Aldridge Achieves Significant Land Acquisition Milestone
November 30 2017 - 4:30PM
Business Wire
Aldridge Minerals Inc. (TSX-V: AGM) (“Aldridge” or the
“Company”) announced today that the State-led compulsory land
acquisition court process has resulted in the Court issuing its
final pricing decision on the last remaining privately-owned land
parcel. Following the classification of this parcel, and other
parcels where a final pricing decision has already been reached, to
Treasury land, Aldridge will have acquired title to or have right
to access approximately 99.5% of the Yenipazar project area.
Landowners may appeal the final pricing decision to a higher court,
but cannot appeal the land title transfer to treasury. Through its
mining licenses, Aldridge has the right to access treasury land as
per applicable laws.
Since commencing the land acquisition in late 2014, Aldridge
successfully purchased over 90% of the required private land by way
of a negotiated voluntary process with landowners. The Company
relied upon the State-led compulsory land acquisition court process
to gain access to approximately 8% of the project area.
The remaining 0.5% of the project area is currently classified
as pasture land. The application to convert this land to treasury
land to provide Aldridge access has been submitted to the Ministry
of Agriculture in Turkey and is in progress. The Company continues
to work with the applicable government departments to advance the
application approval process.
About Aldridge
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 Optimization Study demonstrated
that the Yenipazar Project is highly robust with an after-tax NPV
of US$330 million at a 7% discount rate and an after-tax IRR of
approximately 32%. The Company is currently advancing the Yenipazar
Project on key aspects including land acquisition and
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 raise additional debt
or equity financing on acceptable terms or at all; the risk that
the Company’s failure to raise additional capital will have a
material adverse effect on the Company’s liquidity, capital
resources, results of operations, assets, properties and prospects,
the ability of the Company to fund the purchase of the remaining
land required to develop the Yenipazar Project, its ability to
complete the land acquisition in 2017, and its ability to otherwise
advance the development of the project; the ability of the Company
to pay its outstanding debts when due; 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, 2016 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20171130005972/en/
Aldridge Minerals Inc.Han Ilhan, (416)
477-6988President & CEOorDavid Carew, (416) 477-6984Vice
President, Corporate Development
Aldridge Minerals Inc. (TSXV:AGM)
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