Aldridge Minerals Announces Q2 2010 Financials and Provides Corporate Update

TORONTO, July 13 /CNW/ - Aldridge Minerals Inc. (TSX-V: AGM) ("Aldridge" or the "Company") today announced its results for the second quarter ended May 31, 2010, and provided an update on corporate developments. All amounts are in Canadian dollars unless otherwise stated.

Second Quarter 2010 Highlights:

    
        -  Net loss was $829,069, or $0.03 per share (basic);
        -  Cash and cash equivalents of $3,976,591;
        -  Appointed Mr. Jacob Willoughby as President of Aldridge Minerals
           replacing Dr. Hikmet Akin who has assumed the role of Chairman of
           the Board;
        -  Mr. Mark Monaghan and Mr. Barry Hildred were elected to the Board
           of Directors of the Company bringing the total number of Directors
           to seven and adding substantial industry-specific and capital
           markets expertise;
        -  Resumed work at the Yenipazar Volcanogenic Massive Sulphide (VMS)
           deposit to advance infill drilling, designed to bring the entire
           resource into the Indicated category, and initiated metallurgical
           testing and analysis; and
        -  Negotiated a purchase agreement with ASX-listed AWH Corp. to
           develop Aldridge's Uranium assets while maintaining a 25% carried
           interest through to production or project sale.
    

Highlights Subsequent to Quarter-End:

    
        -  Retained Investor Relations consultants the Equicom Group Inc. and
           Profinnotiv AG to service the Canadian and European capital
           markets, respectively; and
        -  Re-located the head office to Toronto, Ontario.
    

"During the quarter we executed on a number of initiatives designed to strengthen the balance sheet and advance the Yenipazar property in central Turkey toward later stage development," said Jacob Willoughby, President of Aldridge. "We also recently took a number of steps to address our strategic approach to the capital markets, which included strengthening our board and retaining dedicated investor relations consultants. These initiatives, in combination with the initiation of analyst coverage by two boutique investment banks, should help raise Aldridge's profile with the broader investment community internationally. Our operational focus in the quarters ahead will be on the parallel advancement of an aggressive infill drilling program, third-party metallurgical testing and a Preliminary Economic Assessment designed to advance the Yenipazar project to the Feasibility Study stage of development in 2011."

Outlook

The Company's summer infill drilling program comprising 28 Reverse Circulation (RC) drill holes in the southern part of the VMS deposit at the Yenipazar property in Central Turkey, has now been completed. The objective of the drilling program was to reduce the spacing between drill holes to approximately 40 metres and upgrade the entire resource from the Inferred to Indicated category. Aldridge has also commissioned Mintek to conduct metallurgical testing with results expected by the end of the fiscal year. The Company also plans to engage the services of a third party to conduct a Preliminary Economic Assessment, which is expected to begin by the end of July and be completed within 60 to 90 days. Management has also met with a number of engineering companies with respect to commissioning a Feasibility Study for the Yenipazar deposit scheduled to begin in late calendar 2010 or early calendar 2011 following the completion of the previously mentioned initiatives. The Company has also retained the services of Gryphon Partners to assist in the development and execution of strategic initiatives designed to support long-term growth.

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.

Additional information relating to the Company, including the Company's financial statements and management's discussion and analysis for the three months ended May 31, 2010 will be available on SEDAR at www.sedar.com.

About Aldridge Minerals

Aldridge Minerals Inc. is mainly 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 where a systematic exploration program is underway.

Neither 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.

    
    ALDRIDGE MINERALS INC.

