/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
TORONTO, Feb. 24, 2012 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") today announced it has filed its audited consolidated financial statements for its fiscal year ended November 30, 2011. For a full copy of the Company's financial statements and MD&A please refer to www.sedar.com or www.aldridgeminerals.ca.
The following table provides selected audited consolidated financial information that should be read in conjunction with the consolidated financial statements and MD&A of the Company.
| NOVEMBER 30,
| NOVEMBER 30,
| NOVEMBER 30,
|Loss before income tax||$||4,755,419||$||3,679,402||$||2,694,436|
|Net loss per share||(0.13)||(0.13)||(0.12)|
|Cash and short-term investments||4,741,663||1,652,989||1,025,943|
|Working capital (i)||4,851,708||1,341,791||787,717|
(i) Working capital equals current assets less current liabilities, and is a non-GAAP measure used by management.
The Company's capitalized mineral property acquisition and deferred costs are as follows:
| DISPOSALS &
|Yenipazar Property, Turkey||$||11,626,004||$||3,088,393||$||-||$||14,714,397|
|Derinkoy Property, Turkey||1,285,695||2,314||(1,288,009)||-|
|Exploration Licenses, Turkey||1,486,364||68,849||(1,407,293)||147,920|
|License, Papua New Guinea||562,513||2,822,395||-||3,384,908|
|Total Mineral Properties||14,960,576||5,981,951||(2,695,302)|| 18,247,225
- $11,200,000 Financing - On February 8, 2012, the Company announced a non-brokered private placement to issue 16,000,000 common shares at a price of $0.70 per share for gross proceeds of $11,200,000 to ANT Holding Anonim Şti. ("ANT"), a strategic Turkish investor, pursuant to a memorandum of understanding. The net proceeds from the proposed private placement will be used for general operations and to complete the Yenipazar Definitive Feasibility Study ("DFS"). The private placement is subject to shareholder and regulatory approval.
- Yenipazar - DFS Launched - Jacobs Minerals Canada Inc. was engaged in June 2011 to oversee the DFS for the Yenipazar project together with a multi-disciplinary team of consultants. The Company estimates that the DFS will be completed by the end of calendar 2012.
- Yenipazar - Metallurgical Study Results - The results of a metallurgical study of Yenipazar ore as conducted by G&T Metallurgical Services Ltd. of Kamloops BC, was announced December 1, 2011. The gold gravity concentration tests indicate that about 50% of the gold is recoverable by gravity concentration. These results are a solid improvement in the recoveries from those reported in the Company's Yenipazar Preliminary Economic Assessment prepared by P&E Mining Consultants (see December 20, 2010 press release). The Company will continue to work on increasing recoveries at Yenipazar with an aim to recovering at least 80% of the gold.
- Management and Board Changes - During the fiscal year, the Company announced two significant executive appointments. In June 2011, the Company announced the appointment of Jim O'Neill as CFO of Aldridge and in November 2011 the Company announced the appointment of Mario Caron as CEO and Director. In October 2011, the Company was pleased to announce the appointment of Barry Hildred as Chairman of the Board of Aldridge.
- Papua New Guinea - Drill Program - The Company conducted a drill program from August 2011 through January 2012. The original plan to drill seven holes was reduced to three holes and a total of 441 metres due to technical problems, slow drilling and the difficulties involved in operating in a remote environment. Although the volume of drilling was significantly less than planned, the mineralization results of two of the holes confirmed the overall model of porphyry copper mineralization accompanied by skarn in the adjacent limestone. Aldridge expects to develop and execute a plan to actively seek partners or transactions which would allow the Company to realize the maximum value from its investments in its Kili Teke exploration license. Results as announced on January 31, 2012 are as follows:
- Hole KT-003 intercepted 134 meters grading 0.28% Cu and 0.37 g/t Au from a depth of 35 meters to 169 meters drilled at a 65 degree angle
- Hole KT-002 intercepted 137 meters grading 0.11 g/t Au and 2.82 g/t Ag from surface drilled at a 55 degree angle.
PDAC Convention 2012
We invite you to visit us at the upcoming PDAC Convention at the Metro Convention Centre in Toronto. Aldridge will be exhibiting at the Core Shack during Session B, March 6-7, 2012 at Booth #5004. A number of the Company's Turkish-based employees will be on-hand together with samples from the Yenipazar project.
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.
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 the Company. 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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