/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
-Anatolia Energy shares now trading on the Australian Stock Exchange-
TSX-V: AGM
Frankfurt: AIW
TORONTO, March 7 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") announced today that it has received
funds totaling $831,000 from Anatolia Energy for repayment of debt and
for the reimbursement of certain costs included in a Payment Letter
previously accepted by both parties. In December of 2010, shareholders
of Aldridge Uranium unanimously supported a scheme of arrangement for a
joint venture agreement with AWH, a Western Australian corporation
listed on the Australian Stock Exchange with uranium exploration
licenses in Mozambique. Subsequent to shareholder approval of the
scheme of arrangement, Anatolia Energy announced the closing of a
prospectus offering for AUS $3.16 million representing 15,800,000
shares at a price of AUS $0.20 per share. Aldridge Minerals holds
approximately 8.7 million shares of Anatolia Energy. The shares are
subject to a one year escrow period beginning in February 2011.
"We are pleased that Anatolia Energy is funded and now trading on a
recognized stock exchange," said Jacob Willoughby, President of
Aldridge Minerals. "This completes the spin-off of the Aldridge
Uranium business that began back in 2008. We wish management and the
Board of Anatolia Energy continued success with the development of
these Uranium assets in Turkey."
Including the payment from Anatolia Energy, Aldridge now has cash and
cash equivalents of approximately $12.5 million.
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.
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.