ALDRIDGE URANIUM NEWS RELEASE
Vancouver, British Columbia – March 5, 2010: Dr. Hikmet Akin, President of the private company Aldridge Uranium Inc. (“AUI” or the “Company”) is pleased to announce that AUI signed an agreement for its 100% owned uranium program in Turkey.
Partners to the agreement are the Australian Stock Exchange (ASX) listed company AWH Corporation Ltd. (“AWHC”) and Constellres Ltd., 100 % owned by AWHC, together referred to as Australian Party (“AP”) to the agreement.
A critical term of the deal structure is that AUI-shareholders will receive free tradable stock in an Australian listed company, and also a carried interest in AUI’s uranium assets. For earning an interest of up to 75 % in AUI’s uranium program, which requires that the project develops above current assumptions, AP is to fund A$15 million on the project, which AP is to carry further to a bankable feasibility study or a total project expenditure of A$20 million. Further, the AUI-shareholders are to receive not less than 31.7 % and up to about 44 % of AWHC, depending on achievement of uranium resource milestones up to 20Mlbs U3O8. The 25 % carried interest ensures that AUI-shareholders can benefit from any production or project sale that may arise at that stage.
Due diligence on AP has shown that the AP-representatives have an impressive track record for assessing and financing mineral resource projects, via the resource investment banking group RVCP, and that they are situated within a market network warranting the market penetration necessary for according awareness and resulting stock liquidity.
The Board of AUI sees this partnership presently as the best opportunity for AUI-shareholders to obtain fair value for their stockholding. Over the past several months AUI has evaluated a number of opportunities, and the transaction with AP has emerged as by far the most favourable and fairest for AUI.
The agreement is subject to AUI and AWHC shareholder approvals. Additional detail on the structure of the agreement will be distributed shortly to the AUI-shareholders in the circular for the respective forthcoming shareholders’ meeting.
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.
Dr. Hikmet Akin,
President and Director
Aldridge Uranium Inc.
1 604 688 8932