Aldridge Achieves Significant Land Acquisition Milestone
Aldridge Minerals Inc. (TSX-V: AGM) (“Aldridge” or the “Company”) announced today that the State-led compulsory land acquisition court process has resulted in the Court issuing its final pricing decision on the last remaining privately-owned land parcel. Following the classification of this parcel, and other parcels where a final pricing decision has already been reached, to Treasury land, Aldridge will have acquired title to or have right to access approximately 99.5% of the Yenipazar project area. Landowners may appeal the final pricing decision to a higher court, but cannot appeal the land title transfer to treasury. Through its mining licenses, Aldridge has the right to access treasury land as per applicable laws.
Since commencing the land acquisition in late 2014, Aldridge successfully purchased over 90% of the required private land by way of a negotiated voluntary process with landowners. The Company relied upon the State-led compulsory land acquisition court process to gain access to approximately 8% of the project area.
The remaining 0.5% of the project area is currently classified as pasture land. The application to convert this land to treasury land to provide Aldridge access has been submitted to the Ministry of Agriculture in Turkey and is in progress. The Company continues to work with the applicable government departments to advance the application approval process.
About Aldridge
Aldridge is a development-stage mining company focused on its wholly owned and permitted Yenipazar polymetallic VMS Project (Gold, Silver, Copper, Lead, Zinc) in Turkey. Aldridge completed the Yenipazar Optimization Study and filed the related NI 43-101 compliant technical report in May 2014, which updated the original May 2013 Feasibility Study. The Optimization Study demonstrated that the Yenipazar Project is highly robust with an after-tax NPV of US$330 million at a 7% discount rate and an after-tax IRR of approximately 32%. The Company is currently advancing the Yenipazar Project on key aspects including land acquisition and financing.
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. When used in this press release, words such as “proposed”, “may”, “would”, “could”, “will”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, and other similar expressions are intended to identify forward-looking statements. Such risks, uncertainties and factors, include, but are not limited to, the ability of the Company to raise additional debt or equity financing on acceptable terms or at all; the risk that the Company’s failure to raise additional capital will have a material adverse effect on the Company’s liquidity, capital resources, results of operations, assets, properties and prospects, the ability of the Company to fund the purchase of the remaining land required to develop the Yenipazar Project, its ability to complete the land acquisition in 2017, and its ability to otherwise advance the development of the project; the ability of the Company to pay its outstanding debts when due; economic performance; mineral prices; the future plans and objectives of the Company; and the other factors discussed under the heading “Risk Factors” in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2016 and in other continuous disclosure filings made by the Company with Canadian securities regulatory authorities and available at www.sedar.com. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results.
Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of Aldridge and its subsidiaries as a going concern, general economic, political and market conditions, mineral prices, and the accuracy of mineral resource estimates. 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 time frames 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 unless required by law.
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.
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Contact
Aldridge Minerals Inc.
Han Ilhan, (416) 477-6988
President & CEO
or
David Carew, (416) 477-6984
Vice President, Corporate Development
