Vancouver, British Columbia – March 3, 2009: Dr. Hikmet Akin, President of Aldridge Minerals Inc. (“Aldridge” or the “Company”) is pleased to announce that it recently acquired an exploration license in western-central Papua New Guinea (PNG). PNG is home to several world class orebodies in the range of 25-40 Moz Au or Au-equivalent for Cu-Au, foremost Ok Tedi, Porgera, and Lihir. Aldridge’s license has an area of 450 km2, and is located about 50 km west of Porgera and 150 km east of Ok Tedi, on the same trend as these giants.
The decision to acquire the property was based on a new, almost completely processed aeromagnetic map presented by the PNG Mineral Resources Authority on the PDAC in Toronto (March 2008). On a scale of 100 km, the map showed several magnetite destruction zones with the pattern typical for large epithermal systems in a belt of andesitic volcanic host rocks. The giant epithermal Porgera gold deposit was standing out very clearly on this map, and a similar structure located on free ground was applied for by Aldridge. The completely processed version of the magnetic map was published in mid-2008, and other companies applied for the same area soon thereafter.
In the framework of a geological reconnaissance program of PNG and the European Union, a large number of stream sediment samples were collected over wide parts of PNG. Stream sediment samples serve to understand the mineralization potential of a given area, in that case mostly in the range of 5-20 km2. Any significant outcropping mineralization should leave its footprint in the silts and sands of creeks that dewater the mineralized zone, thus outlining an area for follow-up to identify the mineralization at outcrop.
According to recent maps presented by the PNG Mineral Resources Authority on the PDAC 2009, approximately 45 stream sediment samples were collected in Aldridge’s license area. Results are most encouraging for gold, with 6 well clustered samples grading > 1 g/t Au, and 6 further samples grading 0.1-1 g/t Au in the same area. These are strongly anomalous values and suggest the presence of gold mineralization in the license area. The same area also contains 2 copper-anomalous stream sediment samples reported in the range of 0.01-1 % Cu.
Aldridge is currently acquiring more data and has scheduled a field visit during the coming months.
Dr. Akin said “The acquisition of our license in PNG underlines the opportunity-oriented philosophy of Aldridge. We are now represented in one of the World’s premier mineral belts and have secured an area with good potential for a significant gold discovery, ahead of our competitors”.
Martin S. Oczlon, PhD Geo, a director of Aldridge and Qualified Person as defined in NI 43-101, has reviewed and verified the technical content of this press release.
About Aldridge Minerals
Aldridge Minerals Inc. is 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.
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.