Jacob Willoughby to Step Down as President and Director of Aldridge Minerals
TSX-V: AGM
Frankfurt: AIW
/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES/
TORONTO, Feb. 7, 2012 /CNW/ - Aldridge Minerals Inc.
('Aldridge' or the 'Company') today announced that Jacob Willoughby, President, will be leaving the Company to pursue other opportunities, effective March 31st 2012. Mr. Willoughby will remain the Company's President for the interim period to provide for an orderly transition of responsibilities but will resign as a Director of the Company effective immediately.'On behalf of the Board, I would like to thank Jacob for his service and wish him well in his future endeavours,' said Barry Hildred, Chairman of Aldridge Minerals. 'Jacob has been a senior executive and director of Aldridge for the past two years where he helped steer the Company through a period of tremendous change and evolution. Mr. Willoughby is leaving the Company in good hands. Under the leadership of Mario Caron, our recently appointed CEO, and a strong team in both Canada and Turkey, we believe the Company has the right team to rapidly advance the development of its Yenipazar project in Turkey.'
Mr. Willoughby made these comments, 'I have thoroughly enjoyed learning firsthand about what a fantastic country Turkey is and especially working with everyone at Aldridge. I would like to wish the Company continued success as it progresses through feasibility towards eventual production from its Yenipazar project.'
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
President,
Aldridge Minerals Inc.
(416) 477-6981
jwilloughby@aldridgeminerals.ca
Barry Hildred
Chairman,
Aldridge Minerals Inc.
(416) 523-3742
bhildred@level2advisors.com
Christine Espejo-Hyde
Manager Investor Relations,
Aldridge Minerals Inc.
(416) 477-6982
christine@ascendnow.ca
