TORONTO, Nov. 8 /CNW/ - Aldridge Minerals Inc. ("Aldridge" or "the
Company"), (TSX-V: AGM), announced today that the company has completed
26,800 m of RC-drilling and 273 m of diamond drilling for its resource
definition program of the Yenipazar open pit target, central Turkey. The total
drill program, including all historic diamond holes, comes to more than
The total cost of approximately US$ 3.5 million attributable to the
Yenipazar project since Aldridge acquired the project in Dec 2004, provides an
average cost of US$ 130 per meter. This performance underlines several key
attributes of Yenipazar including: the ability to use low-cost RC-drilling
instead of much more expensive diamond drilling, its location in nearly flat
terrain and its very well developed infrastructure.
This resource drill-out program is targeted to bring the entire
mineralization contained within the 1,700 m deposit strike length into the
indicated and inferred resource categories, to form the basis of a
NI-43-101-compliant preliminary economic assessment, scheduled for release in
the 2nd quarter of 2008.At least another 40-50 holes remain to be drilled
before a revised resource estimate can be finalized.
High-temperature metamorphism of the Yenipazar volcanogenic massive
sulphide deposit led to growth of larger mineral grains, potentially
facilitating metallurgy and recoveries. This and other parameters are the
target of a currently conducted metallurgical study, also forming part of the
ensuing preliminary economic assessment.
Aldridge President & Director, Dr. Hikmet Akin, said, "We are pleased to
see the Yenipazar project is developing as scheduled, and that our drill
program is progressing rapidly to advance the project to a preliminary
assessment stage. With a 43-101 compliant preliminary assessment in hand, we
will be able to move the project to the next stage of development."
The Yenipazar project is subject to an earn-in agreement with Anatolia
Minerals, wherein Aldridge can earn a 100% working interest.
Derinkoy Gold-silver Project:
Aldridge's farm-in partner for the Derinkoy gold-silver project in
NE-Turkey, Northfield Metals Inc., terminated the underlying agreement
effective October 25, 2007. Aldridge will receive 500,000 shares in Northfield
once Northfield is publicly listed, and has 100 % title to the property.
Derinkoy has encouraging first-pass, near-surface drill results with 6 m @
5.04 g/t Au, 180.5 g/t Ag and 33 m @ 2.13 g/t Au, 106.7 g/t Ag. Aldridge is
currently in talks with other interested parties about the project.
Dr. Martin S. Oczlon, PhD Geo, a director of Aldridge and a Qualified
Person as such term is defined in NI-43-101, has reviewed and verified the
technical content of this release.
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. A
Preliminary Economic Assessment as well as an updated resource calculation is
scheduled for Q2 2008, subject to the eventually determined size of the
deposit and progress of respective resource definition drilling. Aldridge has
also identified several prospective nickel opportunities in Turkey and has
amassed a large property position where a systematic development program has
On behalf of the Board of Directors
President and a Director
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.
For further information:
For further information: Dr. Hikmet Akin, President & CEO, Aldridge
Minerals Inc., (604) 737-2743; Martti Kangas, The Equicom Group, (416)
815-0700 x 243