TORONTO, Nov. 15, 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 nine months ended September 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.
Third Quarter Highlights
- Environmental Impact Assessment ("EIA") Report and Investment Incentive Certificate In August 2013 the Company completed its EIA Report and submitted it to the Ministry of the Environment and Urbanization in Turkey, initiating the final stage of the EIA approval process. The Company submitted its initial application for an Investment Incentive Certificate ("IIC") pursuant to Turkey's 'Decree on State Incentives in Investments'. Qualification for and approval of the IIC is dependent upon a number of factors, including the receipt of the EIA permit.
- Land Acquisition Plan ("LAP") The Company's LAP to acquire approximately 9.4 square kilometres of land is expected to be completed in December 2013. The LAP was prepared in accordance with Equator Principles III, thereby meeting the standards likely required by potential international financing organizations. The LAP builds on the present relationships with landowners and other stakeholders to facilitate project development.
- Financial Analysis of Yenipazar Project Cutfield Freeman & Co. Ltd. ("CF&Co") a specialist mining corporate finance firm worked with the Company from Q1 through Q3 2013 to evaluate the potential project financing options based on the Feasibility Study. As part of this evaluation, Roscoe Postle and Associates ("RPA") was engaged to prepare an independent engineers' ("IE") report which could be used by prospective international financing companies. The analysis indicated that the Yenipazar Project could attract sufficient debt or similar financing, subject to certain conditions related to permits, land access, and project financing risks. Preliminary findings of RPA indicated a number of opportunities to continue to de-risk the project by advancing items including permitting, metallurgy, and capital cost analysis. The Q2 declines in commodity prices and reduced access to capital for junior mining companies, led to the Company's Q3 decision to modify its project financing strategy and to reallocate resources to further de-risk the project by addressing items identified by the IE and management. The revised project financing strategy includes utilizing the analysis generated by CF&Co to support direct contact by the Company with prospective financing organizations. Consequently, services of financial advisory firms will not be used for the balance of 2013 and may not be considered in 2014 if management's direct efforts are successful.
- Leadership Change In July, with the resignation of the Company's CEO, the Board initiated a search for a new CEO to lead the Company through its next development stages. A Special Committee of the Board, led by the Company Chairman, is providing interim CEO leadership to the Company and its senior management team until such time as a new CEO is appointed.
- Strong Cash Position - $8,994,565 at September 30, 2013
Corporate Update and OutlookThe Company's major objectives and activities are generally focused on positioning the Company to advance key project issues related to permitting, land acquisition, tax incentives, personnel, and to obtain the necessary financing to develop the Yenipazar Project.