Aldridge Minerals Announces Commencement of Preliminary Economic Assessment

TORONTO, July 23 /CNW/ - Aldridge Minerals Inc. (TSX-V: AGM) ("Aldridge" or the "Company") today announced that P&E Mining Consultants Inc. ("P&E") of Brampton Ontario have been engaged to provide a Preliminary Economic Assessment of its flagship property at Yenipazar in central Turkey.

The study is expected to provide information on optimized open pit mine design, mine production schedule, process recovery, capital and operating costs and a cash flow model. P&E has commenced work and the NI 43-101 compliant report will be completed within 60 to 90 days.

"We are very pleased to have initiated this important phase in the development of our Yenipazar property," said Jacob Willoughby, President of Aldridge. "In conjunction with the 32 reverse circulation drill holes and four diamond drill holes to be completed during the preliminary economic assessment, we will also update our 43-101 compliant resource."

Yenipazar is a volcanogenic massive sulphide (VMS) deposit with inferred and indicated resources of 28.2 million tonnes. Utilizing a US$16.90 per tonne cut-off grade, the current resource estimate is:

    
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    Category         Tonnes         Au g/t   Ag g/t   Cu %     Pb %     Zn %
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    Indicated        25,040,000     1.09     32.8     0.32     1.12     1.47
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    Inferred          3,141,000     0.78     22.3     0.29     0.68     0.88
    -------------------------------------------------------------------------

    Notes:
    (1) Mineral resources, which are not mineral reserves, do not have
        demonstrated economic viability. The estimate of mineral resources
        may be materially affected by technical, environmental, permitting,
        legal, title, taxation, socio-political, marketing, or other relevant
        issues.
    (2) The quantity and grade of reported inferred resources in this
        estimation are conceptual in nature and there has been insufficient
        exploration to define these inferred resources as an indicated or
        measured mineral resource and it is uncertain if further exploration
        will result in upgrading them to an indicated or measured mineral
        resource category.
    

Share Structure Update:

Pursuant to Aldridge's press release on June 4, 2010 the TSX Venture Exchange has accepted for filing the Company's proposal to issue 56,800 shares at a deemed price of $0.70 per share to settle outstanding debt for $39,760 with CMR Capital Corp ("CMR"). As part of its previous contract with Aldridge, CMR elected to receive a portion of its debt in common shares. This arrangement fully satisfies the share-based component of Aldridge's obligations to CMR.

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.

For further information: Aldridge Minerals Inc., Jacob Willoughby, President and Director, [phone], www.aldridgeminerals.com; The Equicom Group Inc., James Kitchen, [phone] x 267 or Dave Feick, [phone], www.equicomgroup.com