Aldridge Announces Closing of the Private Placement and Filing of Quarterly Financials
/Not for dissemination in the United States or through U.S. newswires/
TORONTO, April 27, 2012 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge") is pleased to announce the closing of a private placement with ANT Holding Anonim Şti. ("ANT") by which ANT has purchased 16,000,000 common shares in the capital of Aldridge (the "Shares") at a price of $0.70 per Share for gross proceeds of $11,200,000 (the "Private Placement"). The Shares are subject to a hold period of four months and one day from closing and are thereafter subject to further trading restrictions as outlined in the definitive investment agreement between Aldridge and ANT dated February 24, 2012.
Mario Caron, President & CEO, commented, "We believe that the closing of the Private Placement will ensure that Aldridge is fully financed to complete the Yenipazar definitive feasibility study (DFS) as planned by December 2012. The net proceeds also will be used to complete a drilling program at Yenipazar to support the DFS and improve the economics of the project. The drilling program will commence immediately." The focus of the program will be the twinning of existing reverse circulation drill holes with diamond drill holes, which is expected to confirm the higher grade results that were obtained previously with a limited number of diamond drill holes. If successful in demonstrating higher grades, particularly the precious metals grades, this would have a significant impact on the economics of the Yenipazar project.
Filing of Financial Statements
Aldridge has filed its unaudited consolidated financial statements for its fiscal quarter ended February 29, 2012. For a full copy of the Company's Q1 2012 financial statements and MD&A please refer to www.sedar.com or www.aldridgeminerals.ca.
About Aldridge Minerals Inc.
Aldridge is a publicly-traded junior exploration company focussed on advancing its flagship Yenipazar polymetallic VMS deposit (Au, Ag, Cu, Pb, Zn) in Turkey with a feasibility study, which is building on its December 2010 Technical Report and Preliminary Economic Assessment. The feasibility study is expected to be completed by the end of 2012. 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.
Aldridge also holds a 338 square kilometre exploration license in Papua New Guinea known as Kili Teke. The license area is prospective for gold, silver and copper.
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.For further information:
President & CEO, Director
Aldridge Minerals Inc.