TORONTO--(BUSINESS WIRE)--Aldridge Minerals Inc. (TSX-V: AGM) (“Aldridge” or the “Company”) today announced that the Company has acquired title to or has right to access approximately 70.3% of the Yenipazar project area. In addition, the Company has already secured binding written commitments from landowners holding approximately 20.4% of the project area to purchase such land. Following the purchase of the committed land, Aldridge will have ownership of, or access to, approximately 90.7% of the total project area.
Han Ilhan, President & CEO commented, “I am extremely pleased with the progress Aldridge has made on the land acquisition since Q2 2016. At June 30, 2016, Aldridge had title to or right to access approximately 49% of the project area with no additional written commitments from landowners. Over the past three months, we have been able to increase this total to 90.7% including commitments. This is a tremendous achievement and demonstrates the strong support the Company has received from the vast majority of landowners. We look forward to continuing to advance the land acquisition towards completion over the coming months.”
Letters of Support Received
The Company is also pleased to report that it has received letters of support from two local stakeholders in Turkey. The following quotes from the letters demonstrate the strong backing the Yenipazar project has in the region.
Kemal Yurtnac, Governor of Yozgat province commented, “We view similar investments in the region as important for generating employment opportunities and additional economic activity. Yozgat is a region in Turkey with no security issues and we desire to work in partnership with Aldridge in the future in order to achieve sustainable development. Accordingly, the Governor's Office will continue to provide the necessary support and assistance.”
Cem Eser, Mayor of the Yenipazar municipality commented, “The Yenipazar project will facilitate positive development in our region and therefore has our support. . . The project is well-received by the State, local people, and communities due to the expected positive impact of the project. Therefore, we will continue to support the Yenipazar project in the future.”
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 Company is currently advancing the Yenipazar Project on key aspects including land acquisition, engineering, and project 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 continue to acquire the land required to develop the Company’s Yenipazar project; 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, 2015 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.