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Aldridge
Minerals Inc.
Aldridge
Minerals reports on resource upgrade and enlargement at Yenipazar deposit
TORONTO, Nov. 8, 2007 -
Aldridge Minerals Inc. ("Aldridge" or "the
Company"), (TSX-V: AGM - News), 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 29,000 m.
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 (at) 5.04 g/t Au, 180.5 g/t Ag and 33 m (at) 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 commenced.
On behalf of the Board of Directors
"Hikmet Akin"
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President and a 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 projections.
The TSX Venture Exchange Inc. has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information please contact:
Aldridge Minerals Inc.
Hikmet Akin
President & Director
Tel. +1 (604) 737 2743
Fax +1 (604) 737 2743
15th Floor, 1040 West Georgia Street
Vancouver, B.C. V6E 4H8
Canada
http://www.aldridge-minerals.com/
The Equicom Group
Martti Kangas
Investor Relations
Tel. +1 (416) 815-0700 x243
acurkovic@equicomgroup.com
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