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Aldridge Announces Robust Results for Yenipazar Feasibility Study


Aldridge Announces Robust Results for Yenipazar Feasibility Study

- Pre-tax IRR of 26.4% -

- Pre-tax NPV(7% )of $433M -

www.aldridgeminerals.ca TSX-V: AGM

TORONTO, April 3, 2013 /CNW/ - Aldridge Minerals Inc. (TSX Venture: AGM) ("Aldridge" or the "Company") is pleased to announce results of the Feasibility Study for its Yenipazar gold and polymetallic VMS deposit in central Turkey (the "Feasibility Study"). All dollar figures in this news release are stated in United States ("US") dollars.(1)

"The results of the Feasibility Study confirm our view that Yenipazar is a highly attractive project with robust economics that validates the effort we have made to advance Yenipazar since the Preliminary Economic Assessment of 2010," commented Aldridge's President & CEO Mario Caron. "The strong results pave the way for the completion of additional technical work while we advance the project financing and enter the development stage in the coming months."

Base Case Economics Pre-tax After-tax Capital Costs (US$


                                            millions)

IRR                     26.4%     22.5%     Mine Development,      $278
                                            Plant & Equipment
                                            Owner's cost            $31

NPV(0%)                 $899M     $707M     EPCM                    $36

NPV(7%)                 $433M     $323M     Contingency (11%)       $37
                                            Total pre-production   $382
                                            CAPEX

Payback  (years)          2.6       2.9                                
                                            Operating Costs

Base Case Pricing Assumptions               Total average cost   $29.15
                                            per tonne of ore

Gold ($/oz)            $1,450                                          

Silver ($/oz)          $28.00               Mining / Milling

Copper ($/lb)           $3.00               Mine life (years)        12

Lead ($/lb)             $0.95               Strip ratio (inc.     4.3:1
                                            pre-stripping)

Zinc ($/lb)             $0.90                Nominal throughput    2.5M
                                              (tonnes per annum)

Production Highlights
             Gold (oz) Silver (M Copper (M Lead (M lbs) Zinc (M lbs)
                             oz)      lbs)

Life of Mine   696,482      21.2     120.1        368.0        563.8

Average

Annual(2) 62,642 1.9 11.2 33.8 56.3

(1) The complete NI 43-101 compliant technical report will be available


    on SEDAR and the Company website within 45 days. Interested parties
    are encouraged to read the entire report. The following news
    release contains excerpts from the report.

(2) Average production for Years 2 - 10 (Year 1 includes 6 months of
    ramp-up; Year 11 production is from the milling of a combination of
    sulphide ore and some stockpiled oxide ore; Year 12 production is
    solely from the milling of stockpiled oxide ore).

Capital Costs

The Yenipazar project is located approximately 220 kilometres southeast of 
Ankara, the capital of Turkey, 60km south of Yozgat, the provincial centre and 
approximately 120 kilometres northwest of Kayseri, a city of one million 
people. The project is well served by existing infrastructure, including paved 
roads, a railroad, and will be connected to the national power grid.

With the benefit of Turkey's excellent infrastructure that is already in 
place, the majority of the capital expenditures will be spent on developing 
the project. The pre-production capital costs for the Yenipazar project 
summarized below are estimated to be $382 million and are based on first 
quarter 2013 US$ costs. No estimates for escalation or foreign exchange 
fluctuation have been included in the capital costs.

Capital Cost US$ millions

Mine Development, Plant & Equipment

Mine development $20

Mine equipment $41

Process plant equipment $55

Process plant & infrastructure $119

Tailings facility $37

Power transmission $4

Water management $2

Total $278

Owner's cost (including land acquisition) $31

EPCM $36

Contingency (11%) $37

Total pre-production CAPEX $382

The project requires additional sustaining capital of $58 million, largely to purchase additional mining equipment in Years 1 and 7 ($22 million), for additional tailings management work in Year 3 ($12 million), and for mine closure in Year 12 ($24 million). The sustaining capital requirements are reflected in the financial model.

