News Releases

Aldridge Minerals Inc. Announces Results of Annual General Meeting and Grants Options


/Not for dissemination in the United States or through U.S. newswires/

Frankfurt: AIW

TORONTO, June 16, 2011 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") is pleased to announce the results of its Annual General Meeting (the "Meeting") held yesterday. Jacob Willoughby , President & Director, commented, "I would like to thank our shareholders for their continued support, our board of directors for their guidance over the past year, and our employees for their dedication to Aldridge. We are all committed to creating value for shareholders and intend to do so as the Company advances to feasibility at the Yenipazar deposit in Turkey and as we continue to explore our extensive land position in Papua New Guinea."

Election of Directors

The number of directors has been set at seven and includes the election of Jean-Pierre Colin , Martin Oczlon, Jacob Willoughby , Daniella Dimitrov , Barry Hildred , John Cook and Ed Guimaraes .  At the Meeting, Mark Monaghan did not stand for re-election and was thanked by Jean-Pierre Colin , Chairman, for all his great accomplishments at Aldridge over the term of his tenure and his support.

Appointment of Auditor

PricewaterhouseCoopers LLP, Chartered Accountants, has been re-appointed as auditor of the Company for the ensuing year and the board of directors has been authorized to fix their remuneration.

Amendments to the Stock Option Plan

The Amended and Restated Stock Option Plan (the "Option Plan") attached as Schedule "E" to the Information Circular of the Company dated May 18, 2011 (the "Circular") has been approved. The purpose of this Option Plan is to promote the interests of the Company, which is achieved by providing certain directors, officers, employees and consultants of the Company with greater incentive to further develop and promote the business and financial success of the Company.

Shareholder Rights Plan

The Company's shareholder rights plan (the "SRP"), which was approved by the board of directors on April 28, 2011, was ratified at the Meeting. The SRP became effective on May 11, 2011. The SRP is designed to provide the shareholders of the Company and the board of directors additional time to assess an unsolicited take-over bid for the Company and, where appropriate, to give the board of directors additional time to pursue alternatives for maximizing shareholder value.

Grant of Options

Aldridge announced today that the Company has granted a total of 400,000 options to two new directors of the Company. All options are exercisable at a price of $1.25 per common share, which reflects the closing price of Aldridge shares on June 15, 2011. One quarter of the options vest immediately, one quarter on the first anniversary, one quarter on the second anniversary and the balance on the third anniversary.  They expire in 5 years. This grant of options is subject to acceptance by the TSX Venture Exchange.

About Aldridge Minerals Inc.

Aldridge is focused on mineral opportunities in Turkey where the Company is advancing to feasibility on an ambitious development program at its flagship Yenipazar polymetallic VMS deposit. Aldridge also holds a 338 square kilometre exploration license in Papua New Guinea where a systematic exploration program is underway

The Yenipazar deposit is subject to an earn-in agreement with Alacer Gold Corp., wherein Aldridge can earn a 100% working interest subject to certain conditions, subject to a 6 % net proceeds interest ("NPI", revenues less operational costs) until revenues of US$ 165 million are generated, and a 10 % NPI from there on.

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.

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 the Company. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Aldridge 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 disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.