/Not for dissemination in the United States or through U.S. newswires/
TORONTO, July 29, 2011 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") is pleased to announce that it has filed, on Sedar, its unaudited consolidated financial statements and management discussion and analysis (MD&A) for its second quarter ending May 31, 2011.
- New results from Aldridge's Yenipazar metallurgical sample, tested for base and precious metal extraction at G&T Metallurgical Services Ltd. ("G&T") were announced on May 25, 2011. G&T prepared a gold gravity concentrate on Yenipazar crushed ore that recovered 63% of the contained gold, significantly more than the 36.8% gold recovery from flotation-only used in the Company's Preliminary Economic Assessment dated February 3, 2011.
- Jacobs Minerals Canada Inc. was engaged, beginning in June, to prepare a feasibility study for the Yenipazar project in Turkey. The study will be completed in about 18 months.
- The appointments of John F. Cook and Ed Guimaraes as Directors, and Jim O'Neill as the Company's Chief Financial Officer were effective in May and June, respectively.
- A 2500 metre exploration drill program located in Papua New Guinea is scheduled to begin in early August and be completed in approximately two months.
- The Company has a solid working capital position at May 31, 2011 of $11,004,324, including total cash and a guaranteed investment certificate of $10,984,032.
About Aldridge Minerals Inc.
Aldridge is focused on mineral opportunities in Turkey where the Company is advancing to feasibility on an ambitious development program at its flagship Yenipazar polymetallic VMS deposit. Aldridge also holds a 338 square kilometre exploration licence in Papua New Guinea where a systematic exploration program is underway.
The Yenipazar deposit is subject to an earn-in agreement with Alacer Gold Corp., wherein Aldridge can earn a 100% working interest subject to certain conditions, subject to a 6 % net profit interest ("NPI", revenues less operational costs) until revenues of US$ 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 websites, www.aldridgeminerals.ca and www.aldridge.com.tr.
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.