TORONTO, October 1, 2010 - Aldridge Minerals Inc. (TSX-V: AGM) ("Aldridge" or the "Company") today announced that it has extended its strategic alliance and option agreement (“Agreement”) with Anatolia Minerals Development Corp and its Turkish subsidiary (collectively “Anatolia”) for exploration and development of the Yenipazar Au-Ag-Cu-Pb-Zn Volcanogenic Massive Sulfide deposit in central Turkey.
"This revised Agreement for our flagship Yenipazar property gives us ample time to complete a thorough definitive feasibility study and thereby complete our earn-in of a 100% interest in this deposit,” said Jacob Willoughby, President of Aldridge Minerals. “We would like to thank the Anatolia group for their time and effort in revising this Agreement to the satisfaction of both parties.”
The revised Agreement provides Aldridge an additional 24 months to earn a 100% Working Interest from Anatolia in over 10,000 hectares in the prospective Yenipazar-Yozgat area. In order for Aldridge to earn a 100% Working Interest in the properties, the Company must make certain payments to Anatolia and complete a feasibility study on the Yenipazar project by December 1, 2012. However, the Agreement provides that if Aldridge does not deliver a feasibility study by such date, as long as Aldridge is seen to be diligently and continuously working to complete the feasibility study, it will not lose any of its rights.
The Company’s Working Interest is subject to a Net Proceeds Interest (“NPI”) in favor of Anatolia. This NPI will amount to 6% of net proceeds (revenue minus operating costs) until revenues of US$ 165 million have been generated from the Yenipazar project, and 10% of net proceeds thereafter.
“We expect to receive our Preliminary Economic Assessment from our consultants in approximately four to six weeks, after which we intend to begin the feasibility study on the Yenipazar deposit,” added Mr. Willoughby. “Furthermore, the Company previously commissioned Mintek of South Africa to complete a flotation study from representative diamond drilling which was completed in the third quarter. The results of this study are expected to be available in the fourth quarter. This is a very exciting time for our Company and we are focused on completing our earn-in and bringing the Yenipazar project towards development as soon as possible.”
A NI 43-101 Compliant Report entitled “Technical Report and Updated Resource Estimate on the Yenipazar Base Metal Deposit Turkey” prepared as at Aug. 27, 2008 is available on SEDAR.
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.
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