Aldridge Minerals Announces Q3 2010 Financials and Provides Corporate Update

-Company appoints capital markets and mining industry veterans to its Board of Directors-

TORONTO, Oct. 29 /CNW/ - Aldridge Minerals Inc. (TSX-V: AGM) ("Aldridge" or the "Company"), an exploration stage company, today announced its results for the third quarter ended August 31, 2010, and provided an update on corporate developments. All amounts are in Canadian dollars unless otherwise stated.

Third Quarter 2010 Highlights:

• Net loss was $0.70 million, or $0.03 per share (basic);
• Cash and cash equivalents of approximately $2.6 million;
• Commenced a Preliminary Economic Assessment (PEA) study in mid-July.

Highlights Subsequent to Quarter-End:

• Announced that it has extended its strategic alliance and option agreement with Anatolia;
• Announced the results of its recently completed Reverse Circular infill drilling program on the Yenipazar Au-Ag-Cu-Pb-Zn VMS deposit;
• Shipped metallurgical samples obtained from PQ drill campaign to Mintek for flotation study; and
• Restructured its Board of Directors with the addition of Ms Daniella Dimitrov and Jean-Pierre Colin with Hikmet Akin, Peter Kausch and John Schaw stepping down as directors of Aldridge effective immediately.

"We are delighted to welcome Ms. Dimitrov and Mr. Colin to our board of directors", said Barry Hildred, Director of Aldridge Minerals.  "Both of these individuals bring a wealth of capital markets experience supported by a mining industry focus that will prove valuable in this critical stage of our development.  I look forward to future collaboration as the Board assists management in defining the future direction of Aldridge.  On behalf of the Board, I would also like to thank Dr. Akin, Dr. Kausch and Mr. Schaw for their past contributions and wish them success with their future endeavors." 

Dr. Akin, Dr. Kausch and Mr. Schaw will remain as directors of Aldridge Uranium, a private exploration company of which Aldridge Minerals holds a 29% interest. 

"Once again, we were able to deliver on a number of fronts since our last quarterly update including the extension of our earn-in agreement with Anatolia, initiation of our PEA and metallurgical studies," said Jacob Willoughby, President of Aldridge Minerals.  "The results of these studies are expected to be released before the end of the calendar year and are very significant milestones in the development of our Yenipazar project in Turkey."

OUTLOOK
Once its metallurgical study and PEA are complete, the Company intends to move toward a definitive feasibility study to complete its 100% earn-in on the Yenipazar property.  Additionally, Aldridge intends to conduct an exploration program throughout the 100 square kilometers surrounding the Yenipazar resource with the aim of discovering new VMS bodies.  Additional discoveries could significantly increase the mine life or allow the Company to consider expanding upon the size of operation being considered for Yenipazar.  The Company also intends to explore the optioning of new properties both in Turkey and in other jurisdictions.

Ms. Dimitrov has over 16 years of broad commercial and operational experience in senior executive roles with major international companies. Ms. Dimitrov has held principal roles in mergers, acquisitions, financings, corporate finance and joint ventures. She has also been responsible for major operating divisions including information technology and project management/development and the integration of multiple acquired businesses. Ms. Dimitrov has held various consulting roles in the mining industry since 2009 including Baffinland Iron Mines, where she is now serving as a director and vice chair. Ms. Dimitrov's former positions include Senior Vice President, Strategic Initiatives of Raymond James Ltd., Chief Operating Officer of Dundee Securities and Dundee Private Investors, General Counsel for the Dundee group of companies and counsel at a national law firm. Ms. Dimitrov has served as a director or member of various financial services regulatory organizations and committees including the Industry Representative on the Board of the Investment Industry Association of Canada and director of Ombudsman for Banking Services and Investments. Ms. Dimitrov has a Bachelor of Laws from the University of Windsor. 

Jean-Pierre Colin began his career as an investment banker in 1980. Formally the Director & Head of Corporate Finance at Octagon Capital Corporation, he is currently providing corporate strategy consulting services to CEO's of public companies. Previous to his position at Octagon Capital, Mr. Colin was an investment banker with Desjardins Securities Inc., Executive Vice-President of Deacon Capital Corporation, and Senior Vice President of Richardson Greenshields of Canada Limited. Mr. Colin was also the founder of JP Colin Securities Inc., a securities dealer focused on corporate finance services to public mining companies. He is a Member of the Bar of the Province of Quebec and holds a Master of Business Administration from the University of Western Ontario, a Civil Law Degree from the University of Ottawa and a Certificate in Comparative Law from the University of Manitoba. He is the former Faculty of Arts Co-Chair of the Waterloo Advisory Council of the University of Waterloo, former founder and President of Caratax Management Ltd., the manager of public flow-through share limited partnerships, and a former director of numerous other successful public mining companies in Canada including Wolfden Resources Inc., Pelangio Mines Inc., Virginia Gold Mines Inc. and NIM Management, the manager of over $730,000,000 of flow through share funds.  Mr. Colin is currently a director of Premier Gold and Ursa Major Minerals.

