Vancouver, British Columbia, Canada. Further to its news release dated July 29, 2008, Aldridge Minerals Inc. (“Aldridge” or the “Company”) announces that it has closed the private placement of 445,100 units at a price of $2.75 per unit for total gross proceeds of $1,224,025. Each unit consists of one common share and one share purchase warrant entitling the holder to acquire one additional common share at a price of CAD $3.40 for a period of 24 months from closing. The Company will pay a finder's fee incidental to the financing in accordance with Exchange policies. The securities issued pursuant to the private placement are subject to a four month hold period in accordance with the applicable securities laws and the rules of the TSX Venture Exchange which expires on January 13, 2009. The private placement and payment of the finder's fee are subject to final TSX Venture Exchange approval.
The Company also announces that a total of 1,068,425 share purchase warrants issued in connection with its private placement completed in August, 2006 were exercised, resulting in the addition of $2,136,850 to the Company’s treasury.
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. The Company is in the process of completing an updated resource calculation. An ensuing Preliminary Economic Assessment 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
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.