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Aldridge Minerals Announces Diamond Drill Results on Yenipazar Project

11/09/2010

TORONTO, November 9, 2010 - Aldridge Minerals Inc. (TSX-V: AGM) ("Aldridge" or the "Company") today announced results of its 2010 diamond drill program on the Yenipazar Au-Ag-Cu-Pb-Zn volcanogenic massive sulphide (VMS) project in central Turkey.

Three PQ diamond holes (diameter of 8.3 cm) have been assayed by ALS Chemex of Vancouver in a total of 281 samples and 22 samples from the core were analyzed for metallurgical test purposes by Mintek Laboratories of South Africa.

 All of these holes were intended to approximately duplicate previously drilled RC holes in order to obtain material for metallurgical testwork and to assess the quality of the RC-data. RC holes yield only rock powder with chips of up to a few centimeters wide and may suffer loss of metals due to the pulp recovery process. However, RC-drilling is two to three times faster than diamond drilling and is about half the cost per meter, which enabled Aldridge to outline the deposit in its current large size.

 Results of the newly drilled diamond holes are summarized and compared to their corresponding RC-holes in the table below. The table includes the two diamond holes drilled in 2007 (YPD-1 and YPD-2). All diamond holes were drilled five meters from the corresponding RC-hole. Drill hole YPD-5 was drilled on the western edge of the Yenipazar body and was actually found to be barren and may have been drilled just outside of the resource.

 There are seven pairs of mineralized intervals intersected in RC and diamond drilling to compare in the table below. In two of the pairs (YPD-7/YP-120 and YPD-2/YP-51), the diamond drilled intervals are both longer and higher grade. In two other pairs (YPD-4/YP-62, 58-68 meters and YPD-6/YP-343B, 28-36 meters), the diamond drilled intervals are higher grade, but are the same interval length as in RC hole.  In one pair, the RC interval is significantly shorter (YP-51: 54 meters vs. 68 meters for diamond), both with similar grades.* In the remaining two pairs (YPD-4/YP-62, 74-106 meters and YPD-6/YP-343B, 50-72 meters), the RC grade is higher with very similar interval lengths.

 Overall, grade appears to improve in the diamond drill holes but there must also be lateral variation of the grade within the Yenipazar body itself. The massive improvement of drill hole YPD-7 over its RC-counterpart, makes YPD-7 one of the best holes in the entire deposit. The fact that two of the longer diamond intersections also have higher grades may indicate that these diamond holes coincidentally entered more towards the center of a VMS-mound.

Hole Type From [m] To [m] Thick-ness [m] Au g/t Ag g/t Cu % Pb % Zn %
YPD-1 Diamond 62 130 68 3.92   2.05* 37.0 0.57 1.09 1.30
YP-51 RC 62 116 54 1.91 38.3 0.53 1.30 1.98
                   
YPD-2 Diamond 24 86 62 1.23 66.8 0.39 1.84 2.45
YP-61 RC 24 84 60 1.02 63.8 0.31 1.47 1.96

                 
YPD-4 Diamond 58 68 10 1.66 36.1 0.38 1.36 1.97
YP-62 RC 58 68 10 0.66 22.4 0.20 0.90 1.41
  Diamond 74 106 32 1.17 30.4 0.39 1.33 1.64
  RC 74 106 32 1.59 38.0 0.48 1.84 2.87
                   
YPD-6 Diamond 28 36 8 3.47 176.0 0.10 0.32 0.15
YP-343B RC 28 36 8 0.13 21.5 0.11 0.76 0.25
  Diamond 50 72 22 0.99 63.0 0.27 1.01 1.59
  RC 52 74 22 1.33 35.9 0.29 2.42 3.48
  Diamond 92 108 16 2.33 72.5 0.59 1.71 3.23
  (no RC-duplicate)                
YPD-7 Diamond 30 63 33 1.87 170.8 0.43 6.01 8.17
YP-120 RC 32 58 26 1.73 89.2 0.35 2.58 3.99
  Diamond 150 153 3 0.80 54.1 0.32 1.52 2.92
  Diamond 163 168 5 1.35 48.3 0.37 1.40 2.58
  (no RC-duplicates)                

 Comparison of pairs of RC and duplicate diamond drill holes, spaced five meters apart.

* YPD-1 includes unusual intervals at 112-114 meters (61 g/t Au), 122-124 meters (20.15 g/t Au), and 124-126 meters (12.5 g /t Au). If capped at 10 g/t Au, the average grade for the diamond drilled interval of 62-130 meters is 2.05 g/t Au. If uncapped, the grade across this interval is 3.92 g/t Au.

Dr. Martin Oczlon, CEO of Aldridge Minerals commented “We are particularly pleased to see that the grades in the diamond holes overall show an improvement over those encountered in the neighbouring RC-holes, which will be included in the forthcoming new resource model for the Yenipazar deposit. The results of these holes confirm very well the lateral continuity of the resource at the five meter-scale. The mineralized horizons vary only slightly in thickness and elevation, which is an important aspect for open pit mining.”

The Yenipazar project is subject to an earn-in agreement with Anatolia Minerals, wherein Aldridge can earn a 100% working interest, subject to a 6 % net proceeds interest (“NPI”, revenues less operational cost) until revenues of US$ 165 million are generated, and 10 % NPI from there on.

 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 mainly 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 other prospective opportunities in Turkey as well as Papua New Guinea, where the company has amassed a large property position with a systematic exploration program currently being conducted.

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.

 Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 For further information: Aldridge Minerals Inc., Jacob Willoughby, President and Director, (416) 558-4717, www.aldridgeminerals.com; The Equicom Group Inc., Patrick Piette, (416) 815 0700 x 267 or Dave Feick, (403) 218-2839, www.equicomgroup.com

TSX-V: AGM 0.20 +0.00 +0% Volume: 1,000 October 18, 2017