TORONTO, May 2, 2012 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge") is pleased to announce the appointment of Robbert Borst as Vice President, Project Development, effective immediately.
"Mr. Borst brings a wealth of knowledge and experience to the team at Aldridge including the necessary expertise to advance our Yenipazar Project in Turkey and assist us through our next stages of growth and development," said Mario Caron, President & CEO of Aldridge.
Robbert Borst, C. Eng. is a mining engineer with 30 years experience in operating underground and open pit mines, project management and consulting services in Canada and abroad. He has worked in senior capacities at gold, base metal, and mineral sands operations and development projects.
Prior to joining Aldridge, Mr. Borst was an independent consultant and Associate Principal Mining Engineer with Roscoe Postle Associates Inc., providing services to Canadian and international exploration and mining companies. Prior to his work as a consultant, he was Vice President - Project Development with Tiomin Resources Inc., a Canadian mine exploration and development company, where his responsibilities included directing the feasibility study and detailed design of a titanium project in Kenya. Mr. Borst was also responsible for coordinating the exploration and development plans of a 2 billion pound copper/gold joint venture project in Peru and evaluating mining projects for potential mergers and acquisitions.
Aldridge is pleased to announce that it has retained the services of The Equicom Group Inc. ("Equicom") to support its investor relations activities. In consideration of the services to be provided, Aldridge has agreed to a 12-month agreement commencing May 1, 2012 to pay a monthly retainer of $7,000 per month to Equicom. Equicom does not have any interest, directly or indirectly, in Aldridge or its securities, or any right or intent to acquire such an interest.
Aldridge also announces that its agreement with Ascend Communications Inc. has been terminated effective April 30, 2012.
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.
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President & CEO, Director
Aldridge Minerals Inc.