VANCOUVER - Aldridge Minerals Inc. (TSX-V: AGM, Frankfurt: A0CAPB) (the "Company") is pleased to announce the exercise of 1,024,456 warrants for proceeds of approximately $1.3 million. The exercise of these warrants resulted n the issuance of 1,024,456 common shares of the Company.
The Company also announced (February 6th 2008) a grant of stock options to its directors, officers, employees and consultants to purchase an aggregate total of 408,000 common shares in the capital of the Company at a price of $2.24 per share for a period of five years after the date of grant. Any common shares issued upon exercise of the options are subject to a four month hold period pursuant to the policies of the TSX Venture Exchange. The options are also subject to the terms of the Company's Stock Option Plan, which has been pproved by shareholders of the Company and the TSX Venture Exchange.
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 opportunities in Turkey and has amassed a large 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