Toronto, July 13 – Aldridge Minerals Inc. (TSX-V: AGM) ("Aldridge" or the "Company") today announced its results for the second quarter ended May 31, 2010, and provided an update on corporate developments. All amounts are in Canadian dollars unless otherwise stated.
Second Quarter 2010 Highlights:
- Net loss was $829,069, or $0.03 per share (basic);
- Cash and cash equivalents of $3,976,591;
- Appointed Mr. Jacob Willoughby as President of Aldridge Minerals replacing Dr. Hikmet Akin who has assumed the role of Chairman of the Board;
- Mr. Mark Monaghan and Mr. Barry Hildred were elected to the Board of Directors of the Company bringing the total number of Directors to seven and adding substantial industry-specific and capital markets expertise;
- Resumed work at the Yenipazar Volcanogenic Massive Sulphide (VMS) deposit to advance infill drilling, designed to bring the entire resource into the Indicated category, and initiated metallurgical testing and analysis; and
- Negotiated a purchase agreement with ASX-listed AWH Corp. to develop Aldridge’s Uranium assets while maintaining a 25% carried interest through to production or project sale.
Highlights Subsequent to Quarter-End:
- Retained Investor Relations consultants the Equicom Group Inc. and Profinnotiv AG to service the Canadian and European capital markets, respectively; and
- Re-located the head office to Toronto, Ontario.
“During the quarter we executed on a number of initiatives designed to strengthen the balance sheet and advance the Yenipazar property in central Turkey toward later stage development," said Jacob Willoughby, President of Aldridge. “We also recently took a number of steps to address our strategic approach to the capital markets, which included strengthening our board and retaining dedicated investor relations consultants. These initiatives, in combination with the initiation of analyst coverage by two boutique investment banks, should help raise Aldridge’s profile with the broader investment community internationally. Our operational focus in the quarters ahead will be on the parallel advancement of an aggressive infill drilling program, third-party metallurgical testing and a Preliminary Economic Assessment designed to advance the Yenipazar project to the Feasibility Study stage of development in 2011.”
The Company’s summer infill drilling program comprising 28 Reverse Circulation (RC) drill holes in the southern part of the VMS deposit at the Yenipazar property in Central Turkey, has now been completed. The objective of the drilling program was to reduce the spacing between drill holes to approximately 40 metres and upgrade the entire resource from the Inferred to Indicated category. Aldridge has also commissioned Mintek to conduct metallurgical testing with results expected by the end of the fiscal year. The Company also plans to engage the services of a third party to conduct a Preliminary Economic Assessment, which is expected to begin by the end of July and be completed within 60 to 90 days. Management has also met with a number of engineering companies with respect to commissioning a Feasibility Study for the Yenipazar deposit scheduled to begin in late calendar 2010 or early calendar 2011 following the completion of the previously mentioned initiatives. The Company has also retained the services of Gryphon Partners to assist in the development and execution of strategic initiatives designed to support long-term growth.
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.
Additional information relating to the Company, including the Company's financial statements and management's discussion and analysis for the three months ended May 31, 2010 will be available on SEDAR at www.sedar.com
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 and Papua New Guinea, and has amassed a large property position where a systematic exploration program is underway.
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., James Kitchen 416-815-0700 x267 or Dave Feick, (403) 218-2839
Aldridge Minerals Inc.
83 Yonge Street
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 the 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.
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