TORONTO, June 17, 2013 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") is pleased to announce the exercise of its option to earn a 100% working interest in the Company's flagship Yenipazar Property in central Turkey. Aldridge completed the earn-in by delivering the Yenipazar Feasibility Study to Alacer Gold Corp. ("Alacer"). Alacer retains a 6% net profit interest ("NPI") in the Yenipazar Property until such time as operational revenues reach the amount of US$165,000,000. When revenues exceed this threshold amount, the NPI will increase to 10%.
Aldridge is a 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. Following completion of the Feasibility Study, one of Company's key objectives of 2013 is to obtain the project financing needed to build the Yenipazar project and thereafter commence production. The project financing may include some combination of equity, senior debt, metal streaming and off-take agreements.
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 news release.
SOURCE Aldridge Minerals Inc.