Aldridge Achieves Significant Land Acquisition Milestone
June 29 2015 - 9:12AM
Business Wire
Aldridge Minerals Inc. (TSX-V: AGM) (“Aldridge” or the
“Company”) is pleased to announce that the Company has received an
approved “Public Benefit” letter from the Ministry of Energy and
Natural Resources in Turkey. An approved “Public Benefit” letter
represents the first significant milestone of the well-established
State-assisted compulsory land acquisition process in Turkey.
Accordingly, this letter provides certainty that the Company will
have access to all of the land needed for the development of the
Yenipazar Project in central Turkey.
As previously announced, the Company commenced the acquisition
of the surface rights for its Yenipazar Project in October 2014. As
all of the required land is farmland, the land acquisition does not
involve any relocation or resettlement of people. With the receipt
of the “Public Benefit” letter, the land acquisition process is
expected to accelerate.
The State will now form an independent land valuation commission
that will determine a fair transaction price with reference to
current market values. This commission relies on objective
guidelines that are based on factors including the current usage of
the land and proximity to roads and water. This process seeks to
remove any subjectivity. With the assistance of expert land
valuation consultants in Turkey, Aldridge used these same
guidelines to determine a fair value for the land. As Aldridge
determined to offer the landowners a high value proposition of
three to four times this fair value, Aldridge expects the State’s
valuation of the land to be significantly lower than the value the
Company is currently offering. However, Aldridge remains committed
to maintaining open communications with the local community members
that wish to take advantage of the high value proposition offered
by Aldridge.
The Company is fully funded to complete the land acquisition.
Aldridge expects the compulsory land acquisition process to be
completed by the end of the first quarter of 2016.
Han Ilhan, President and CEO of Aldridge commented, “During my
meetings with shareholders and potential investors, I always
emphasize the positive support the Company has received from the
State in Turkey, particularly with respect to the Environmental
Impact Assessment being approved only seven months after submission
and just two months later the receipt of the Governor’s (GSM)
Permit that allows the Company to conduct commercial activities in
the region surrounding the Project. The approval of the “Public
Benefit” letter is yet another example of the strong support the
Yenipazar Project receives from all levels of government in Turkey.
We remain committed to enhancing the economic and social conditions
of the local communities in all phases of the mine development,
including during construction and operations as well as after mine
closure. In addition to offering a high value proposition for the
land, we will work closely with the communities to maximize local
hiring and to establish joint social and commercial projects.”
About AldridgeAldridge is a development stage mining
company focused on its wholly owned Yenipazar polymetallic Massive
Sulfide 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 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 InformationThis 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 and commencing
construction in 2016, advancing the Yenipazar Project to production
in 2018, 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 and Annual Information Form for the year ended December
31, 2014 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150629005718/en/
Aldridge Minerals Inc.Han Ilhan, 416-477-6988President
& CEOorDavid Carew, 416-477-6984Director of IR &
Corporate Secretary
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