TORONTO--(BUSINESS WIRE)--Aldridge Minerals Inc. (TSX Venture: AGM) (“Aldridge” or the “Company”) is pleased to announce that it has awarded contracts for value engineering and early construction planning for its wholly-owned Yenipazar Project in central Turkey, which marks an important milestone and moves the Yenipazar Project closer to a final construction decision.
Value engineering has been awarded to Tenova Mining & Minerals (“TMM”), a division of Tenova, a wholly-owned subsidiary of the TECHINT Group. TMM provides integrated solutions to the global mining and processing sectors, offering innovative technological solutions and full process and commodity knowledge across the mining industry value chain. The scope of the value engineering is to apply subject matter expertise in Comminution, Processing, Tailings design, and Capital and Operating costs, with the objective of further reducing overall project risks. TMM will also identify further technical, safety and cost opportunities for construction and operations.
Construction planning has been awarded to GAP İnşaat (“GAP”), a wholly owned subsidiary of Çalık Holding A.Ş. GAP is a general contractor headquartered in Istanbul that provides construction services for large infrastructure and industrial projects in Turkey and central Asia. GAP’s scope of work is to provide detailed construction planning including logistics, jurisdiction and trades analysis, work site planning, construction strategy including effective utilization of contract mining services during construction and pre-operation, capital and operating cost review, and safe construction delivery of the Project. GAP will also ensure further accuracy of capital and operating costs based on market conditions in Turkey.
The Company expects the value engineering and construction planning efforts to be completed in the first quarter of 2015, which will then form the basis for follow-on basic engineering and construction execution.
Aldridge is a development stage mining company focused on its wholly owned Yenipazar polymetallic VMS Project (Au, Ag, Cu, Pb, Zn) in Turkey (the “Project”), a country that is committed to developing its natural resources. 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 Company is currently advancing the Project on key aspects including engineering, land acquisition and project financing.
Caution Regarding Forward-Looking Information
This news release includes certain forward-looking statements within the meaning of Canadian securities laws, including, but are not limited to the ability to accomplish remaining milestones, land acquisitions, securing project financing in 2015, advancing the Yenipazar Project to production, economic performance, future plans and objectives of the Company.
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. Such risks, uncertainties and factors including meeting conditions for advances under the Loan 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, 2013 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 and market conditions, mineral prices, 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.