph.   0.99   51.07    0.19   2.35   3.43

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YP-288     44     66     22   Sulph.   2.76   65.23    0.96   3.04   4.15

The entire results are available on www.aldridgeminerals.com.

The Company will be maintaining one RC-rig at Yenipazar to complete the 40 x 40 drill grid over the next 3 months, drill the untested northern extension of the deposit, and drill-test potential mineralization of the same or similar style found within 5 km during geophysical surveying.

The independent, updated resource statement will be available this summer to form part of an ensuing Preliminary Economic Assessment ("PEA"). The PEA is to include metallurgical data on test work currently carried out by SGS Lakefield (Ontario). The respective metallurgical report is also expected this summer.

The Yenipazar project is subject to an earn-in agreement with Anatolia Minerals, wherein Aldridge can earn a 100% working interest, subject to a net proceeds interest held by Anatolia Minerals. At the current rate of project expenditures, Aldridge's work commitment of US$ 6 million should be reached by early 2009.

Private placement
Aldridge further announced that it has terminated the engagement letter with Evergreen Capital to raise proceeds of up to CAD$ 7 million by way of a best efforts private placement (see NR from April 10). The Company has finalized discussions with Advice Portfolio Management GMBH in Germany to raise funds through a non-brokered private placement, mainly in the European market. The private placement will consist of units ("Units") at a price of CAD $3.10 per Unit. Each Unit will consist of one common share and one share purchase warrant entitling the holder to acquire one additional common share at a price of CAD $3.50 for a period of 24 months from closing. The Company may pay a finder's fee incidental to the financing in accordance with Exchange policies. The private placement and payment of a finder's fee are subject to TSX Venture Exchange approval.

Spin-offs

The Company also advises that the process of spinning out the Aldridge uranium program in Turkey has been initiated and is scheduled for completion in late June. The resulting company will be named Aldridge Uranium Inc. ("AldUr"). One third of the AldUr shares will be retained by Aldridge, one third will be dividend to Aldridge shareholders, and one third sold to related parties in return for providing initial start-up capital. The record date for qualification for the share dividend will be set to coincide with the receipt of the AldUr shares by Aldridge. Further details will be announced at a later date.

It is intended that AldUr remains private during the start up stage while work confirming earlier (Turkish) results and initial exploration work, possibly through to the establishment of a 43-101-compliant resource, is carried out followed by a listing at a later date on a public stock exchange. In addition to the resource confirmation there will be additional drilling to investigate the hydrologic and petrophysical characteristics of the uranium-bearing sandstone units. These investigations will help to determine the applicability of the presently favored recovery method of In-Situ-Leach technology. If considered applicable a pilot test will have to be carried out. Otherwise, classical mining technologies will be considered based on prevailing uranium market prices in the future.

The spin off of the technology program (for the development of a mobile analytical tool prototype for detection of chemical elements at low ppm-levels) has been delayed to have more time for testing the software. The device also requires various approvals to allow operation due to the short radiation pulse during measurement. The completion of the spin-off will proceed once the testing has been completed and the approvals obtained, which is currently estimated to be before the end of 2008.

Dr. Martin S. Oczlon, PhD Geo., a director of Aldridge and a Qualified Person as defined in NI 43-101, has reviewed and verified the technical content of this 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. An updated resource calculation, followed by a Preliminary Economic Assessment ("PEA"), is scheduled for Summer 2008. The PEA is subject to the progress in data compilation for open pit and plant construction, and in metallurgical testing.

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
"Signed"

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DR. HIKMET AKIN
President and Director

Forward-Looking Statements:
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,
Präsident & CEO
Aldridge Minerals Inc.
+1-(604) 688-8932

Jay J. Bedard
The Equicom Group
+1-(416) 815-0700 x 247

TSX-V: AGM 0.20 +0.00 +0% Volume: 50,500 August 21, 2017

Downloads

Date Download
August 9, 2017 Financial Statements - Q2 2017 466 KB
August 9, 2017 Q2 2017 MD&A 644 KB
June 11, 2012 Yenipazar Plan Map 1.21 MB
March 22, 2012 Corporate Presentation 1.34 MB