Additional information relating to the Company, including the Company's financial statements and management's discussion and analysis for the three months ended August 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)

	August 31, 2010	November 30, 2009
ASSETS
Current
Cash	$ 205,430	$ 1,025,943
Short term investments (Note 3)	2,425,000	-
Amounts receivable	138,044	75,090
Prepaid expenses	102,974	94,272
	2,871,448	1,195,305
Investment in Aldridge Uranium Inc. (Notes 4 &14)	394,931	468,338
Loan receivable from Aldridge Uranium Inc. (Note 15)	252,514	-
Mineral properties (Note 5)	14,224,401	12,776,708
Property and equipment (Note 6)	118,927	173,846
	$ 17,862,221	$ 14,614,197
LIABILITIES
Current
Accounts payable and accrued liabilities	$ 379,997	$ 406,359
Due to related parties (Note 8)	14,111	1,229
	394,108	407,588
Asset retirement obligation (Note 10)	47,302	47,302
Future income tax liability (Note 12)	1,031,844	1,031,844
	1,473,254	1,486,734
SHAREHOLDERS' EQUITY
Share capital (Note 7)	25,755,113	22,492,848
Contributed surplus (Note 7)	8,816,203	6,881,412
Deficit	(18,182,349)	(16,246,797)
	16,388,967	13,127,463
	$ 17,862,221	$ 14,614,197
Nature of operations (Note 1)
Commitments (Notes 5 and 9)
Subsequent events (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 Nine Months period ended August 31	3 months	9 months	3 months	9 months
EXPENSES
Administrative costs - Turkey office	$        114,133	$        311,409	$        120,779	$        443,522
Consulting fees	41,500	41,500	-	128,409
Amortization	(3,047)	-	2,247	6,636
Directors fees	63,000	94,000	3,000	9,500
Management fees	50,177	341,335	57,606	163,825
Office and sundry	28,785	105,958	31,482	128,640
Professional fees	8,335	99,942	(16,298)	114,083
Salaries and benefits	6,487	121,166	32,020	116,553
Shareholder communications	144,648	237,178	71,480	143,341
Stock-based compensation	99,400	482,500	-	236,800
Transfer and filing fees	2,937	42,977	9,040	25,617
Travel and promotion	15,490	61,744	22,231	52,487
Operating Loss	(571,845)	(1,939,709)	(333,587)	(1,569,413)
OTHER INCOME (EXPENSE)
Write down of equipment	(26,005)	(26,005)	-	(667)
Equity loss on investment (Note 4)	(12,120)	(73,407)	-	-
Foreign exchange (loss) gain	(110,286)	66,048	482,602	600,052
Interest Income	22,715	37,521	5,318	30,695
Research and development (Note 9 c))	-	-	-	(64,765)
Total Other (Loss) Income	(125,696)	4,157	487,920	565,315
Loss and Comprehensive Loss for the Period	(697,541)	(1,935,552)	154,333	(1,004,098)
Deficit, Beginning of Period	(17,484,808)	(16,246,797)	(14,432,952)	(13,274,521)
Deficit, End of Period	$ (18,182,349)	$ (18,182,349)	$ (14,278,619)	$ (14,278,619)
Loss per Share - Basic	$            (0.03)	$           (0.07)	$            (0.00)	$           (0.04)
Weighted Average Number of Common Shares Outstanding	28,470,741	27,759,120	22,571,611	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 Nine Month period ended August 31	3 months	9 months	3 months		9 months
Cash Flows From Operating Activities
Net loss for the period	$ (697,541)	$(1,935,552)	$  154,333		$ (1,004,098)
Amortization	-	-	2,247		6,636
Stock-based compensation	99,400	482,500	-		236,800
Write down of equipment	26,005	26,005	-		667
Equity loss on investment	12,120	73,407	-		-
Changes in non-cash working capital items:
Amounts receivable	(28,069)	(62,954)	(11,452)		(50,814)
Accounts payable and accrued liabilities	63,121	10,712	126,607		297,062
Due to related parties	(6,821)	(239,632)	6,645		(3,324)
Prepaid expenses	14,908	(8,702)	57,504		86,164
	(516,877)	(1,654,216)	335,884		(430,907)
Cash Flows from Financing Activities
Unit and share issue proceeds received, net	-	4,714,556	-		170,538
Shares subscriptions received relating to Aldridge Uranium Inc.	-	-	(276,300)		(276,300)
	-	4,714,556	(276,300)		(105,762)
Cash Flows from Investing Activities
Short term investments	(2,425,000)	(2,425,000)	500,000		2,215,000
Mineral property acquisition and exploration costs	(829,284)	(1,455,853)	(604,592)		(1,761,989)
Proceeds on sale (purchase) of equipment, net	-	-	14,869		47,995
	(3,254,284)	(3,880,853)	(89,723)		501,006
Increase (Decrease) in Cash	(3,771,161)	(820,513)	(30,139)		(35,663)
Cash, Beginning of Period	3,976,591	1,025,943	326,457		331,981
Cash, End of Period	$        205,430	$      205,430	$     296,318		$      296,318
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	$    (113,115)	$      (37,074)	$                -		$                 -
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., Patrick Piette 416-815-0700 x267 or Dave Feick,  403-218-2839

Aldridge Minerals Inc.
Suite 200
83 Yonge Street
Toronto, ON
M5C 1S8