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Aldridge Reports 2013 Year-End Financial Results and Provides Corporate Update

03/10/2014

www.aldridgeminerals.ca
Twitter: @AldridgeAGM
TSX-V: AGM

TORONTO, March 10, 2014 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") announced today financial results for the fiscal year ended December 31, 2013. The audited consolidated financial statements for fiscal 2013 ("2013 Financials") and Management's Discussion & Analysis related thereto ("2013 MD&A") are available on SEDAR and at www.aldridgeminerals.ca.

"Aldridge is at an inflection point on the cusp of several key milestones that will further support our belief that Yenipazar is a highly attractive project poised for development," said Barry Hildred , Chairman of Aldridge. "With the Yenipazar Optimization Study nearing completion, the announcement of new leadership imminent, and the recent approval of our EIA, 2014 promises to be an exciting and rewarding year for the Company." 

Near-Term Milestones

  • Optimization Study - The Company expects to announce the results of the Optimization Study in early April 2014. This study is focused on significantly reducing pre-production capital expenditures by incorporating certain design and operating refinements undertaken since the release of the Feasibility Study. The results of the study will also benefit from the Company's substantial metallurgical testwork program that has been ongoing since the Feasibility Study flowsheet was finalized in Q4 2012.

  • CEO Search – Led by the Special Committee of the Board, the Company's CEO search process is well advanced. Following the release of the Optimization Study results in early Q2 2014, the Company expects to announce new leadership that will guide the Company through its next phase of development.

  • Environmental Impact Assessment ("EIA") Permit – The Company recently announced approval of its EIA Permit for Yenipazar, which marks a critical milestone that will facilitate the Company's financing and land acquisition objectives.

Outlook

  • Land Acquisition – In order to further de-risk the Yenipazar Project, Aldridge is finalizing its strategy to acquire the necessary surface rights. The objective is to commence the land acquisition in 2014.

  • Project Financing – With the receipt of the EIA Permit and the upcoming completion of the Optimization Study, the Company will be well-positioned to advance its project financing efforts in parallel with the land acquisition process.

2013 Highlights

  • Private placements closed (gross proceeds $15,028,914; net proceeds $13,679,215) - On February 14, 2013 the Company closed a private placement for gross proceeds of $10,499,914. On February 22, 2013, ANT Holding Anonim Sti., the Company's largest shareholder exercised its right to maintain its 30.1% ownership share, which resulted in a private placement for gross proceeds of $4,529,000.

  • Feasibility Study completed and 100% ownership of Yenipazar earned - In May 2013 the Company filed its NI 43-101 technical report based on the Feasibility Study for the Yenipazar Project, which completed the requirements to earn 100% ownership of the project.

  • Investment Incentive Certificate ("IIC") preliminary application filed - In September 2013 the Company submitted a preliminary application for the IIC in order to qualify for tax incentives, including a 30% recovery of qualifying depreciable capital expenditures funded by a corporate income tax rate reduction from 20% to 6%. The IIC, which is typically issued within three months of the date of the EIA permit, is expected to be received in Q2 2014.

  • Land Acquisition Plan ("LAP") completed - The LAP was completed in December 2013.

  • Cash and cash equivalents at December 31, 2013 totaled $7,055,868 - The Company successfully managed its cash resources in 2013.

Selected Financial Information

The following table provides selected consolidated financial information that should be read in conjunction with the 2013 Financials.

 

 

(In Canadian Dollars)

TWELVE MONTHS

 ENDED AND AS AT

DECEMBER 31

2013

THIRTEEN MONTHS

 ENDED AND AS AT

DECEMBER 31

2012

TWELVE MONTHS

ENDED AND AS AT

NOVEMBER 30

 2011

Loss before income tax and discontinued operations

$(7,387,867)

$(12,775,144)

$(4,903,449)

Net Loss (i)

(7,044,434)

(13,674,712)

(7,725,844)

Net loss per share

(0.09)

(0.29)

(0.22)

Cash and cash equivalents

7,055,868

3,475,088

4,741,663

Working capital (ii)

6,917,577

3,070,299

4,822,334

Total assets

11,177,814

5,258,701

7,788,166

Total non-current financial liabilities

123,772

95,666

38,541

(i)


At the beginning of the third quarter of 2013, the Company began to capitalize development expenditures relating to the Yenipazar Project in accordance with the Company's accounting policy.  As at December 31, 2013, $2,476,462 of Yenipazar Project expenditures have been capitalized to Mineral Property Under Development.

(ii)

Working capital equals current assets less current liabilities, and is a non-GAAP measure used by management.

About Aldridge

Aldridge is a development stage mining company focused on its wholly owned Yenipazar polymetallic VMS Project (Au, Ag, Cu, Pb, Zn) in Turkey, a country that is committed to developing its natural resources. Aldridge completed the Yenipazar Feasibility Study and filed the related NI 43-101 compliant technical report in May 2013 and is currently advancing the Project on key aspects including optimizing the Feasibility Study, permitting, and project financing.

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 news release, and no assurance can be given that such events will occur in the disclosed time frames 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 news release.

SOURCE Aldridge Minerals Inc.

Barry Hildred, Chairman of the Board, (416) 523-3742; David Carew, Director of Corporate Development & Corporate Secretary, (416) 477-6984
TSX-V: AGM 0.14 +0.02 +17.39% Volume: 44,850 November 21, 2017