Operating Costs The shallow nature of the ore body and the flat topography of the project footprint and surrounding area allow the Company to benefit from the lower operating costs associated with conventional open-pit mining methods. Operating costs for the tailings management facility have been estimated at approximately $11 million during the 12-year life of the project. G&A includes on-site costs as well as a portion of the costs incurred at the Company's corporate office in Ankara. Total operating costs per ore tonne for the project have been estimated as follows:


                      

Operating Cost (LOM) $/tonne of ore

Mining                       $11.15

Processing                   $16.36

Tailings management           $0.31

Water management              $0.07

G&A                           $1.26

Total Operating Cost         $29.15

Reserve Estimate 
The mineral reserves for the Yenipazar project comprise three different 
mineralization types to be mined and processed:
    --  oxide mineralization (11% of total);
    --  copper-enriched mineralization (9% of total); and
    --  sulphide mineralization (80% of total).

The processing characteristics of each are slightly different with the oxide 
zone yielding three payable metals (Au, Ag, Pb); while the copper-enriched and 
sulphide zones will yield five payable metals (Au, Ag, Cu, Pb, Zn).

The mineral reserve is the portion of the mineral resource that has been 
identified as mineable within a design pit. The overall pit slope criteria 
that were used for designing the pit ranged from 26° to 35° in the upper 
slope (weakened and weathered rock) and from 39° to 49° in the lower slope 
(competent rock). The strip ratio for the deposit is 4.3:1 including the 
pre-stripping and drops to 4.0:1 when pre-stripping is excluded. The mineral 
reserve incorporates ore criteria such as mining recovery, mining losses and 
dilution. A mining loss factor of 3% and a dilution factor of 14.8% were 
applied to each ore type.

The Probable mineral reserves are summarized in the table below:

 ____________________________________________________________________________________________________________
|               |                                                         |               Contained Metal    |
|               |_________________________________________________________|__________________________________|
|               |    Tonnage   |    Au|    Ag|    Cu|    Pb|    Zn|    NSR|    Au|    Ag|    Cu|    Pb|    Zn|
|               |              |      |      |      |      |      |       |      |      |      |    (M|      |
|               |              | (g/t)| (g/t)|   (%)|   (%)|   (%)|  ($/t)|    (M|    (M|    (M|  lbs)|    (M|
|               |              |      |      |      |      |      |       |   oz)|   oz)|  lbs)|      |  lbs)|
|_______________|______________|______|______|______|______|______|_______|______|______|______|______|______|
|    Oxide      |     3,212,000|  0.83|  23.2|  0.24|  0.96|  0.54|  42.23|  0.09|  2.40|      |      |      |
|               |              |      |      |      |      |      |       |      |      | 16.99| 67.98| 38.24|
|_______________|______________|______|______|______|______|______|_______|______|______|______|______|______|
|    Cu-Enriched|     2,491,000|  0.90|  32.9|  0.45|  0.94|  1.16|  74.72|  0.07|  2.63|      |      |      |
|               |              |      |      |      |      |      |       |      |      | 24.71| 51.62| 63.70|
|_______________|______________|______|______|______|______|______|_______|______|______|______|______|______|
|    Sulphide   |    23,463,000|  0.90|  30.1|  0.29|  0.96|  1.56|  93.32|  0.68| 22.71|      |      |      |
|               |              |      |      |      |      |      |       |      |      |150.01|496.58|806.94|
|_______________|______________|______|______|______|______|______|_______|______|______|______|______|______|
|    TOTAL      |    29,166,000|  0.89|  29.6|  0.30|  0.96|  1.41|  86.10|  0.84| 27.74|      |      |      |
|               |              |      |      |      |      |      |       |      |      |191.72|616.18|908.88|
|_______________|______________|______|______|______|______|______|_______|______|______|______|______|______|
    --  The mineral reserves are based on NSR cut-off values of USD
        $17/t for oxide and USD $20/t for copper-enriched and sulphide
        mineralization.
    --  The reserve estimate is based on an updated resource estimate
        (see news release dated November 26, 2012).
    --  The mineral reserves in this press release were estimated using
        the Canadian Institute of Mining, Metallurgy and Petroleum
        (CIM), CIM Standards on Mineral Resources and Reserves,
        Definitions and Guidelines prepared by the CIM Standing
        Committee on Reserve Definitions and adopted by CIM Council.

Mining
The mining method proposed for the Yenipazar project will be a conventional 
open-pit mine. An owner-operated fleet of 90-tonne trucks and 10-m(3) 
hydraulic excavators will be used to mine the ore and waste materials. 
Drilling and blasting of ore and waste rock will be required, while overburden 
materials will be free digging. The organic top soil component of the 
overburden will be segregated and stockpiled separately.  These temporary top 
soil stockpiles will eventually be removed when the material is used as part 
of the closure plan to cap the tailings dam, waste rock dump, and other 
disturbed areas.

