Press Release |
Aldridge Provides Corporate Update
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VANCOUVER, BRITISH COLUMBIA, Feb 11 (MARKET WIRE) -- Dr. Hikmet Akin, President of Aldridge Minerals Inc. ("Aldridge" or the "Company") (TSX VENTURE: AGM)(FRANKFURT: A0CAPB) is pleased to announce the appointment of Mr. Jacob Willoughby, geologist with a Masters in Business Administration from the University of Windsor, as a Director and Vice President of Corporate Development. Mr. Willoughby is an independent business consultant who also has a board seat in Nebu Resources (NBU-V) and Foxpoint Capital Corp. He was most recently working as a mining analyst for Paradigm Capital Corp in Toronto, a highly ranked investment firm with a specialization in mining finance, where he worked for five years until March 2009. Dr. Akin was quoted, "We are delighted that Mr. Willoughby has joined our team at Aldridge as he brings a depth of experience on the technical elements of resource development, in parallel to extensive relationships and knowledge of capital markets. Attracting such additional capital markets competency at the board and management level comes on the completion of our recent successful institutional placement with new investors. We view such support as essential as we advance our +28 million tonnes Yenipazar gold and silver-rich VMS open pit target in Central Turkey, and we look forward to working with Mr. Willoughby in the pursuit of this objective." Mr. Willoughby stated, "I am pleased to join the excellent team Aldridge has assembled and I hope to raise the Company's profile substantially in the near term. On first introduction, it was apparent as to Dr. Akin's and Dr. Martin Oczlon's experience and their unwavering commitment to creating value for Aldridge stakeholders." Mr. Willoughby replaces Alexander Holtermann who has resigned from the board of directors with the intention to provide IR/PR services to Aldridge chiefly in the European and Hong Kong markets. Aldridge has granted a total of 250,000 stock options to a director of the Company at a price of $1.20 per option for a period of five years. The options are granted pursuant to the terms of Aldridge's Stock Option Plan and any common shares issued are subject to a four month hold period in accordance with the policies of the TSX Venture Exchange. Aldridge currently has over C$5m in cash and no debt. The company is working on completing an extensive metallurgical study for the Yenipazar project due out in Q2. This is conducted with two different, independent and reputed testwork facilities to maximize the chance for identification of the best possible route for the production of three mineral concentrates (Au-Cu, Ag-Pb, Zn) at the highest possible recoveries. The company plans to establish a Preliminary Economic Assessment on the Yenipazar project soon thereafter. The Yenipazar project is subject to an earn-in agreement with Anatolia Minerals, wherein Aldridge can earn a 100% working interest, subject to a 6 % net proceeds interest ("NPI", revenues less operational cost) until revenues of US$ 165 million are generated, and 10% NPI from there on. Martin S. Oczlon, PhD Geo, a director of Aldridge and Qualified Person as defined in NI 43-101, has reviewed and verified the technical content of this press release. About Aldridge Minerals Aldridge Minerals Inc. is focused on mineral opportunities in Turkey where the Company is conducting an ambitious exploration and development program at its flagship Yenipazar polymetallic VMS project. Aldridge has also identified several other prospective opportunities in Turkey and Papua New Guinea, and has amassed a large property position for systematic exploration and/or farm-out to third parties. On behalf of the Board of Directors DR. HIKMET AKIN, President and Director Forward-Looking Statements: The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. 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. Contacts: Aldridge Minerals Inc. Dr. Hikmet Akin 1 604 688 8932 www.aldridgeminerals.com Copyright 2010, Market Wire, All rights reserved. -0-