Aldridge Minerals Provides Yenipazar Feasibility Update - Mine Throughput to be Increased
TSX-V: AGM
Frankfurt: AIW
/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
TORONTO, March 6, 2012 /CNW/ - Aldridge Minerals Inc.
('Aldridge' or the 'Company') is pleased to provide an update on the Yenipazar feasibility study. The feasibility study, commenced last June, is being overseen by Jacobs Minerals Canada Inc. and includes P&E Mining who is preparing the mine plan and resource update, SGS (UK) who are undertaking metallurgical studies, SRK Turkey who are working on the Environmental and Social Impact Assessment (ESIA) and Golder Associates who are responsible for geotechnical studies. SRK Turkey is also working on hydrological aspects of the project from both geotechnical and water supply aspects.The feasibility study is progressing on time and on budget thus far and Aldridge expects to receive the completed study during November 2012. At this time, the site survey is nearly complete and condemnation drilling is in progress. Studies on electrical power supply and the transportation of concentrates have commenced. The site layout, including location of the open pit, waste rock dump, tailings management facility, the crushing plant and the processing plant have been selected. The baseline environmental assessment began last summer and is expected to be completed in late summer 2012.
Hydrological testing of the pit and proposed plant area is underway and drilling for this will recommence once temperatures in the area return to levels above freezing. Geotechnical test drilling has been completed and pit wall stability studies are well advanced.
The test work underway at SGS (UK) has concentrated initially on building on previous test work by other consultants. It is now progressing into variability testing using samples throughout the deposit. It has previously been reported (Aldridge press release December 1, 2011) that work at G&T Metallurgical Services of Kamloops showed that a significant amount of the gold in the deposit could be recovered by gravity concentration prior to flotation. Current testing at SGS (UK) has confirmed this and is now focused on maximizing gold recovery to the gold gravity concentrate. Based on the test work to date, process design studies are in progress and the initial layout of plant equipment is being prepared.
As previously reported diamond drilling was undertaken in the pit area last summer to provide metallurgical samples. The data from these holes plus all earlier data is being used to generate a revised resource model. This is expected to be completed in the next six to eight weeks.
Mine Throughput to be Increased
Due to the significant increase in gold recoveries announced in the Aldridge press release of December 1, 2011, the Company now expects the Yenipazar resource will be larger than the current 24 million tonnes in the indicated category as per Company's Preliminary Economic Assessment (PEA) (Aldridge press release February 3, 2011). Accordingly, the Company has decided to increase the throughput of the proposed development at Yenipazar from a nominal 5,700 tonnes per day envisioned in the PEA to 7,500 tonnes per day for the feasibility study (an increase of 32%) for an annual production of 2.5 million tonnes.
Aldridge's CEO Mario Caron had these comments, 'We are pleased that the definitive feasibility study is progressing as planned and that the technical results - both drilling and metallurgical - are giving us the confidence to increase the size of the project. This increase in throughput will likely improve the overall economics of Yenipazar and provide for a more robust project.'
John F. Cook MIMM, a director of Aldridge and Qualified Person as defined in NI 43-101, has reviewed and verified the technical content of this press release.
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.
About Aldridge Minerals Inc.
Aldridge is focused on mineral opportunities in Turkey where the Company is advancing to feasibility on an ambitious development program at its flagship Yenipazar polymetallic VMS deposit. Aldridge also holds a 338 square kilometre exploration licence in Papua New Guinea.
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: Mario Caron
CEO & Director
Aldridge Minerals Inc.
416-4776985
Jacob Willoughby
President
Aldridge Minerals Inc.
416-477-6981
Christine Espejo-Hyde
Manager Investor Relations
Aldridge Minerals Inc.
647-407-2490