Aldridge Minerals Reports Second Quarter 2012 Financial Results and Provides a Corporate Update
TORONTO, July 20, 2012 /CNW/ – Aldridge Minerals Inc. (TSX Venture: AGM)
(“Aldridge” or the “Company”) is pleased to announce the filing of its
unaudited condensed consolidated financial statements and management’s
discussion & analysis for the three and six months ended May 31, 2012
(the “Financial Statements” and the “MD&A”, respectively). Aldridge is
also pleased to provide an overview of the work summarized in the MD&A.
Technical information contained in this news release was previously
disseminated by way of news releases and posted on SEDAR at www.sedar.com and on the Company’s website at www.aldridgeminerals.ca.
Yenipazar Resource Estimate
On June 13, 2012, the Company announced an in pit updated National
Instrument 43-101 mineral resource estimate for its Yenipazar
polymetallic deposit in Turkey. The estimate is based on all drilling
completed to the end of 2011 (54,774 meters), and includes 7,202 metres
of diamond drilling. The resource estimate showed an indicated
resource of 2,620,000 gold equivalent ounces at 3.05 g/t gold
The updated mineral resource is summarized in the table below.
In Pit Total Mineral Resources @ NSR/t cut-off of US$15/t for Sulphides
and US$10/t for Oxides((1)(2)(3)(4)(5))
________________________________________________________________________________________ | | Contained Metal | |_____________________________________________________|__________________________________| | | | | | | | | | Au | | | Pb | Zn |AuEq| | | | Au | Ag | Cu | Pb | Zn |Au Eq| (M | Ag | Cu | (M | (M | (M | |Category | Tonnes |(g/t)|(g/t)|(%) |(%) |(%) |(g/t)|oz) |(Moz)|(Mlbs)|lbs) |lbs) |oz) | |_________|__________|_____|_____|____|____|____|_____|____|_____|______|_____|_____|____| |Indicated|26,684,000|1.04 |31.3 |0.30|1.04|1.40|3.05 |0.89|26.85|176.5 |611.8|823.6|2.62| |_________|__________|_____|_____|____|____|____|_____|____|_____|______|_____|_____|____| |Inferred |1,159,000 |0.48 |27.7 |0.22|1.00|1.95|2.51 |0.02|1.03 | 5.6 |25.6 |49.8 |0.09| |_________|__________|_____|_____|____|____|____|_____|____|_____|______|_____|_____|____|
(1) Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing, or other relevant issues.
(2) The quantity and grade of reported Inferred resources in this estimation
are conceptual in nature and there has been insufficient exploration to
define these inferred resources as an Indicated or Measured mineral
resource and it is uncertain if further exploration will result in
upgrading them to an Indicated or Measured mineral resource category.
(3) The mineral resources in this estimate were calculated with the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on
Mineral Resources and Reserves, Definitions and Guidelines prepared by
the CIM Standing Committee on Reserve Definitions.
(4) Au equivalent ratios were calculated using the following recoveries: Au
92%, Ag 90%, Cu 75%, Pb 75% and Zn 77%. Metal prices in US$ used were
Au $1,340/oz, Ag $25/oz, Cu $3.50/lb, Pb $1.00/lb and Zn $0.95/lb.
(5) All resources are reported within an optimized pit shell. The $15/tonne
Sulphide NSR cut-off value for resource reporting was derived from a
processing cost of US$12.50/tonne and a G&A cost of US$2.50 per tonne.
The $10/tonne Oxide NSR cut-off value for resource reporting was
derived from a processing cost of US$7.50/tonne and a G&A cost of
US$2.50 per tonne. Mining costs were US$1.60 per tonne and optimized
pit slopes were 50 degrees.
Significantly Improved Metallurgy
In June 2012, Aldridge announced that metallurgical testing at SGS (UK)
has confirmed that a gravity concentration process prior to flotation
significantly increases the amount of gold recovered. Preliminary flow
sheet analysis contemplates a separate gold circuit followed by
sequential flotation of copper, lead, and zinc. Test work is ongoing
with a view to finalizing the flow sheet this summer.
The matrix of metal recoveries that formed the basis for the Yenipazar
resource update is set out in the table below.
_________________________________________________________________ |Metal| Total |Gold Gravity| Copper | Lead | Zinc | | |Recoveries|Concentrate |Concentrate|Concentrate|Concentrate| |_____|__________|____________|___________|___________|___________| | Au | 92.0% | 65.0% | 20.0% | 5.0% | 2.0% | |_____|__________|____________|___________|___________|___________| | Ag | 90.0% | 10.0% | 10.0% | 65.0% | 5.0% | |_____|__________|____________|___________|___________|___________| | Cu | 75.0% | | 75.0% | | | |_____|__________|____________|___________|___________|___________| | Pb | 75.0% | | | 75.0% | | |_____|__________|____________|___________|___________|___________| | Zn | 77.0% | | | | 77.0% | |_____|__________|____________|___________|___________|___________|
The Yenipazar feasibility study (the “Feasibility Study”), being
overseen by Jacobs Minerals Canada Inc., continues to progress. Project
costs are within the budgets established for the team of consultants
including P&E Mining who is preparing the mine plan and resource
update, SGS (UK) who is undertaking metallurgical studies, SRK Turkey
which is working on the Environmental and Social Impact Assessment
(ESIA) and Golder Associates which is responsible for geotechnical
studies. SRK Turkey is also working on hydrological aspects of the
project from both geotechnical and water supply aspects. The logistics
study on the transportation of concentrates, which included on-site
inspections in June of various ports, roads and rail options is
progressing as scheduled.
The diamond drilling program, which will twin an equal number of RC
holes, began in late April and will continue through August. The
resulting assays from the 2012 drilling program will enhance the data
available to support the mine plan and the project economics of the
About Aldridge Minerals Inc.
Aldridge is a near 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. Aldridge is currently
building on its December 2010 Preliminary Economic Assessment with a
Feasibility Study, which Aldridge expects to complete by the end of
2012. 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.
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 Aldridge. 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 new 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.
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.
SOURCE Aldridge Minerals Inc.