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Aldridge Demonstrates Improved Grades Across All Metals at Yenipazar Through Diamond Twinning Program

August 15, 2012

www.aldridgeminerals.ca
TSXV: AGM

TORONTO, Aug. 15, 2012 /CNW/ – Aldridge Minerals Inc. (TSX Venture: AGM)
(“Aldridge”) is pleased to announce that additional results of its
ongoing diamond drill (“DD”) twinning program have demonstrated higher
grades of all metals at its polymetallic Yenipazar deposit located in
central Turkey.

“We are encouraged by the fact that the diamond drill twin program
continues to demonstrate improved metal grades at Yenipazar versus
earlier-drilled RC holes,” said Mario Caron, Aldridge President and
CEO. “With assays representing 1,925 metres of diamond drilling, we
have seen a substantial increase in the grades of all five metals
compared to the corresponding RC holes, highlighted by a 22 % increase
in the case of gold and a 33 % increase in the case of zinc.”

The objective of the program is to twin the reverse circulation (“RC”)
holes that carry the bulk of the mineralization and replace those RC
holes with DD holes in the database for a more accurate resource
estimate in the framework of the current feasibility study. The program
is intended to follow up on the encouraging higher-grade results that
were obtained from holes previously twinned. Aldridge is today
reporting an additional 38 DD twin holes, which represents the number
of fully assayed holes received to date from the 2012 program. In order
to provide a statistically significant sample, Aldridge is reporting
all twin results on a cumulative basis, which now totals 44 holes.

Weighted Average Grades of 44 DD Twins of RC Drill Holes ((1))

     ________________________________________________________________
    |        |  Mineralized   |Au (g/t)|Ag (g/t)|Cu (%)|Pb (%)|Zn (%)|
    |        |Intersections(m)|        |        |      |      |      |
    |________|________________|________|________|______|______|______|
    |DD Holes|        1,925   |   1.17 |   36.1 | 0.31 | 1.18 | 1.49 |
    |________|________________|________|________|______|______|______|
    |RC Holes|        2,112   |   0.96 |   29.1 | 0.26 | 1.09 | 1.12 |
    |________|________________|________|________|______|______|______|

    (1)      The weighted average grade is calculated as the sum of the
             Grade × Length of each mineralized intersection divided by the
             sum of the mineralized intersections.

Comparison of Grade and Metal Content of 44 DD Twins Versus RC Drill
Holes
( (2))

     _____________________________________________
    |                          |Au |Ag |Cu |Pb|Zn |
    |__________________________|___|___|___|__|___|
    |Grade (% increase)        |+22|+24|+22|+8|+33|
    |__________________________|___|___|___|__|___|
    |Metal Content (% increase)|+11|+13|+11|-1|+21|
    |__________________________|___|___|___|__|___|

    (2)     The metal content is calculated as Grade × Length of the
    mineralized intersections.

The increase in grade is more pronounced than the increase in metal
content because the sum of the DD intersections are approximately 9 %
shorter than the RC intersections in these 44 pairs (1,925 metres
versus 2,112 metres). It should be noted that a few RC holes had
occasionally stopped in mineralization due to technical problems and
that to date all DD holes were successfully completed beyond the
mineralized intersections.

The location of the 44 assayed pairs is shown on the plan map in Figure
1.

Mr. Caron added, “As the holes are not evenly distributed across the
deposit, it is impossible at this time to draw any firm conclusions
regarding the impact improvements to grade and metal content will have
on subsequent resource estimates. However, based on the results
received to date, it appears that the twinning program has the
potential to improve the average grade of the deposit and thereby
enhance the quality of the Yenipazar resource.”

Progress Update
The budget for the 2012 twinning program was originally intended to
drill up to 99 holes (approximately 10,000 m – 11,000 m) with a view of
including the results in a resource update which is to be included in
the feasibility study. A total of 74 holes (8,539 metres) have now been
completed of which assay results have been received for 38, as reported
in this release. Due to the lengthy turnaround time in receiving assay
results (4-6 weeks), it is anticipated that the program will be
completed with approximately 80-85 holes in order to ensure that all
assays are received prior to the cut-off date for the resource update.
It is expected that the program will be sufficient to duplicate
approximately 70 % of the mineralization of Yenipazar. Following a
standard review of laboratory procedures, all samples are now being
sent to SGS Turkey – a fully accredited laboratory that complies with
international standards – which is expected to improve turnaround time
to 2-3 weeks.

Metallurgical Drill Hole
Upon review of the metallurgical holes drilled during 2011, it was found
that YPD-15 was close enough to an RC hole to be considered a twin
(within 6 metres). Upon review of all neighbouring holes on the
section, it appears that the RC hole most likely went down a
sub-vertical mineralized structure that was impossible to identify at
the time, thereby reporting a longer intersection than the
corresponding DD hole. This clearly appears to be an isolated
discrepancy.

     _____________________________________________________________________
    |Hole     |From |To (m)|Length |Au (g/t)|Ag (g/t)|Cu (%)|Pb (%)|Zn (%)|
    |         | (m) |      |  (m)  |        |        |      |      |      |
    |_________|_____|______|_______|________|________|______|______|______|
    |YPD-15   |   2 |   38 |   36  |   1.26 |  55.05 | 0.20 | 1.87 | 0.78 |
    |(Diamond)|     |      |       |        |        |      |      |      |
    |_________|_____|______|_______|________|________|______|______|______|
    |         |  52 |   58 |    6  |   0.01 |   0.52 | 0.00 | 0.04 | 2.64 |
    |_________|_____|______|_______|________|________|______|______|______|
    |                                                                     |
    |_____________________________________________________________________|
    |YP-312   |   2 |  136 |   134 |   0.55 |  63.36 | 0.05 | 3.31 | 0.48 |
    |(RC)     |     |      |       |        |        |      |      |      |
    |_________|_____|______|_______|________|________|______|______|______|
    |         | 144 |  182 |   38  |   0.17 |  28.44 | 0.01 | 1.41 | 0.34 |
    |_________|_____|______|_______|________|________|______|______|______|

Quality Assurance
The technical information in this news release was prepared, reviewed
and approved by Martin S. Oczlon, PhD Geo, VP Exploration of Aldridge.
Dr. Oczlon is a Qualified Person under NI 43-101 standards.

Analyses for gold, silver, copper, zinc, and lead were completed by ALS
Chemex of Vancouver, BC, and, for three drill holes, by SGS Turkey in
Ankara. Blanks, certified reference material and field duplicates were
inserted on a regular basis in the sample stream in order to provide
external QA/QC on the lab analysis.

Figure 1: Yenipazar Plan Map Showing Drill Locations

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 we expect 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.

Additional information and corporate documents may be found on www.sedar.com and the Aldridge website, www.aldridgeminerals.ca.

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.

PDF available at: http://stream1.newswire.ca/media/2012/08/15/20120815_C7250_DOC_EN_16903.pdf


Source: PR Newswire