Aldridge Minerals Announces Q2 2010 Financials and Provides Corporate Update
TORONTO, July 13 /CNW/ - Aldridge Minerals Inc. (TSX-V: AGM) ("Aldridge" or the "Company") today announced its results for the second quarter ended May 31, 2010, and provided an update on corporate developments. All amounts are in Canadian dollars unless otherwise stated.
Second Quarter 2010 Highlights:
- Net loss was $829,069, or $0.03 per share (basic); - Cash and cash equivalents of $3,976,591; - Appointed Mr. Jacob Willoughby as President of Aldridge Minerals replacing Dr. Hikmet Akin who has assumed the role of Chairman of the Board; - Mr. Mark Monaghan and Mr. Barry Hildred were elected to the Board of Directors of the Company bringing the total number of Directors to seven and adding substantial industry-specific and capital markets expertise; - Resumed work at the Yenipazar Volcanogenic Massive Sulphide (VMS) deposit to advance infill drilling, designed to bring the entire resource into the Indicated category, and initiated metallurgical testing and analysis; and - Negotiated a purchase agreement with ASX-listed AWH Corp. to develop Aldridge's Uranium assets while maintaining a 25% carried interest through to production or project sale.
Highlights Subsequent to Quarter-End:
- Retained Investor Relations consultants the Equicom Group Inc. and Profinnotiv AG to service the Canadian and European capital markets, respectively; and - Re-located the head office to Toronto, Ontario.
"During the quarter we executed on a number of initiatives designed to strengthen the balance sheet and advance the Yenipazar property in central Turkey toward later stage development," said Jacob Willoughby, President of Aldridge. "We also recently took a number of steps to address our strategic approach to the capital markets, which included strengthening our board and retaining dedicated investor relations consultants. These initiatives, in combination with the initiation of analyst coverage by two boutique investment banks, should help raise Aldridge's profile with the broader investment community internationally. Our operational focus in the quarters ahead will be on the parallel advancement of an aggressive infill drilling program, third-party metallurgical testing and a Preliminary Economic Assessment designed to advance the Yenipazar project to the Feasibility Study stage of development in 2011."
Outlook
The Company's summer infill drilling program comprising 28 Reverse Circulation (RC) drill holes in the southern part of the VMS deposit at the Yenipazar property in Central Turkey, has now been completed. The objective of the drilling program was to reduce the spacing between drill holes to approximately 40 metres and upgrade the entire resource from the Inferred to Indicated category. Aldridge has also commissioned Mintek to conduct metallurgical testing with results expected by the end of the fiscal year. The Company also plans to engage the services of a third party to conduct a Preliminary Economic Assessment, which is expected to begin by the end of July and be completed within 60 to 90 days. Management has also met with a number of engineering companies with respect to commissioning a Feasibility Study for the Yenipazar deposit scheduled to begin in late calendar 2010 or early calendar 2011 following the completion of the previously mentioned initiatives. The Company has also retained the services of Gryphon Partners to assist in the development and execution of strategic initiatives designed to support long-term growth.
Martin S. Oczlon, PhD Geo, a director of Aldridge and Qualified Person as defined in NI 43-101, has reviewed and verified the technical content of this press release.
Additional information relating to the Company, including the Company's financial statements and management's discussion and analysis for the three months ended May 31, 2010 will be available on SEDAR at www.sedar.com.
About Aldridge Minerals
Aldridge Minerals Inc. is mainly focused on mineral opportunities in Turkey where the Company is conducting an ambitious exploration and development program at its flagship Yenipazar polymetallic VMS project. Aldridge has also identified several other prospective opportunities in Turkey and Papua New Guinea, and has amassed a large property position where a systematic exploration program is underway.
Neither 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 release.
ALDRIDGE MINERALS INC. (An Exploration Stage Company) Interim Consolidated Balance Sheets (Expressed in Canadian Dollars) (Unaudited) ------------------------------------------------------------------------- May 31, November 30, 2010 2009 ------------------------------------------------------------------------- ASSETS Current Cash $ 3,976,591 $ 1,025,943 Amounts receivable 109,975 75,090 Prepaid expenses 117,882 94,272 ----------------------------- 4,204,448 1,195,305 Investment in Aldridge Uranium Inc. (Notes 4 & 14) 407,051 468,338 Loan receivable from Aldridge Uranium Inc. (Note 15) 250,832 - Mineral properties (Note 5) 13,495,776 12,776,708 Property and equipment (Note 6) 157,428 173,846 ----------------------------- $ 18,515,535 $ 14,614,197 ------------------------------------------------------------------------- ------------------------------------------------------------------------- LIABILITIES Current Accounts payable and accrued liabilities $ 430,031 $ 406,359 Due to related parties (Note 8) 19,250 1,229 ----------------------------- 449,281 407,588 Asset retirement obligation (Note 10) 47,302 47,302 Future income tax liability (Note 12) 1,031,844 1,031,844 ----------------------------- 1,528,427 1,486,734 SHAREHOLDERS' EQUITY Share capital (Note 7) 25,755,113 22,492,848 Contributed surplus (Note 7) 8,716,803 6,881,412 Deficit (17,484,808) (16,246,797) ----------------------------- 