Aldridge Minerals Announces Results of Yenipazar Metallurgical Study
TSX-V: AGM
Frankfurt: AIW
Not for dissemination in the United States or through U.S. newswires
TORONTO, Dec. 1, 2011 /CNW/ - Aldridge Minerals Inc.
('Aldridge' or the 'Company') is pleased to announce the results of its metallurgical study of Yenipazar ore conducted by G&T Metallurgical Services LTD ('G&T') of Kamloops BC. In total, ten samples weighing a total of approximately 90 kilograms of gravity pre-enriched Yenipazar material was used for the testing. The sample was taken from five drill holes selected to be as representative as possible of the overall resource grade at Yenipazar.One of the major goals of the study was to examine the potential to produce a gravity recoverable gold or 'Pan' concentrate prior to floatation. Five open circuit cleaner tests were conducted with a gravity circuit to test this option. The following comments were made by G&T regarding the gold gravity concentration. 'The tests clearly indicate that about 50% of the gold is recoverable by gravity concentration'. Aldridge is very pleased with this result, especially since total gold recoveries assumed in its Preliminary Economic Assessment ('PEA') filed on SEDAR February 3(rd), 2011 were only 37% and in our previous testing, approximately 90% of the gold in floatation reports to the copper concentrate.
Cyanidation tests were then conducted to test the potential to leach this Pan concentrate to recover the gold and silver from this gravity concentrate. G&T reported that 'Bottle roll cyanidation tests on the pan concentrate using 1,000 ppm sodium cyanide, extracted about 79% of the gold in the feed'. 'When the dosage of sodium cyanide was increased to more intensive conditions (10,000 to 20,000 ppm) the gold extractions increased to over 97%' after a time period of 48 hours. Again, Aldridge is very encouraged by these results.
In addition to the gravity gold testing, several rougher tests and one locked cycle test were completed. The lone locked cycle test produced three separate copper, lead and zinc concentrates.
-- The copper concentrate graded 19.6% at a total recovery of 72%
and contained 30.3 g/t gold (a recovery of 24%) as well as 482
g/t silver (at a recovery of 15%).
-- The lead concentrate graded 64.3% at a total recovery of 51%
and contained 1111 g/t silver (45% recovery) and 4.7 g/t gold
(5% recovery).
-- The zinc concentrate graded 57.7% at a recovery of 77% and only
contained 59 small amounts of silver and gold (1.14 g/t Au and
59 g/t Ag at recoveries of 5% and 2% respectively).
-- These recoveries compare quite favourably to those in our PEA
where total recoveries for Au, Ag, Cu, Pb and Zn were only 37%,
57%, 77%, 78% and 59% respectively.
'These results are a solid improvement in our recoveries from those of the PEA. Additionally, now that we know we can recover approximately 50% of our gold in a Pan concentrate, we will continue to work on increasing the leachability of this concentrate and to establish even higher recoveries of gold in the floatation circuits as well. Internally, our aim is to consistently recover at least 80% of the gold from Yenipazar with more than half of this being produced in a doré bar after leaching our Pan concentrate' said Jacob Willoughby, President of Aldridge. The metallurgical work for the Yenipazar definitive feasibility study will be completed by SGS UK in conjunction with Gekko Systems.
John F. Cook P. Eng and a director and consultant of Aldridge and Qualified Person under NI 43-101, has reviewed and verified the technical content of this press release.
About Aldridge Minerals Inc.
Aldridge is a publicly-traded junior exploration company in the business of identifying and developing mineral properties in Turkey and Papua New Guinea ('PNG'). Aldridge is advancing its flagship Yenipazar polymetallic VMS deposit in Turkey with a feasibility study, which is building on its December 2010 Technical Report and Preliminary Economic Assessment. The deposit includes gold, silver, copper, lead and zinc. The feasibility study is expected to be completed by the end of 2012. Aldridge's PNG exploration license includes an area of approximately 338 square kilometres known as the Kili Teke license. The license area is prospective for gold, silver and copper.
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.
Additional information and corporate documents may be found on www.sedar.com and the Company's website, www.aldridgeminerals.ca.
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.
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 the Company. 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 news 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.
Aldridge Minerals Inc.
CONTACT:
Jacob Willoughby Mario Caron
President and Director, CEO and Director,
Aldridge Minerals Inc. Aldridge Minerals Inc.
(416) 477-6981 (416) 477-6985
jwilloughby@aldridgeminerals.camcaron@aldridgeminerals.ca
Christine Espejo-Hyde
Manager Investor Relations,
Aldridge Minerals Inc.
(416) 477-6982
christine@ascendnow.ca