/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
TORONTO, March 6, 2012 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") is pleased to provide an update on the
Yenipazar feasibility study. The feasibility study, commenced last
June, is being overseen by Jacobs Minerals Canada Inc. and includes P&E
Mining who is preparing the mine plan and resource update, SGS (UK) who
are undertaking metallurgical studies, SRK Turkey who are working on
the Environmental and Social Impact Assessment (ESIA) and Golder
Associates who are responsible for geotechnical studies. SRK Turkey is
also working on hydrological aspects of the project from both
geotechnical and water supply aspects.
The feasibility study is progressing on time and on budget thus far and
Aldridge expects to receive the completed study during November 2012.
At this time, the site survey is nearly complete and condemnation
drilling is in progress. Studies on electrical power supply and the
transportation of concentrates have commenced. The site layout,
including location of the open pit, waste rock dump, tailings
management facility, the crushing plant and the processing plant have
been selected. The baseline environmental assessment began last
summer and is expected to be completed in late summer 2012.
Hydrological testing of the pit and proposed plant area is underway and
drilling for this will recommence once temperatures in the area return
to levels above freezing. Geotechnical test drilling has been
completed and pit wall stability studies are well advanced.
The test work underway at SGS (UK) has concentrated initially on
building on previous test work by other consultants. It is now
progressing into variability testing using samples throughout the
deposit. It has previously been reported (Aldridge press release
December 1, 2011) that work at G&T Metallurgical Services of Kamloops
showed that a significant amount of the gold in the deposit could be
recovered by gravity concentration prior to flotation. Current testing
at SGS (UK) has confirmed this and is now focused on maximizing gold
recovery to the gold gravity concentrate. Based on the test work to
date, process design studies are in progress and the initial layout of
plant equipment is being prepared.
As previously reported diamond drilling was undertaken in the pit area
last summer to provide metallurgical samples. The data from these
holes plus all earlier data is being used to generate a revised
resource model. This is expected to be completed in the next six to
Mine Throughput to be Increased
Due to the significant increase in gold recoveries announced in the
Aldridge press release of December 1, 2011, the Company now expects the
Yenipazar resource will be larger than the current 24 million tonnes in
the indicated category as per Company's Preliminary Economic Assessment
(PEA) (Aldridge press release February 3, 2011). Accordingly, the
Company has decided to increase the throughput of the proposed
development at Yenipazar from a nominal 5,700 tonnes per day envisioned
in the PEA to 7,500 tonnes per day for the feasibility study (an
increase of 32%) for an annual production of 2.5 million tonnes.
had these comments, "We are pleased that the
definitive feasibility study is progressing as planned and that the
technical results - both drilling and metallurgical - are giving us the
confidence to increase the size of the project. This increase in
throughput will likely improve the overall economics of Yenipazar and
provide for a more robust project."
John F. Cook MIMM, a director of Aldridge and Qualified Person as
defined in NI 43-101, has reviewed and verified the technical content
of this press release.
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.
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.
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.