TORONTO, Aug. 14, 2013 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") has filed its unaudited condensed consolidated financial statements and management's discussion & analysis for the three and six months ended June 30, 2013 (the "Financial Statements" and the "MD&A", respectively). The Financial Statements and the MD&A are posted on SEDAR at www.sedar.com and on the Company's website at www.aldridgeminerals.ca.
Second Quarter Highlights:
- Earned 100% Interest in the Yenipazar Property with Completion of the Feasibility Study On June 17, 2013, the Company announced the exercise of its option to earn a 100% working interest in the Yenipazar Property in central Turkey by delivering the Yenipazar Feasibility Study ("FS") and exercise notice to Alacer Gold Corp. ("Alacer"). Alacer retains a 6% net profit interest ("NPI") until $165,000,000 of revenue is generated, and a 10% NPI thereafter.
- NI 43-101 Compliant Technical Report for the FS Filed and Robust Results Announced On May 17, 2013 the Company filed, on www.sedar.com, its NI 43-101 compliant Technical Report for the Yenipazar FS. As described in detail in the report, the Yenipazar Project demonstrates strong economics across multiple scenarios.
- Progress on Project Financing The Company continued its evaluation of potential project financing options including debt, equity, metal streaming and concentrate off-take-related financing that may be available to Aldridge. The progress included:
- Engaging an independent engineer to act on behalf of potential lenders;
- Evaluating the FS and its financial and operational risks;
- Initiating preliminary project evaluations by prospective banks, streaming companies and other parties;
- Identifying strategies to address potential and perceived project risks; and
- Developing a plan to advance the project financing.
- Strong Cash Position - $11,401,972 at June 30, 2013
Corporate Update and OutlookThe Company continues to advance the Yenipazar Project while taking steps to cut costs across the organization in order to preserve the Company's strong cash position during a period of volatility in the mining sector and capital markets. Aldridge remains focused on progressing key aspects of the Project including the land acquisition plan, environmental permits and other government approvals that will ensure the Company is well-positioned to move ahead rapidly with the development of Yenipazar at the appropriate time.