In order to distribute the waste stripping quantities over time and to allow 
faster access to better grade ore, the pit has been subdivided into four 
phases that are mined sequentially. Mining may occur in multiple phases 
simultaneously, depending on the respective strip ratios of ore to waste on 
the mining benches.

Processing
As part of the Feasibility Study, an extensive testwork programme was 
undertaken in order to establish the process design parameters, formulate the 
process flowsheet, select equipment, evaluate ore variability and confirm 
metallurgical recoveries.

Based on the findings of this testwork programme the process plant design 
parameters were determined. The design basis of the selected process is based 
on whole ore processing at a nominal throughput of 2.5 million tonnes per 
annum. The process plant and design, as detailed in the Feasibility Study, is 
based on conventional crushing and grinding followed by a gravity circuit 
where most of the gold and a portion of the silver are recovered. The gravity 
circuit is followed by sequential flotation of copper, lead, and zinc.

80% of the ore tonnage mined consists of sulphide ore while copper-enriched 
and oxide ore make up 9% and 11% of the total respectively. Some oxide ore is 
milled in Year 1 during plant commissioning and ramp-up and the remaining 
oxide is processed in Years 11 and 12. Sulphide and copper-enriched ore is 
essentially milled in the year that it is mined.

The mill ramp-up rate increases gradually over the first 6 months of 
operations with full production reached in Month 7. The total tonnage 
processed in Year 1 is 2.06 million tonnes compared with 2.5 million tonnes in 
full production. A summary of the milling schedule is included in Appendix B.

Recoveries 
The metallurgical testwork conducted by SGS to-date indicates the following 
recoveries by ore type. Additional variability testwork was performed on 
sulphide ore mined and processed in the first four years of operations. The 
results of this testwork are not shown below, but are reflected in the 
financial model.

Sulphide (Year 5 onwards)

 _______________________________________________________________
|Metal |  Total   |Doré|Copper / Gold|Lead / Silver |   Zinc    |
|      |Recoveries|    | Concentrate | Concentrate  |Concentrate|
|______|__________|____|_____________|______________|___________|
| Gold |     88%  |59% |       11%   |        15%   |      3%   |
|______|__________|____|_____________|______________|___________|
|Silver|     84%  |4.5%|       15%   |        54%   |    10.5%  |
|______|__________|____|_____________|______________|___________|
|Copper|     72%  |    |       72%   |              |           |
|______|__________|____|_____________|______________|___________|
| Lead |     72%  |    |             |        72%   |           |
|______|__________|____|_____________|______________|___________|
| Zinc |     56%  |    |             |              |      56%  |
|______|__________|____|_____________|______________|___________|

Sulphide Recoveries: Potential Upside
Metallurgical testing indicates potential to increase recoveries of lead, 
silver and gold in the sulphide ore. After leaching of gold in the gravity 
circuit, significant optimization of lead and silver recoveries may be 
achieved by single stage flotation of the leach residue (containing lead and 
silver) before it joins the lead flotation circuit. Additional gold may be 
recovered by floating pyrite in the zinc tailings and subsequently leaching 
gold from the pyrite. Confirming these potential improvements is a priority 
following the completion of the Feasibility Study.

Copper-Enriched (reflecting limited testwork to date)

 _______________________________________________________________
|Metal |  Total   |Doré|Copper / Gold|Lead / Silver |   Zinc    |
|      |Recoveries|    | Concentrate | Concentrate  |Concentrate|
|______|__________|____|_____________|______________|___________|
| Gold |     75%  |53% |        4%   |        10%   |      8%   |
|______|__________|____|_____________|______________|___________|
|Silver|     52%  | 6% |       13%   |        21%   |      12%  |
|______|__________|____|_____________|______________|___________|
|Copper|     47%  |    |       47%   |              |           |
|______|__________|____|_____________|______________|___________|
| Lead |     35%  |    |             |        35%   |           |
|______|__________|____|_____________|______________|___________|
| Zinc |     34%  |    |             |              |      34%  |
|______|__________|____|_____________|______________|___________|

Oxide (testwork still under review)

