Aldridge Confirms Metallurgical Performance

-Recent Progress Paves Way for Completion of Feasibility Study in March 2013-

TORONTO, Oct. 16, 2012 /CNW/ - Aldridge Minerals Inc. (TSXV: AGM) ("Aldridge" or the "Company") today announced that metallurgical test work just completed on samples from its polymetallic Yenipazar deposit by SGS Mineral Services in Cornwall UK have substantially confirmed the recovery rates disclosed in the Company's Updated 43-101 Resource Estimate of June 13, 2012.  The test work also confirmed that all ore is amenable to conventional crushing, grinding, leaching and flotation processing techniques.

"Through methodical work by our exploration and project development teams and our world-class consulting partners, we continue to make steady progress that de-risks our project and further validates Yenipazar's full potential," said Mario Caron, Aldridge President & CEO. "Our recently updated 43-101 resource estimate, 10,000 metre diamond drill program and the latest results of metallurgical test work, in particular, pave the way for completion of the feasibility study, which we now expect in March 2013."

Aldridge also announced that test work conducted to date on Yenipazar's oxide zone indicates that gold, silver and lead will be recoverable. Zinc in particular and also copper are depleted in the oxide zone and represent a relatively small value. For the copper enriched zone, which has had limited testing completed to date, it is anticipated that all five metals will be recovered but at lower levels compared to the sulphide zone. Variability testing is ongoing to better assess the metallurgical behavior of the oxide zone and copper enriched zone, which together represent approximately 20% of the deposit. A resource update is in progress that will incorporate the recovery rates for the various zones described in the tables below.

Recovery Rates by Mineral Zone

Sulphide Zone

Metal	Total Recoveries	Gold Gravity Concentrate	Copper Concentrate	Lead Concentrate	Zinc Concentrate
Au	92.0%	65.0%	20.0%	5.0%	2.0%
Ag	90.0%	20.0%	15.0%	50.0%	5.0%
Cu	75.0%		75.0%
Pb	75.0%			75.0%
Zn	70.0%				70.0%*

*Recoveries of zinc may be impacted in some areas of the deposit due to the presence of non-floatable zinc minerals such as franklinite.  It is unknown to what extent this mineral is present throughout Yenipazar.  To be conservative the zinc recovery has been adjusted downward.

Oxide Zone

Metal	Total Recoveries	Gold Gravity Concentrate	Copper Concentrate	Lead Concentrate	Zinc Concentrate
Au	75.0%	65.0%		10.0%
Ag	45.0%	20.0%		25.0%
Cu	0.0%
Pb	40.0%			40.0%
Zn	0.0%

Copper Enriched Zone

Metal	Total Recoveries	Gold Gravity Concentrate	Copper Concentrate	Lead Concentrate	Zinc Concentrate
Au	82.0%	65.0%	10.0%	5.0%	2.0%
Ag	72.0%	20.0%	10.0%	35.0%	7.0%
Cu	50.0%		50.0%
Pb	50.0%			50.0%
Zn	30.0%				30.0%

Development of Feasibility Study
The metallurgical test work provides the lead consultant compiling the Company's feasibility study Jacobs Minerals Canada Inc., a subsidiary of Jacobs Engineering Group Inc. ("Jacobs"), with the parameters necessary to finalize process design as well as capital and operating cost estimates.

Aldridge is in the process of updating the geological model of Yenipazar with the results of the recently completed 10,000-metre diamond drill program. The model will provide the basis for the resource and reserve update for the feasibility study.

"The enhanced quality of the diamond drill information has improved our understanding of the contacts between the sulphide, oxide, and copper enriched zones, and has increased our level of confidence in the geological interpretation of Yenipazar," said Mr. Caron.

As a result of the new information and data from the metallurgical test work and diamond twinning program, Aldridge now expects the feasibility study for Yenipazar to be completed in March 2013. Although the terms of the Company's option agreement with Alacer Gold Corp. ("Alacer") allowed for additional time to complete the feasibility study, Aldridge has obtained a formal extension from Alacer to deliver the feasibility study by March 31, 2013.

Mr. Caron added, "We are very appreciative of Alacer's continued support of our efforts to bring Yenipazar to production."

Metallurgical Report
Jacobs is currently in the process of compiling a report that includes the Yenipazar metallurgical test work undertaken by the Company to date. This report will be disclosed prior to the completion of the feasibility study, and will summarize additional details provided by the Company regarding the metallurgical performance of the sulphide, oxide, and copper enriched zones as well as detailed information on process design. While the report will also incorporate detailed insight on the quality of concentrates, at this time the Company can confirm that the copper concentrate will grade approximately 20-24% copper, the lead concentrate will grade approximately 60% lead, and the zinc concentrate will grade approximately 56% zinc. Occasional levels of deleterious elements can be expected in the concentrates and a penalty may be incurred due to higher than ideal levels of lead in the copper concentrate. The final phase of the marketing study is ongoing and it is expected that that all three concentrates will be highly marketable.

Quality Assurance
Graham Holmes, P.Eng, Senior Process Specialist & Manager of Mineral Processing, Jacobs Engineering Group Inc. has reviewed the test work performed by SGS Mineral Services, UK, and others, and has interpreted those results for the purposes of process plant design. Mr. Holmes is a Qualified Person under the guidelines of NI 43-101.

About Aldridge Minerals Inc.
Aldridge is a near development stage mining company focused on advancing its Yenipazar polymetallic VMS deposit (Au, Ag, Cu, Pb, Zn) in Turkey - a country that is committed to developing its natural resources and is rapidly emerging as an economic powerhouse. Aldridge is currently building on its December 2010 Preliminary Economic Assessment with a feasibility study that we expect to complete in March 2013. 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 Aldridge website, www.aldridgeminerals.ca.

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 new 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.

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.

 

SOURCE: Aldridge Minerals Inc.

For further information:

Mario Caron 
President & CEO, Director
Aldridge Minerals Inc.
[phone]
[e-mail] 

David Carew
Director, Investor Relations & Corporate Secretary
Aldridge Minerals Inc.
[phone]
[e-mail]