Aldridge Reports Third Quarter 2012 Financial Results
TORONTO, Oct. 19, 2012 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") is pleased to announce the filing of its unaudited condensed consolidated financial statements and management's discussion & analysis for the three and nine months ended August 31, 2012 (the "Financial Statements" and the "MD&A", respectively). The Financial Statements and the MD&A are posted on SEDAR at www.sedar.com and on the Company's website at www.aldridgeminerals.ca.
Change of Financial Year End
The Company has changed its financial year end from November 30 to December 31, effective for the year ending December 31, 2012. The year end change was made to align the year end of the Company with the year end of its wholly-owned subsidiary Aldridge Mineral Madencilik Ltd. Şti., which is required by the laws of Turkey to have its fiscal year end on December 31. This change requires the Company to have a transition year with a thirteen month period ending December 31, 2012 with comparatives for the twelve month period ended November 30, 2011.
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.
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:
President & CEO, Director
Aldridge Minerals Inc.
Director, Investor Relations & Corporate Secretary
Aldridge Minerals Inc.