Aldridge Minerals Inc.
Aldridge Minerals Inc.: ALDRIDGE FARMING OUT DERINKOY PROPERTY, NE TURKEY
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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ALDRIDGE MINERALS INC.
950 – 424 Spadina Crescent East
Saskatoon, Saskatchewan S7K 6X7
Telephone: (306) 955-4741
NEWS RELEASE
Date: July 14, 2006 Trading Symbol: TSX-V: AGM
Website: www.aldridgeminerals.com
ALDRIDGE FARMING OUT DERINKOY PROPERTY, NE TURKEY
Vancouver, B.C.: Aldridge Minerals Inc. (“Aldridge”) is pleased to
announce that it entered into a strategic alliance and an option agreement
(the “Agreement”) with Northfield Inc. (“Northfield”), pursuant to which
the Northfield has been granted an option to acquire up to a 75% Aldridge’s
Derinkoy Property (“Derinkoy”), consisting of 4 mineral licences claims
covering an area of 9,000 hectares located in the region of Artvin, in
northeastern Turkey. Derinkoy hosts epithermal gold-silver mineralization,
which has been drilled by Aldridge (see Aldridge news release from Janury
5, 2005 on www.sedar.com).
Pursuant to the Agreement, Northfield has been granted an option to acquire
up to a 75% interest in Derinkoy by: a) funding not less than CDN
$3,000,000 in aggregate exploration related costs on Derinkoy by the fourth
anniversary of the closing date of the Agreement (“Closing”) of which: i)
at least $250,000 shall have been expended by the first anniversary of the
Closing, ii) at least $1,000,000 (inclusive of year one amounts) shall
have been expended by the second anniversary of the Closing, iii) at least
$2,000,000 (inclusive of year one and two amounts) shall have been expended
by the third anniversary of the Closing, and iv) at least $3,000,000
(inclusive of year one, two and three amounts) shall have been expended by
the fourth anniversary of the Closing; and b) issuing 2,000,000 Post
Consolidation Shares to Aldridge as follows: i) 500,000 Post Consolidation
Shares after receipt of all necessary regulatory approvals, ii) 500,000
Post Consolidation Shares by the first anniversary of Closing, iii) 500,000
Post Consolidation Shares by the second anniversary of Closing and iv)
500,000 Post Consolidation Shares by the fourth anniversary of Closing.
Northfield has the right and option to earn a 51% undivided interest in the
Derinkoy by satisfying the requirements up to and including year three
(i.e. $2,000,000 in expenditures), and issuing 1,500,000 Post Consolidation
Shares to Aldridge. An additional 500,000 Post Consolidation Shares (i.e.
2,000,000 in the aggregate) and an additional $1,000,000 in expenditures
(i.e. $3,000,000 in the aggregate) on or before the fourth anniversary of
Closing would be required in order to satisfy the requirements to earn an
additional 24% interest in the Derinkoy and increase Northfield’s interest
in the Derinkoy from 51% to 75%.
The completion of the Agreement is subject to the receipt of all necessary
regulatory approvals.
Aldridge is active in the exploration and development of gold and base
metal projects in Turkey.
On behalf of the Board of Directors
“Hikmet Akin”
DR. HIKMET AKIN
* * * * * * * * *
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
(c)DGAP 14.07.2006
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Language: English
Issuer: Aldridge Minerals Inc.
Suite 204, 3540 West 41st Avenue
V6N 3E6 Vancouver, BC Kanada
Phone: +1 306 955 4741
Fax: +1 306 955 4741
E-mail: akin@shaw.ca
WWW: http://www.aldridge-minerals.de
ISIN: CA0144301029
WKN: A0CAPB
Indices:
Listed: Freiverkehr in Berlin-Bremen; Open Market in Frankfurt
End of News DGAP News-Service
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