 _______________________________________________________________
|Metal |  Total   |Doré|Copper / Gold|Lead / Silver |   Zinc    |
|      |Recoveries|    | Concentrate | Concentrate  |Concentrate|
|______|__________|____|_____________|______________|___________|
| Gold |     67%  |60% |             |         7%   |           |
|______|__________|____|_____________|______________|___________|
|Silver|     50%  |45% |             |         5%   |           |
|______|__________|____|_____________|______________|___________|
|Copper|      0%  |    |             |              |           |
|______|__________|____|_____________|______________|___________|
| Lead |     29%  |    |             |        29%   |           |
|______|__________|____|_____________|______________|___________|
| Zinc |      0%  |    |             |              |           |
|______|__________|____|_____________|______________|___________|

Production
The Company will produce four products: a doré, a copper / gold concentrate, 
a lead / silver concentrate, and a zinc concentrate. The grades of the 
concentrates are summarized in the table below. Occasional levels of 
deleterious elements can be expected in the concentrates and a penalty may be 
incurred due to higher than ideal levels of lead in the copper / gold 
concentrate. All three concentrates will be marketable.

 _____________________________________
|                         |Concentrate|
|Product                  |      Grade|
|_________________________|___________|
|Copper / Gold Concentrate| 26% Copper|
|_________________________|___________|
|Lead / Silver Concentrate|   56% Lead|
|_________________________|___________|
|Zinc Concentrate         |   53% Zinc|
|_________________________|___________|

Average annual production for Years 2 - 10 by metal and product is as follows:

 _______________________________________________________________
|                         | Gold |Silver| Copper|   Lead|   Zinc|
|Product                  |  (oz)|(M oz)|(M lbs)|(M lbs)|(M lbs)|
|_________________________|______|______|_______|_______|_______|
|Doré                     |42,185|   0.1|       |       |       |
|_________________________|______|______|_______|_______|_______|
|Copper / Gold Concentrate| 6,896|   0.3|   11.2|       |       |
|_________________________|______|______|_______|_______|_______|
|Lead / Silver Concentrate|10,404|   1.2|       |   33.8|    3.3|
|_________________________|______|______|_______|_______|_______|
|Zinc Concentrate         | 3,157|   0.3|       |       |   53.0|
|_________________________|______|______|_______|_______|_______|
|Total                    |62,642|   1.9|   11.2|   33.8|   56.3|
|_________________________|______|______|_______|_______|_______|
|% of Revenue             | 34.7%| 20.8%|  12.9%|  12.3%|  19.3%|
|_________________________|______|______|_______|_______|_______|

Infrastructure
The proposed mine development involves the construction of an open pit mine, a 
waste rock dump ("WRD"), a processing plant and a tailings management facility 
("TMF") together with the construction of a supporting road infrastructure and 
various mine-related utilities.

Port
The port of Iskenderun, which has been identified by the logistics study as 
the preferred port for the shipping of concentrates, is located approximately 
500 kilometres to the south of the project on the Mediterranean Sea. The 
concentrates will be trucked on existing roads approximately 75 kilometres 
southwest of the project to a railhead in Himmetdede, where they will then be 
sent by rail the remaining distance to the port.

Power
The project will be connected to the national grid with the construction of a 
17 kilometre 154 kV power line.

Tailings Management 
To satisfy the lining requirements under Turkish legislation, the TMF will be 
equipped with a composite lining system constructed from a compacted clay 
layer sourced from the open pit overburden sediments, a geomembrane layer, and 
a drainage system. The TMF design incorporates a system to divert water from 
the valley above the facility, underneath the WRD and around the open pit, 
from where it will flow down the valley.

Tailings from the plant will be pumped to the TMF situated approximately 500 
metres south of the plant, where it will be hydraulically deposited. The 
operating phase of the TMF will commence with commissioning of the plant and 
first deposition of tailings on the facility.  Tailings will be pumped from 
the plant to the TMF via a slurry delivery pipeline and will initially be 
deposited from the top of the TMF starter wall into the basin of the lined 
facility. The maximum height between the crest of the TMF raise and the valley 
floor will be approximately 38 metres.

Water Management 
The Yenipazar project is located in a gently inclined valley that is drained 
by a small creek. The open pit, the WRD and the TMF will all be located in the 
valley and will thus intersect surface water courses as well as the 
groundwater in the underlying geological formations.

Studies conducted to date indicate that run-off from the WRD is relatively 
inert and therefore it should be possible to dispose of this water to the 
environment with little or no treatment. A source of fresh make-up water will 
be required from outside the mine works, particularly during the first year of 
mining when the TMF is charged-up and water from pit seepage is predicted to 
become available only towards the end of Year 1 of mining. However, after the 
first year of mining, clean water from an outside source is only likely to be 
required to supply potable water to the mine camp and surrounding villages. 
Testing has demonstrated that nearby aquifers have the potential to supply the 
required amount of water for these purposes.