    (An Exploration Stage Company)
    Interim Consolidated Balance Sheets
    (Expressed in Canadian Dollars)
    (Unaudited)

    -------------------------------------------------------------------------
                                                      May 31,    November 30,
                                                        2010            2009
    -------------------------------------------------------------------------

    ASSETS

    Current
      Cash                                      $  3,976,591    $  1,025,943
      Amounts receivable                             109,975          75,090
      Prepaid expenses                               117,882          94,272
                                                -----------------------------
                                                   4,204,448       1,195,305

    Investment in Aldridge Uranium Inc.
     (Notes 4 & 14)                                  407,051         468,338
    Loan receivable from Aldridge Uranium Inc.
     (Note 15)                                       250,832               -
    Mineral properties (Note 5)                   13,495,776      12,776,708
    Property and equipment (Note 6)                  157,428         173,846
                                                -----------------------------

                                                $ 18,515,535    $ 14,614,197
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES

    Current
      Accounts payable and accrued liabilities  $    430,031    $    406,359
      Due to related parties (Note 8)                 19,250           1,229
                                                -----------------------------
                                                     449,281         407,588
    Asset retirement obligation (Note 10)             47,302          47,302
    Future income tax liability (Note 12)          1,031,844       1,031,844
                                                -----------------------------
                                                   1,528,427       1,486,734
    SHAREHOLDERS' EQUITY

      Share capital (Note 7)                      25,755,113      22,492,848
      Contributed surplus (Note 7)                 8,716,803       6,881,412
      Deficit                                    (17,484,808)    (16,246,797)
                                                -----------------------------

                                                  16,987,108      13,127,463
                                                -----------------------------

                                                $ 18,515,535    $ 14,614,197
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
     Nature of operations (Note 1)
     Commitments (Notes 5 and 9)
     Subsequent event (Note 16)

    Approved by the Board Of Directors:

    "Jacob Willoughby" Director   "John Schaw" Director
    ------------------            ------------
     Jacob Willoughby              John Schaw



    ALDRIDGE MINERALS INC.

    (An Exploration Stage Company)
    Interim Consolidated Statements of Loss, Comprehensive Loss and Deficit
    (Expressed in Canadian Dollars)
    (Unaudited)

    -------------------------------------------------------------------------
                                   2010                        2009
    For the Three and
     Six Month period
     ended May 31         3 months      6 months      3 months      6 months
    -------------------------------------------------------------------------

    EXPENSES
      Administrative
       costs -
       Turkey office  $     85,746  $    197,276  $    172,471  $    322,743
      Consulting fees            -             -             -       128,409
      Amortization           1,524         3,047         2,194         4,389
      Directors fees        25,000        31,000         3,000         6,500
      Management fees      167,317       291,158        60,744       106,219
      Office and
       sundry               49,397        77,173        59,199        97,158
      Professional
       fees                 28,706        91,607        85,496       130,381
      Salaries and
       benefits             81,643       114,679        37,279        84,533
      Shareholder
       information          66,753        92,530        32,620        71,861
      Stock-based
       compensation        209,900       383,100             -       236,800
      Transfer and
       filing fees           4,714        40,040         3,662        16,577
      Travel and
       promotion            28,808        46,254        19,536        30,256
                      -------------------------------------------------------
    Operating Loss        (749,508)   (1,367,864)     (476,201)   (1,235,826)
                      -------------------------------------------------------

    OTHER INCOME
     (EXPENSE)
      Write down of
       equipment                 -             -             -          (667)
      Equity loss
       on investment
       (Note 4)            (34,033)      (61,287)            -             -
      Foreign
       exchange
       (loss) gain         (60,334)      176,334          (345)      117,450
      Interest Income       14,806        14,806         9,765        25,377
      Research and
       development
        (Note 9 c)               -             -             -       (64,765)
                      -------------------------------------------------------
    Total Other
     (Loss) Income         (79,561)      129,853         9,420        77,395
                      -------------------------------------------------------

    Loss and
     Comprehensive
     Loss for the
     Period               (829,069)   (1,238,011)     (466,781)   (1,157,431)

    Deficit, Beginning
     of Period         (16,655,739)  (16,246,797)  (13,996,171)  (13,274,521)
                      -------------------------------------------------------

