/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
TORONTO, Nov. 15, 2011 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") is pleased to announce the appointment of
as Chief Executive Officer and Director, effective
Mr. Caron is a mining executive with over 30 years experience in
leadership positions responsible for all facets of operations,
exploration, as well as capital markets and government relations. Most
recently, he was President and CEO of Axmin Inc. Prior to Axmin, from
2003 to 2007, he was the President and CEO of Tiberon Minerals Ltd. Mr.
Caron has also served on the Boards of several mining companies at all
stages of development. He holds a Bachelor of Engineering degree in
Mining from McGill University and is a member of the Quebec Order of
Engineers and the Association of Professional Engineers of Ontario.
"We're excited to have someone of Mario's caliber to lead Aldridge
through our next stages of growth and development," said
Chairman of Aldridge. "Mr. Caron brings a wealth of knowledge and
experience to the team at Aldridge including the necessary expertise to
advance our Yenipazar Project in Turkey and our Kili Teke property in
Papua New Guinea. His appointment follows an exhaustive review of
several candidates from varied backgrounds and we feel confident that
Mario is the best candidate for the position."
The Company also announced that Martin Oczlon, PhD Geo, has stepped down
as CEO of the Company but will remain as Vice President Exploration and
a Director of Aldridge. The Board wishes to thank Mr. Oczlon for his
past services as CEO.
Grant of Options
Aldridge announced today that the Company has granted a total of
500,000 options to Mr. Caron. All options are exercisable at a price of
$0.88 per common share, which reflects the closing price of Aldridge
shares on November 14, 2011. The options have a 5 year term and are
subject to certain vesting provisions. This grant of options is subject
to approval by the TSX Venture Exchange.
About Aldridge Minerals Inc.
Aldridge is a publicly-traded junior exploration company in the business
of identifying and developing mineral properties in Turkey and Papua
New Guinea ("PNG"). Aldridge is advancing its flagship Yenipazar
polymetallic VMS deposit in Turkey with a feasibility study, which is
building on its December 2010 Technical Report and Preliminary Economic
Assessment. The deposit includes gold, silver, copper, lead and zinc.
The feasibility study is expected to be completed by the end of 2012.
Aldridge's PNG exploration license includes an area of approximately
338 square kilometres known as the Kili Teke license. The license area
is prospective for gold, silver and copper.
The Yenipazar deposit is subject to an earn-in agreement with Alacer
Gold Corp., wherein Aldridge can earn a 100% working interest subject
to certain conditions, subject to a 6 % net profit interest ("NPI",
revenues less operational costs) until revenues of US$ 165 million are
generated, and a 10 % NPI from there on.
Additional information and corporate documents may be found on www.sedar.com and the Company's website, www.aldridgeminerals.ca.
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.