/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
TORONTO, June 21, 2011 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") is pleased to announce the appointment of
as Chief Financial Officer ("CFO") effective immediately. Mr. O'Neill, a Chartered Accountant with over 25 years of industry experience, brings a depth of knowledge from various international mining, project management and distribution companies. As the CFO of Aldridge Minerals, Mr. O'Neill will be a significant contributor to the growth of the firm.
"We're pleased to welcome Jim to the Aldridge management team," said
, President & Director. "His work with public companies and experience specifically in the mining industry will support us as we advance the Yenipazar deposit in Turkey to the feasibility stage."
who has served as the interim CFO of Aldridge since March 30, 2011. "I want to thank Carmelo for his contribution to the Company and for stepping in as an interim CFO when we needed him," said Mr. Willoughby.
The appointment of Mr. O'Neill is subject to regulatory approval.
Grant of Options
Aldridge announced today that the Company has granted a total of 200,000 options to an officer of the Company. All options are exercisable at a price of $1.05 per common share, which reflects the closing price of Aldridge shares on June 20, 2011. One quarter of the options vest immediately, one quarter on the first anniversary, one quarter on the second anniversary and the balance on the third anniversary. They expire in 5 years. This grant of options is subject to acceptance by the TSX Venture Exchange.
About Aldridge Minerals Inc.
Aldridge is focused on mineral opportunities in Turkey where the Company is advancing to feasibility on an ambitious development program at its flagship Yenipazar polymetallic VMS deposit. Aldridge also holds a 338 square kilometre exploration license in Papua New Guinea where a systematic exploration program is underway
The Yenipazar deposit is subject to an earn-in agreement with Alacer Gold Corp., wherein Aldridge can earn a 100% working interest subject to certain conditions, subject to a 6 % net proceeds interest ("NPI", revenues less operational costs) until revenues of US$ 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.