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Aldridge Minerals Inc.

Company Data | Introduction | Projects in Hand | Management
News Update
| Chinese

Address :  Suite 300, 10 King Street East
Toronto, Ontario
Canada M5C 1C3
Tel No.: (416) 477-6984
Web Site: www.aldridgeminerals.ca
E-mail: dcarew@aldridgeminerals.ca
Contact Person: David Carew
Position: Director of Investor Relations & Corporate Secretary


Company Data

Traded Market: TSX-V
Traded Symbol: AGM
Outstanding Shares: 107.0 million
52 Week High: $ 0.27
52 Week Low: $ 0.115
Present Price: Click Here


Introduction

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Aldridge Minerals Inc. is a development stage mining company focused on its wholly owned Yenipazar polymetallic Massive Sulfide Project (Gold, Silver, Copper, Lead, Zinc) in Turkey, 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 Yenipazar Project on key aspects including land acquisition, project financing, and engineering.


Projects in Hand

Yenipazar Gold-Silver-Copper-Zinc-Lead Project, Central Turkey

Project Background

Owner

Aldridge Minerals Inc. – 100%

(Alacer Gold Corp. maintains a NPI)

Project Location

Tethyan mineral belt, Central Turkey

Geology

Metamorphosed volcanogenic massive sulphide

Mining Operation

Conventional open pit

Strip Ratio

4.3:1

Milling Rate

2.5 Mt/a (6,800 tpd)

Milling Capacity

2.7 Mt/a (7,500 tpd)

Processing Method

Conventional concentrator plant

Overall Sulphide Recovery Rates

Gold 80%, Silver 74%, Copper 73%, Lead 72%, Zinc 69%

Final Products

Gold doré bars

Copper, Lead, and Zinc Concentrates

Mine Life

12 years

The Yenipazar gold-silver-copper-zinc-lead property is approximately 100 square kilometres in area and is located at the geographic centre of Turkey, approximately 220 kilometres east-southeast of Ankara, the capital city.

The Yenipazar Project has a currently determined strike length of at least 1,700 metres averaging 200 metres in width and approximately 20 metres in thickness at depths between 30 and 190 metres. Much of the ore body is sitting at a depth of approximately 50 to 120 metres.

With mineralization near surface and access to skilled labor and excellent infrastructure, Yenipazar is ideal for open pit mining.

At more than 100 sq. km, the Yenipazar property is a significant land package. As much of it is unexplored, Yenipazar provides considerable exploration potential. The updated NI 43-101 resource (November 2012) has an Indicated resource of 2.3M gold equivalent ounces at 2.42 g/t. The estimate is based on 54,248 metres of drilling, including 20,604 metres of diamond drilling.

Updated NI 43-101 Resource Estimate (November 2012)

Category

Tonnes

Au
(g/t)

Ag
(g/t)

Cu
(%)

Pb
(%)

Zn
(%)

Au Eq
(g/t)

Indicated

29,669,000

0.95

31.3

0.31

1.01

1.47

2.42

Inferred

369,000

0.47

25.5

0.18

0.94

1.89

1.88


Contained Metal

Category

Au
(M oz)

Ag
(M oz)

Cu
(M lbs)

Pb
(M lbs)

Zn
(M lbs)

AuEq
(M oz)

Indicated

0.90

29.85

204.8

660.2

961.2

2.30

Inferred

0.01

0.30

1.5

7.7

15.4

0.02


Probable Reserve Estimate (April 15, 2014)

Tonnes

Au
(g/t)

Ag
(g/t)

Cu
(%)

Pb
(%)

Zn
(%)

NSR

($/t)

Total

29,168,000

0.88

29.4

0.30

0.95

1.40

83.24


Contained Metal

Au
(M oz)

Ag
(M oz)

Cu
(M lbs)

Pb
(M lbs)

Zn
(M lbs)

Total

0.83

27.61

191.05

610.37

898.46

Project Highlights

  • Polymetallic VMS deposit (open pit)
    • Gold, Silver, Copper, Lead, Zinc = Revenue diversification
    • Base case metal revenue split: 55% precious, 45% base1
    • Spot metal revenue split: 57% precious, 43% base2
  • Low CAPEX and high operating margins
    • Excellent access to existing infrastructure
    • $83.24 per tonne revenue vs. $29.65 per tonne operating cost over LOM

Yenipazar Project Economics

Base Case Prices1

Spot Prices2

Pre-Tax

After-Tax

Pre-Tax

After-Tax

IRR

34.5%

32.2%

28.1%

26.2%

NPV (7%)