16,987,108 13,127,463 ----------------------------- $ 18,515,535 $ 14,614,197 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Nature of operations (Note 1) Commitments (Notes 5 and 9) Subsequent event (Note 16) Approved by the Board Of Directors: "Jacob Willoughby" Director "John Schaw" Director ------------------ ------------ Jacob Willoughby John Schaw ALDRIDGE MINERALS INC. (An Exploration Stage Company) Interim Consolidated Statements of Loss, Comprehensive Loss and Deficit (Expressed in Canadian Dollars) (Unaudited) ------------------------------------------------------------------------- 2010 2009 For the Three and Six Month period ended May 31 3 months 6 months 3 months 6 months ------------------------------------------------------------------------- EXPENSES Administrative costs - Turkey office $ 85,746 $ 197,276 $ 172,471 $ 322,743 Consulting fees - - - 128,409 Amortization 1,524 3,047 2,194 4,389 Directors fees 25,000 31,000 3,000 6,500 Management fees 167,317 291,158 60,744 106,219 Office and sundry 49,397 77,173 59,199 97,158 Professional fees 28,706 91,607 85,496 130,381 Salaries and benefits 81,643 114,679 37,279 84,533 Shareholder information 66,753 92,530 32,620 71,861 Stock-based compensation 209,900 383,100 - 236,800 Transfer and filing fees 4,714 40,040 3,662 16,577 Travel and promotion 28,808 46,254 19,536 30,256 ------------------------------------------------------- Operating Loss (749,508) (1,367,864) (476,201) (1,235,826) ------------------------------------------------------- OTHER INCOME (EXPENSE) Write down of equipment - - - (667) Equity loss on investment (Note 4) (34,033) (61,287) - - Foreign exchange (loss) gain (60,334) 176,334 (345) 117,450 Interest Income 14,806 14,806 9,765 25,377 Research and development (Note 9 c) - - - (64,765) ------------------------------------------------------- Total Other (Loss) Income (79,561) 129,853 9,420 77,395 ------------------------------------------------------- Loss and Comprehensive Loss for the Period (829,069) (1,238,011) (466,781) (1,157,431) Deficit, Beginning of Period (16,655,739) (16,246,797) (13,996,171) (13,274,521) ------------------------------------------------------- Deficit, End of Period $(17,484,808) $(17,484,808) $(14,432,952) $(14,432,952) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Loss per Share - Basic $ (0.03) $ (0.04) $ (0.02) $ (0.05) ------------------------------------------------------------------------- ------------------------------------------------------------------------- Weighted Average Number of Common Shares Outstanding 28,443,433 27,759,120 22,569,866 22,569,108 ------------------------------------------------------------------------- ------------------------------------------------------------------------- ALDRIDGE MINERALS INC. (An Exploration Stage Company) Interim Consolidated Statements of Cash Flows (Expressed in Canadian Dollars) (Unaudited) ------------------------------------------------------------------------- 2010 2009 For the Three and Six Month period ended May 31 3 months 6 months 3 months 6 months ------------------------------------------------------------------------- Cash Flows From Operating Activities Net loss for the period $ (829,069) $ (1,238,011) $ (466,781) $ (1,158,431) Amortization 1,524 3,047 2,194 4,389 Stock-based compensation 209,900 383,100 - 236,800 Write down of equipment - - - 667 Equity loss on investment 34,033 61,287 - - Changes in non-cash working capital items: Amounts receivable (269,055) (285,717) (15,799) (39,362) Accounts payable and accrued liabilities 63,632 (52,409) 21,407 170,455 Due to related parties 13,665 18,021 (3,597) (9,969) Prepaid expenses (6,582) (23,610) 138,737 28,660 ------------------------------------------------------- (781,952) (1,134,292) (323,839) (766,791) ------------------------------------------------------- Cash Flows from Financing Activities Unit and share issue proceeds received - 4,714,556 10,184 170,538 Shares subscriptions received relating to Aldridge Uranium Inc. - - - (119,100) ------------------------------------------------------- - 4,714,556 10,184 51,438 ------------------------------------------------------- Cash Flows from Investing Activities Short term investments - - 590,000 1,715,000 Mineral property acquisition and exploration costs (324,449) (629,616) (364,521) (1,038,297) Proceeds on sale (purchase) of equipment, net - - 15,991 33,126 ------------------------------------------------------- (324,449) (629,616) 241,470 709,829 Increase (Decrease) in Cash (1,106,401) 2,950,648 (72,185) (5,524) Cash, Beginning of Period 5,082,992 1,025,943 398,642 331,981 ------------------------------------------------------- Cash, End of Period $ 3,976,591 $ 3,976,591 $ 326,457 $ 326,457 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Supplementary Cash Flow Information Cash paid for interest $ - $ - $ - $ - Non-cash Financing and Investing Activities 25,000 common shares issued for finders' fees $ - $ - $ - $ 57,500 56,800 common share issued to settle debt $ 45,667 $ 45,667 $ - $ - Amounts related to mineral properties recorded in accounts payable $ 82,852 $ 76,081 $ 32,504 $ (252,861) Asset retirement obligation recorded as mineral property expenditures (Note 10) $ - $ - $ - $ 45,914 Stock based compensation recorded as mineral property expenditures (Note 7) $ - $ - $ - $ 5,600 ------------------------------------------------------------------------- -------------------------------------------------------------------------
For further information: Aldridge Minerals Inc., Jacob Willoughby, President and Director, (416) 558-4717, www.aldridgeminerals.com; The Equicom Group Inc., James Kitchen, 416-815-0700 x267; or Dave Feick, (403) 218-2839; Aldridge Minerals Inc., Suite 200, 83 Yonge Street, Toronto, ON, M5C 1S8
Share this article