/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
TORONTO, Feb. 7, 2012 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") today announced that
President, will be leaving the Company to pursue other opportunities,
effective March 31st 2012. Mr. Willoughby will remain the Company's
President for the interim period to provide for an orderly transition
of responsibilities but will resign as a Director of the Company
"On behalf of the Board, I would like to thank Jacob for his service and
wish him well in his future endeavours," said
of Aldridge Minerals. "Jacob has been a senior executive and director
of Aldridge for the past two years where he helped steer the Company
through a period of tremendous change and evolution. Mr. Willoughby is
leaving the Company in good hands. Under the leadership of
our recently appointed CEO, and a strong team in both Canada and
Turkey, we believe the Company has the right team to rapidly advance
the development of its Yenipazar project in Turkey."
Mr. Willoughby made these comments, "I have thoroughly enjoyed learning
firsthand about what a fantastic country Turkey is and especially
working with everyone at Aldridge. I would like to wish the Company
continued success as it progresses through feasibility towards eventual
production from its Yenipazar project."
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.