    Deficit, End of
     Period           $(17,484,808) $(17,484,808) $(14,432,952) $(14,432,952)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Loss per Share
     - Basic          $      (0.03) $      (0.04) $      (0.02) $      (0.05)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted Average
     Number of Common
     Shares
     Outstanding        28,443,433    27,759,120    22,569,866    22,569,108
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    ALDRIDGE MINERALS INC.
    (An Exploration Stage Company)
    Interim Consolidated Statements of Cash Flows
    (Expressed in Canadian Dollars)
    (Unaudited)

    -------------------------------------------------------------------------
                                   2010                        2009
    For the Three and
     Six Month period
     ended May 31         3 months      6 months      3 months      6 months
    -------------------------------------------------------------------------

    Cash Flows From
     Operating
     Activities
      Net loss for
       the period     $   (829,069) $ (1,238,011) $   (466,781) $ (1,158,431)
        Amortization         1,524         3,047         2,194         4,389
        Stock-based
         compensation      209,900       383,100             -       236,800
        Write down of
         equipment               -             -             -           667
        Equity loss
         on
         investment         34,033        61,287             -             -

      Changes in
       non-cash working
       capital items:
        Amounts
         receivable       (269,055)     (285,717)      (15,799)      (39,362)
        Accounts
         payable and
         accrued
         liabilities        63,632       (52,409)       21,407       170,455
        Due to related
         parties            13,665        18,021        (3,597)       (9,969)
        Prepaid
         expenses           (6,582)      (23,610)      138,737        28,660
                      -------------------------------------------------------
                          (781,952)   (1,134,292)     (323,839)     (766,791)
                      -------------------------------------------------------

    Cash Flows from
     Financing
     Activities
      Unit and share
       issue proceeds
       received                  -     4,714,556        10,184       170,538
      Shares
       subscriptions
       received
       relating to
       Aldridge Uranium
       Inc.                      -             -             -      (119,100)
                      -------------------------------------------------------
                                 -     4,714,556        10,184        51,438
                      -------------------------------------------------------

    Cash Flows from
     Investing
     Activities
      Short term
       investments               -             -       590,000     1,715,000
      Mineral property
       acquisition and
       exploration costs  (324,449)     (629,616)     (364,521)   (1,038,297)
      Proceeds on sale
       (purchase) of
       equipment, net            -             -        15,991        33,126
                      -------------------------------------------------------
                          (324,449)     (629,616)      241,470       709,829

    Increase (Decrease)
     in Cash            (1,106,401)    2,950,648       (72,185)       (5,524)

    Cash, Beginning of
     Period              5,082,992     1,025,943       398,642       331,981
                      -------------------------------------------------------

    Cash, End of
     Period           $  3,976,591  $  3,976,591  $    326,457  $    326,457
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Supplementary Cash
     Flow Information
      Cash paid for
       interest       $          -  $          -  $          -  $          -
    Non-cash Financing
     and Investing
     Activities
      25,000 common
       shares issued
       for finders'
       fees           $          -  $          -  $          -  $     57,500
      56,800 common
       share issued
       to settle debt $     45,667  $     45,667  $          -  $          -
      Amounts related
       to mineral
       properties
       recorded in
       accounts
       payable        $     82,852  $     76,081  $     32,504  $   (252,861)
      Asset
       retirement
       obligation
       recorded as
       mineral
       property
       expenditures
       (Note 10)      $          -  $          -  $          -  $     45,914
      Stock based
       compensation
       recorded as
       mineral
       property
       expenditures
       (Note 7)       $          -  $          -  $          -  $      5,600
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

SOURCE Aldridge Minerals Inc.

For further information: For further information: Aldridge Minerals Inc., Jacob Willoughby, President and Director, (416) 558-4717, www.aldridgeminerals.com; The Equicom Group Inc., James Kitchen, 416-815-0700 x267; or Dave Feick, (403) 218-2839; Aldridge Minerals Inc., Suite 200, 83 Yonge Street, Toronto, ON, M5C 1S8

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