/Not for dissemination in the United States or through U.S. newswires/
TORONTO, April 27, 2012 /CNW/ - Aldridge Minerals Inc. (TSX Venture:
AGM) ("Aldridge") is pleased to announce the closing of a private placement
with ANT Holding Anonim Sti. ("ANT") by which ANT has purchased
16,000,000 common shares in the capital of Aldridge (the "Shares") at a
price of $0.70 per Share for gross proceeds of $11,200,000 (the
"Private Placement"). The Shares are subject to a hold period of four
months and one day from closing and are thereafter subject to further
trading restrictions as outlined in the definitive investment agreement
between Aldridge and ANT dated February 24, 2012.
, President & CEO, commented, "We believe that the closing of
the Private Placement will ensure that Aldridge is fully financed to
complete the Yenipazar definitive feasibility study (DFS) as planned by
December 2012. The net proceeds also will be used to complete a
drilling program at Yenipazar to support the DFS and improve the
economics of the project. The drilling program will commence
immediately." The focus of the program will be the twinning of existing
reverse circulation drill holes with diamond drill holes, which is
expected to confirm the higher grade results that were obtained
previously with a limited number of diamond drill holes. If successful
in demonstrating higher grades, particularly the precious metals
grades, this would have a significant impact on the economics of the
Filing of Financial Statements
Aldridge has filed its unaudited consolidated financial statements for
its fiscal quarter ended February 29, 2012. For a full copy of the
Company's Q1 2012 financial statements and MD&A please refer to www.sedar.com or www.aldridgeminerals.ca.
About Aldridge Minerals Inc.
Aldridge is a publicly-traded junior exploration company focussed on
advancing its flagship Yenipazar polymetallic VMS deposit (Au, Ag, Cu,
Pb, Zn) in Turkey with a feasibility study, which is building on its
December 2010 Technical Report and Preliminary Economic Assessment. The
feasibility study is expected to be completed by the end of 2012. 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.
Aldridge also holds a 338 square kilometre exploration license in Papua
New Guinea known as
. The license area is prospective for
gold, silver and copper.
Additional information and corporate documents may be found on www.sedar.com and the Aldridge website, www.aldridgeminerals.ca.
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. 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 new 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.
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.