Sale consistent with strategy to accelerate development of Yenipazar Project
TORONTO, Nov. 19, 2012 /CNW/ - Aldridge Minerals Inc. (TSXV: AGM) ("Aldridge" or the "Company") announced today that consistent with its strategy to focus on the development of its Yenipazar project in central Turkey, the Company has entered into definitive agreements to sell its interests in Anatolia Energy Limited ("Anatolia Energy") and Vetter Uranium Limited ("Vetter") for total gross proceeds of approximately CAD765,000. These sales complete the Company's plan to divest its uranium holdings, which was initiated by the Company's spin-off of Aldridge Uranium Inc. in early 2011.
"Our sole focus since the start of 2012 has been to accelerate the development of our Yenipazar project so that we can unlock its full value for shareholders," said Mario Caron, President and CEO of Aldridge. "This sale of non-core assets is another step towards our goal as we work towards delivering the feasibility study, which we expect to complete before the end of Q1 2013."
Anatolia Energy is a public company listed for trading on the Australian Securities Exchange under the symbol AEK and Vetter is a private company.
Pursuant to share purchase agreements with a group of buyers, Aldridge has sold 10,000,204 Ordinary Fully Paid Shares of Anatolia Energy (each an "Anatolia Energy Share") for cash consideration in the amount of AUD0.05 per Anatolia Energy Share for total proceeds of approximately AUD500,000 (approximately CAD515,000). Aldridge continues to hold 3,051,196 non-transferable Class A Performance shares in Anatolia Energy, which are explained in detail in the Company's financial statements and management's discussion & analysis for the three and nine months ended August 31, 2012, available on SEDAR at www.sedar.com.
Aldridge has also entered into a Share Sale Agreement with Anatolia Energy whereby Aldridge has sold 5,666,506 Vetter shares to Anatolia Energy for total proceeds of CAD250,000.
Aldridge is a near development stage mining company focused on advancing its Yenipazar polymetallic VMS deposit (Au, Ag, Cu, Pb, Zn) in Turkey - a country that is committed to developing its natural resources and is rapidly emerging as an economic powerhouse. Aldridge is currently building on its December 2010 Preliminary Economic Assessment with a feasibility study that we expect to complete in March 2013. 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.
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.
SOURCE Aldridge Minerals Inc.