TORONTO--(BUSINESS WIRE )--Aldridge Minerals Inc. (TSX-V: AGM) (“Aldridge” or the “Company”) is pleased to announce that the Company has received an approved “Public Benefit” letter from the Ministry of Energy and Natural Resources in Turkey. An approved “Public Benefit” letter represents the first significant milestone of the well-established State-assisted compulsory land acquisition process in Turkey. Accordingly, this letter provides certainty that the Company will have access to all of the land needed for the development of the Yenipazar Project in central Turkey.
As previously announced, the Company commenced the acquisition of the surface rights for its Yenipazar Project in October 2014. As all of the required land is farmland, the land acquisition does not involve any relocation or resettlement of people. With the receipt of the “Public Benefit” letter, the land acquisition process is expected to accelerate.
The State will now form an independent land valuation commission that will determine a fair transaction price with reference to current market values. This commission relies on objective guidelines that are based on factors including the current usage of the land and proximity to roads and water. This process seeks to remove any subjectivity. With the assistance of expert land valuation consultants in Turkey, Aldridge used these same guidelines to determine a fair value for the land. As Aldridge determined to offer the landowners a high value proposition of three to four times this fair value, Aldridge expects the State’s valuation of the land to be significantly lower than the value the Company is currently offering. However, Aldridge remains committed to maintaining open communications with the local community members that wish to take advantage of the high value proposition offered by Aldridge.
The Company is fully funded to complete the land acquisition. Aldridge expects the compulsory land acquisition process to be completed by the end of the first quarter of 2016.
Han Ilhan, President and CEO of Aldridge commented, “During my meetings with shareholders and potential investors, I always emphasize the positive support the Company has received from the State in Turkey, particularly with respect to the Environmental Impact Assessment being approved only seven months after submission and just two months later the receipt of the Governor’s (GSM) Permit that allows the Company to conduct commercial activities in the region surrounding the Project. The approval of the “Public Benefit” letter is yet another example of the strong support the Yenipazar Project receives from all levels of government in Turkey. We remain committed to enhancing the economic and social conditions of the local communities in all phases of the mine development, including during construction and operations as well as after mine closure. In addition to offering a high value proposition for the land, we will work closely with the communities to maximize local hiring and to establish joint social and commercial projects.”
Aldridge is a development stage mining company focused on its wholly owned Yenipazar polymetallic Massive Sulfide Project (Au, Ag, Cu, Pb, Zn) in Turkey (the “Project”), a country that is committed to developing its natural resources. Aldridge completed the Yenipazar Optimization Study and filed the related technical report in May 2014, which updated the original May 2013 Feasibility Study. The Company is currently advancing the Project on key aspects including engineering, land acquisition and project financing.
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements within the meaning of Canadian securities laws, including, but are not limited to the ability to accomplish remaining milestones, land acquisitions, securing project financing and commencing construction in 2016, advancing the Yenipazar Project to production in 2018, economic performance, future plans and objectives of the Company.
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. Such risks, uncertainties and factors including meeting conditions for advances under the Loan and the other factors discussed under the heading “Risk Factors” in the Company’s Management’s Discussion and Analysis and Annual Information Form for the year ended December 31, 2014 and in other continuous disclosure filings made by the Company with Canadian securities regulatory authorities and available at www.sedar.com. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results.
Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of Aldridge and its subsidiaries as a going concern, general economic and market conditions, mineral prices, the accuracy of mineral resource estimates. 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 unless required by law.
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.
Aldridge Minerals Inc.
Han Ilhan, 416-477-6988
President & CEO
David Carew, 416-477-6984
Director of IR & Corporate Secretary