TORONTO, March 8, 2013 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM)
("Aldridge" or the "Company") is pleased to announce the filing of its
audited consolidated financial statements and management's discussion &
analysis for the fiscal year-ended December 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.
As noted in the MD&A, the Company closed a $15,000,000 financing in
February 2013, positioning the Company to pursue its major objectives
including the following:
Feasibility Study Completion in March 2013
The Yenipazar Feasibility Study will be completed in March 2013, which
allows the Company to comply with the final condition of the property
Option Agreement with Alacer Gold Corp. and earn 100% of the rights to
the Yenipazar Project. The related NI 43-101 compliant technical report
will be filed on SEDAR.
Secure Project Financing in 2013
Upon completion of the Feasibility Study, the Company's most significant
objective of 2013 is to obtain the project financing needed to build
the Yenipazar Project and commence production. The Company's project
financing may include some combination of equity, senior debt, metal
streaming and off-take agreements. The Company has engaged Cutfield
Freeman & Company Ltd. ("CF&Co") as its finance advisor to evaluate the
project economics and the optimal financing alternatives. CF&Co
activities began in Q1 2013 and are expected to continue until project
financing is secured.
The Company has added management expertise, and will utilize other
advisors as required to facilitate the critical process of acquiring up
to 9.4 square kilometres of land within the project fence-line and
adjacent to it. Significant management resources will be allocated to
developing and executing the acquisition strategy.
The Company has identified exploration targets on the Yenipazar
Property, including the area adjacent to the known resource where three
mineralized outcrops were identified. The Company plans to spend
approximately $1 million to $1.5 million on exploration in 2013.
Additional exploration programs will be developed subject to the
availability of funding. Longer term plans will include exploration of
other areas of the 100 square kilometer land package of the Yenipazar
Property and the acquisition and exploration of other properties in
Environmental Impact Assessment Study Completion in Q2 2013
SRK Turkey, which has been involved in various elements of the
Feasibility Study, is leading the Environmental Impact Assessment Study
scheduled for completion in Q2 of 2013.
Investment Incentive Plan Application in Q3 2013
The Company will apply for Turkey's Investment Incentive Plan, which
would result in income tax savings equal to 40% of the depreciable
capital cost required to build the Yenipazar Project. The income tax
savings will be received via a corporate income tax rate reduction from
20% to 4%. For example, for every $100 million of allowable capital
cost, the corporate income tax savings would be $40 million, which
enhances the after-tax cash flow of the Yenipazar Project.
The Company is developing plans to add senior managers and professional
staff to support continued project development in 2013 and position the
Company to support the construction phase in 2014 and 2015.
Engineering Design and Continued Project Development
The Feasibility Study is expected to include certain recommendations
regarding continued engineering and metallurgy work, which should
maintain the momentum of the project development. The Company plans to
spend in this area approximately $1.3 million to $1.8 million during
the balance of 2013 in order to advance the project.
Engineering, Procurement, Construction Management
In 2013, the Company will evaluate project development options,
including alternative international and Turkish professional service
firms, contractors and other suppliers.
Aldridge is a near development stage mining company focused on advancing
its Yenipazar gold and polymetallic VMS deposit (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 in the final stages of completing the Yenipazar
feasibility study, which we expect to deliver in March 2013. The
Yenipazar project 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.