Royalties
The Company, in consultation with its corporate advisors, estimates the 
effective net profit royalty (revenues less operating expenses) to the Turkish 
government amounts to approximately 1.6%.

In addition to the Turkish government royalty, the Yenipazar project is 
subject to a 6% net profit interest ("NPI", revenues less operational 
expenses) to Alacer Gold Corp. ("Alacer") until revenues of US$165 million are 
generated, and a 10% NPI from there on.

Investment Incentives
The Turkish government has legislated certain investment incentives designed 
to promote investment in specific industries and regions of Turkey. The 
Company has evaluated these investment incentives in consultation with its 
corporate advisors, and has determined that the Yenipazar project will qualify 
for the following incentives on successful application and receipt of an 
investment incentives certificate:
    --  Reduced corporate tax
    --  VAT exemption
    --  Exemption from custom duties
    --  Support for interest payments
    --  Social security premium employer share elimination

For the purpose of the Feasibility Study, the Company has only incorporated 
the corporate tax rate reduction and the VAT exemption into the economic 
analysis. Under the incentive program, the Company would receive income tax 
savings equal to 40% of the depreciable capital cost required to build the 
Yenipazar project. Approximately 90% of the total capital costs are 
depreciable. The income tax savings will be received via a corporate income 
tax rate reduction from 20% to 4%. For example, for every $100 million of 
allowable capital cost, the corporate income tax savings would be $40 million, 
which enhances the after-tax cash flow of the project.

Economic Analysis: Base Case Metal Prices
The Company has determined to present three economic scenarios using the base 
case metal pricing assumptions described on Page 1. The first scenario is on a 
pre-tax project basis and does not reflect the Alacer NPI. The second scenario 
includes the NPI and the third scenario includes both the NPI and applicable 
taxes. All scenarios demonstrate robust economics.

 ______________________________________________________________
|               |Pre-NPI, Pre-Tax|After-NPI, Pre-Tax|After-NPI,|
|               |                |                  | After-Tax|
|_______________|________________|__________________|__________|
|IRR            |           26.4%|             23.8%|     22.5%|
|_______________|________________|__________________|__________|
|NPV (0%)       |           $899M|             $783M|     $707M|
|_______________|________________|__________________|__________|
|NPV (7%)       |           $433M|             $363M|     $323M|
|_______________|________________|__________________|__________|
|Payback (years)|             2.6|               2.8|       2.9|
|_______________|________________|__________________|__________|

Economic Analysis: Base Case Metal Prices Minus 10%
In the interest of further demonstrating the strength of the Yenipazar 
project, the scenarios below outline the effect of a 10% reduction to base 
case metal prices on the economics of the project.

 _______________________________________________________________
|                  Base Case Minus 10% Pricing Assumptions      |
|_______________________________________________________________|
|Gold ($/oz)|Silver ($/oz)|Copper ($/lb)|Lead ($/lb)|Zinc ($/lb)|
|___________|_____________|_____________|___________|___________|
|   $1,300  |     $25.00  |      $2.70  |    $0.85  |    $0.80  |
|___________|_____________|_____________|___________|___________|

 ______________________________________________________________
|               |Pre-NPI, Pre-Tax|After-NPI, Pre-Tax|After-NPI,|
|               |                |                  | After-Tax|
|_______________|________________|__________________|__________|
|IRR            |           20.3%|             17.9%|     17.0%|
|_______________|________________|__________________|__________|
|NPV (0%)       |           $637M|             $546M|     $513M|
|_______________|________________|__________________|__________|
|NPV (7%)       |           $275M|             $220M|     $199M|
|_______________|________________|__________________|__________|
|Payback (years)|             3.1|               3.7|       3.9|
|_______________|________________|__________________|__________|

Sensitivity Analysis (Base Case)
The graph below shows the sensitivity of NPV(7) (Pre-Tax, Pre-NPI) to capital 
costs, operating costs, and revenue using base case metal prices. The value of 
the project is more sensitive to revenue than to capital and operating costs. 
Additional sensitivity analyses are included in Appendix A. 
http://files.newswire.ca/899/AldridgePDF.pdf

Permitting
In accordance with Turkish law, an Environmental Impact Assessment ("EIA") 
report on the Yenipazar project must be submitted for approval by the Turkish 
government. The EIA approval process involves the filing of an initial 
application defining the scope of the proposed project (completed), a public 
consultation process (completed), and a final submission. In parallel with the 
EIA, Aldridge is also preparing an Environmental and Social Impact Assessment 
report in accordance with international standards. The Company expects to 
submit its Turkish EIA by early Q3 2013 and will also proceed to apply for 
operating, construction and other required permits following receipt of the 
EIA permit.