$382M

$330M

$281M

$242M

Payback

2.3 yrs

2.4 yrs

2.6 yrs

2.7 yrs

1Base Case Price Deck: Gold: $1,250/oz, Silver: $20.00/oz, Copper: $3.00/lb, Lead: $0.94/lb, Zinc: $0.90/lb, USD/TRY 2.10

2Spot at May 5, 2016: Gold: $1,276/oz, Silver: $17.35/oz, Copper: $2.18/lb, Lead: $0.78/lb, Zinc: $0.84/lb, USD/TRY 2.93

  • Feasibility Study (2013) and Optimization Study (2014) Completed
  • All key Central and Local permits secured – Indicating Full State Support
  • Low environmental risk – Led to Fast EIA Approval
  • Significant upside potential
    • Only 10% of 100 sq. km land concession has been explored, 90% unexplored

Corporate Highlights

  • 100% owner of Yenipazar Project in Central Turkey
    • Open pit polymetallic VMS deposit
    • Robust economics even at spot prices
    • All key Central and Local permits secured
    • Surface rights land acquisition progressing with the support of the State-led compulsory process
  • Deep expertise in Turkey
    • CEO Han Ilhan Turkish-American engineer based in Turkey
    • CEO and local team fully knowledgeable about mining in Turkey
    • Local Partner ANT Holding (major Turkish construction firm) brings construction expertise and further business knowledge in the region
  • Project Finance
    • Strong interest from senior and subordinated lenders, streaming companies, offtakers, potential JV partners and equity providers
    • Continued interest from existing major shareholders

Turkey: Favorable Jurisdiction

  • Strong Support for Mining in Turkey
  • Mining sector GDP grew 4.6 times in last 10 years, from $2.6B to $12B, with a target of achieving $15B by 2023
  • The No.1 gold producing country in Europe was achieved in less than 15 years; international companies operating successfully for 10+ years – Eldorado, Alacer, First Quantum
  • 8 Gold mines operating in 2016 while zero operating in 2000 – significantly lower risk compared to USA where average mine permitting/approval process takes 7 – 10 years (Behre Dolbear)


Management

Management and Directors

Han Ilhan, President and CEO

Professional engineer; 26 years at URS Corporation, a leading provider of engineering, construction, and technical services for public agencies and private sector companies around the world.

Jim O'Neill, CPA, CA, Chief Financial Officer

Chartered Professional Accountant with over 30 years financial experience; 15 years as CFO.

Serdar Akca, VP Country Manager

Geologist, is Turkish and has over 25 years of experience in minerals exploration and development. Mr. Akca supervises all exploration programs in Turkey.

Jaymes Dircks, Engineering, Procurement and Construction (EPC) Director

26 years successful EPC delivery. Significant experience in Turkey and central Asia.

Ahmet Senturk, Exploration Director

Geologist with over 20 years experience in exploration and development.

David Carew, HBA, Director of Investor Relations & Corporate Secretary

Responsible for supporting the Company’s operations in Toronto. Former investment banker with Canadian securities firm.

Dennis Ferrigno, EPC Consultant

40 years with mining, energy, power and natural resources development; 20 years experience working with Turkish contractors.

John Cook, Technical Advisor to the CEO

Mining engineer with over 45 years experience in operations and management. Former Chairman of Wolfden Resources and Premier Gold.

Prof. Dr. Zafir Ekmekçi, Consulting Metallurgist

Recognized flotation expert based at Hacettepe University in Ankara.

Barry Hildred, Chairman

Baran Baycan, Director

Daniella Dimitrov, Director

Ed Guimaraes, Director

Douglas Silver, Director

Ahmet Tacyildiz, Director

Hande Tacyildiz, Director

Talha Özkul, Director

Mike Widmer, Director


News Update

On May 13, 2016, Aldridge Minerals Inc. announced the filing of its unaudited consolidated financial statements as at and for the three months ending March 31, 2016, and the Management’s Discussion & Analysis related thereto, which are available on SEDAR and at www.aldridgeminerals.ca.

The Company’s focus during the first quarter of 2016 was the advancement of the land acquisition within the fully permitted Yenipazar Project fence line.

As at April 30, 2016, the status of the Land Acquisition Process (“LAP”) for the Yenipazar Project is summarized as follows:

Approximate Area – Square Metres

%

Purchased to Date

3,330,000

35.1%

Court Cases Initiated

4,907,000

51.7%

Private Land Required

8,237,000

86.7%

Treasury & Pasture Land

1,259,000

13.3%

Yenipazar Project Area

9,496,000

100.0%


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