/Not for dissemination in the United States or through U.S. newswires/
-Company appoints new CFO, renews European IR mandate and grants options
to Turkish employees
TORONTO, March 30 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") announced today that it has filed its
year-end financial results for the fiscal year ended November 30, 2010,
and it has appointed Carmelo Marrelli, C.A. as interim CFO.
For complete copies of the Company's MD&A and Audited Financial
Statements please visit www.sedar.com.
Fiscal 2010 highlights include:
Strengthened the Company's Board of Directors and Management team
Raised gross proceeds of $5,010,000 in a non-brokered private placement
Completed a drill program at Yenipazar for metallurgical testwork and
Incurred a net loss of $3,679,402 versus a loss of $2,694,436 in fiscal
2009 due to increased corporate activity
Highlights subsequent to November 30, 2010:
Completed a National Instrument 43-101 compliant Preliminary Economic
Assessment prepared by P&E Mining Consultants Inc.
Raised additional gross proceeds of $12.4 million through a bought deal
private placement lead by Dundee Securities Corporation and including
Clarus Securities Inc., Macquarie Capital Markets Canada Ltd. and
Raymond James Ltd.
Released positive sampling results from fieldwork carried out at the
Company's 338 square kilometre license in the highlands of Papua New
Aldridge announced that its CFO, Ed Badida, will be leaving the Company
effective March 31st, 2011. Mr. Badida will remain available to assist the Company with its
transition to a new CFO. Mr. Carmelo Marrelli C.A., has been
appointed the Company's interim CFO. Mr. Marrelli is the President of
Marrelli Support Services Inc., which Aldridge retained in January to
provide ongoing bookkeeping and accounting services.
"In 2010 we made considerable progress strengthening board and
management, capitalizing the Company with sufficient resources, and
advancing our projects in both Turkey and Papua New Guinea," said Jacob
Willoughby, President of Aldridge. "In 2011, we will use our strong
capital position to push forward with the Yenipazar feasibility study
and for further exploration and development in both Turkey and Papua
The Company has also granted 60,000 options to employees at its Turkish
operations. All options are exercisable at a price of $1.29 per common
share, which reflects the closing price of Aldridge shares on March 30,
2011. The options vest immediately and expire in 5 years. This grant of
options is subject to acceptance by the TSX Venture Exchange.
Finally, Aldridge has renewed its agreement with Profinnotiv AG to
provide Aldridge with investor relations and public relations services
in the European market. Under the terms of the agreement, which was
originally announced on June 28th, 2010, Aldridge will pay Profinnotiv AG a fee of CAD $195,000 for the
year. The contract term is 12 months with an option to terminate after
an initial six month period, commencing immediately.
Profinnotiv AG will continue to leverage extensive relationships within
the professional investment community as well as to communicate with
existing Aldridge stakeholders in Europe. The company has a long
history in Europe with strong investor support and a listing on the
Frankfurt Stock Exchange.
About Marrelli Support Services
Marrelli Support Services Inc. is a trusted name in the delivery of
accounting services for reporting issuers in Canada. For the last sixty
years, through predecessor companies, Marrelli Support Services Inc.
has provided outsourced accounting and bookkeeping, flow-through
program administration, payroll tax reporting and Chief Financial
Officer services. By providing this range of services, Marrelli Support
Services has allowed client companies to focus their time on building
sustainable shareholder value.
About Aldridge Minerals Inc.
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
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.
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements within the
meaning of Canadian securities laws. Forward-looking statements involve
risks, uncertainties and other factors that could cause actual results,
performance, prospects and opportunities to differ materially from
those expressed in such forward-looking statements. Forward-looking
statements in this news release, include, but are not limited to,
economic performance and future plans and objectives of Aldridge
Minerals Inc. Any number of important factors could cause actual
results to differ materially from these forward-looking statements as
well as future results. Although Aldridge Minerals believes that the
assumptions and factors used in making the forward-looking statements
are reasonable, undue reliance should not be placed on these
statements, which only apply as of the date of this news release, and
no assurance can be given that such events will occur in the disclosed
timeframes or at all. Aldridge Minerals disclaims any intention or
obligation to update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise.