Aldridge Minerals announces new results from Yenipazar (VMS, Turkey), private placement update, and timing for spin-offs

    TSX-V: AGM
    Frankfurt: A0CAPB

    VANCOUVER, June 4 /CNW/ - Aldridge Minerals Inc. ("Aldridge", "the
Company") announced today that its resource definition drill program at
Yenipazar has been completed over the entire strike-length of 1700 m for a new
43-101-compliant updated resource statement. About 80% of the resource has
been drilled on a grid of 40 x 40 m and about 20% on 80 x 40 m. As of May 27th
Aldridge completed 42,652 m of RC-drilling in 311 RC-holes and 277 m in
2 diamond holes (there are another 9 diamond holes drilled earlier by Anatolia
    Results of the last 23 of these 311 holes are still pending and will be
included in the updated resource. The table below summarizes some of the
recently received assay results. Assaying was performed at ALSChemex

    Bohrung  Intervall (m) Dicke  Erztyp  Au g/t  Ag g/t   Cu %   Pb %   Zn %
      Nr.    von    bis    (m)            ALSCh   ALSCh   ALSCh  ALSCh  ALSCh
    YP-249     72     84     12   Sulph.   2.64   57.82    0.61   1.96   3.84
    YP-249     90    110     20   Sulph.   0.86   82.13    0.15   1.84   1.48

    YP-250     58     78     20   Sulph.   2.70   64.53    0.75   1.58   3.60

    YP-259     98    118     20   Sulph.   2.74   67.83    0.59   2.49   3.72

    YP-264     52    100     48   Sulph.   4.72   66.24    0.96   4.22   7.65
       altet   52     74     22   Sulph.   3.97   92.91    0.80   7.12  13.05
    YP-264    108    112      4   Sulph.   0.58   32.15    0.28   1.09   1.76

    YP-269     44     56     12   Sulph.   1.08   33.11    0.31   2.70   5.00

    YP-282     82    114     32   Sulph.   2.93   82.11    0.97   3.10   4.84

    YP-286    116    132     16   Sulph.   2.05   73.56    0.58   3.07   5.68

    YP-287     74     94     20   Sulph.   0.81   38.48    0.30   1.26   2.46
    YP-287    110    122     12   Sulph.   0.99   51.07    0.19   2.35   3.43

    YP-288     44     66     22   Sulph.   2.76   65.23    0.96   3.04   4.15
    Die vollstandigen Ergebnisse sind auf verfugbar

    The Company will be maintaining one RC-rig at Yenipazar to complete the
40 x 40 drill grid over the next 3 months, drill the untested northern
extension of the deposit, and drill-test potential mineralization of the same
or similar style found within 5 km during geophysical surveying.
    The independent, updated resource statement will be available this summer
to form part of an ensuing Preliminary Economic Assessment ("PEA"). The PEA is
to include metallurgical data on test work currently carried out by SGS
Lakefield (Ontario). The respective metallurgical report is also expected this
    The Yenipazar project is subject to an earn-in agreement with Anatolia
Minerals, wherein Aldridge can earn a 100% working interest, subject to a net
proceeds interest held by Anatolia Minerals. At the current rate of project
expenditures, Aldridge's work commitment of US$ 6 million should be reached by
early 2009.

    Private placement

    Aldridge further announced that it has terminated the engagement letter
with Evergreen Capital to raise proceeds of up to CAD$ 7 million by way of a
best efforts private placement (see NR from April 10). The Company has
finalized discussions with Advice Portfolio Management GMBH in Germany to
raise funds through a non-brokered private placement, mainly in the European
market. The private placement will consist of units ("Units") at a price of
CAD $3.10 per Unit. Each Unit will consist of one common share and one share
purchase warrant entitling the holder to acquire one additional common share
at a price of CAD $3.50 for a period of 24 months from closing. The Company
may pay a finder's fee incidental to the financing in accordance with Exchange
policies. The private placement and payment of a finder's fee are subject to
TSX Venture Exchange approval.


    The Company also advises that the process of spinning out the Aldridge
uranium program in Turkey has been initiated and is scheduled for completion
in late June. The resulting company will be named Aldridge Uranium Inc.
("AldUr"). One third of the AldUr shares will be retained by Aldridge, one
third will be dividend to Aldridge shareholders, and one third sold to related
parties in return for providing initial start-up capital. The record date for
qualification for the share dividend will be set to coincide with the receipt
of the AldUr shares by Aldridge. Further details will be announced at a later
    It is intended that AldUr remains private during the start up stage while
work confirming earlier (Turkish) results and initial exploration work,
possibly through to the establishment of a 43-101-compliant resource, is
carried out followed by a listing at a later date on a public stock exchange.
In addition to the resource confirmation there will be additional drilling to
investigate the hydrologic and petrophysical characteristics of the
uranium-bearing sandstone units. These investigations will help to determine
the applicability of the presently favored recovery method of In-Situ-Leach
technology. If considered applicable a pilot test will have to be carried out.
Otherwise, classical mining technologies will be considered based on
prevailing uranium market prices in the future.
    The spin off of the technology program (for the development of a mobile
analytical tool prototype for detection of chemical elements at low
ppm-levels) has been delayed to have more time for testing the software. The
device also requires various approvals to allow operation due to the short
radiation pulse during measurement. The completion of the spin-off will
proceed once the testing has been completed and the approvals obtained, which
is currently estimated to be before the end of 2008.
    Dr. Martin S. Oczlon, PhD Geo., a director of Aldridge and a Qualified
Person as defined in NI 43-101, has reviewed and verified the technical
content of this release.

    About Aldridge Minerals

    Aldridge Minerals Inc. is wholly focused on mineral opportunities in
Turkey where the Company is conducting an ambitious exploration and
development program at its flagship Yenipazar polymetallic VMS project. An
updated resource calculation, followed by a Preliminary Economic Assessment
("PEA"), is scheduled for Summer 2008. The PEA is subject to the progress in
data compilation for open pit and plant construction, and in metallurgical
    Aldridge has also identified several prospective nickel and uranium
opportunities in Turkey and has amassed a large nickel property position where
a systematic development program has commenced.

    On behalf of the Board of Directors

    President and Director

    Forward-Looking Statements:

    The statements made in this Press Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual events
or results could differ materially from the Company's expectations and

    The TSX Venture Exchange Inc. has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

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