Development Timeline
Once initiated, it is estimated that construction will take approximately 21 
months and will be followed by a 2-month period of plant commissioning and 
production ramp-up estimated to take 6 months. Full commercial production will 
follow thereafter.

Conference Call
Aldridge management will host a conference call today, Wednesday April 3, 2013 
at 10:00 am (Eastern) to discuss the Feasibility Study.  Mr. Mario Caron, 
President and CEO, will chair the call. All interested parties can join the 
conference call by dialing 1-888-231-8191 or 1-647-427-7450. Please dial in 15 
minutes prior to the call to secure a line. The conference call will be 
archived for replay until April 11, 2013 at midnight. To access the archived 
conference call, please dial 1-855-859-2056 or 416-849-0833 and enter the 
reservation code 26651214.

Qualified Persons for the Feasibility Study
The Feasibility Study was compiled by Jacobs Minerals Canada Inc., a 
subsidiary of Jacobs Engineering Group Inc., with contributions from Golder 
Associates (UK) Ltd., P&E Mining Consultants Inc., SGS Mineral Services UK, 
SRK Consulting (Turkey and UK), and others. The complete NI 43-101 compliant 
technical report will be available on SEDAR and the Company website within 45 
days. The complete report details the extent of the study, the assumptions 
made in analyzing the data provided, the risks inherent in such projects and 
remaining work necessary to validate the project feasibility.

The review and approval of the following Qualified Persons, as defined in NI 
43-101, of the information contained in this news release was limited to their 
designated areas of responsibility as outlined below:

 ____________________________________________________________________
|Qualified Persons*      |Establishment       |Areas of              |
|                        |                    |Responsibility        |
|________________________|____________________|______________________|
|Mr. Eugene Puritch, P.  |P&E Mining          |Resource and Reserve  |
|Eng.                    |Consultants Inc.    |Estimation            |
|                        |                    |Capital and Operating |
|                        |                    |Cost (Mining)         |
|________________________|____________________|______________________|
|Graham Holmes, P. Eng.  |Jacobs Minerals     |Processing and Plant  |
|Tim Hayes, P. Eng.      |Canada Inc.         |Infrastructure and    |
|Alexander Duggan, P.    |                    |Project Execution     |
|Eng.                    |                    |Capital and Operating |
|                        |                    |Cost (Plant)          |
|                        |                    |Economic Analysis**   |
|                        |                    |and Sensitivities     |
|________________________|____________________|______________________|
|William Harding FGS     |SRK Consulting (UK) |Water Management      |
|                        |Ltd.                |                      |
|________________________|____________________|______________________|
|Brendan Monaghan,       |Golder Associates   |Geotechnical (Plant,  |
|MIMMM, C. Eng.          |(UK) Ltd.           |Mine, Tailings)       |
|Hendrik J. H. (Hans)    |                    |Capital and Operating |
|Otto Pr.                |                    |Cost (Tailings        |
|Eng. (RSA)              |                    |Management)           |
|________________________|____________________|______________________|
|Mike Hallewell, B.Sc,   |SGS Mineral Services|Metallurgical Testwork|
|F.I.M.M.M, F.S.A.I.M.M.,|UK Ltd.             |(Recoveries)          |
|F.M.E.S., C. Eng.       |                    |                      |
|________________________|____________________|______________________|
|Reliance on Other       |Mineral Services LLC|Marketing             |
|Experts                 |                    |                      |
|________________________|____________________|______________________|
|* fulfills requirements of NI 43-101                                |
|____________________________________________________________________|
|** input from all parties                                           |
|____________________________________________________________________|

About Aldridge 
Aldridge is a near development stage mining company focused on advancing its 
Yenipazar polymetallic VMS deposit (Au, Ag, Cu, Pb, Zn) in Turkey - a country 
that is committed to developing its natural resources and is rapidly emerging 
as an economic powerhouse. Following completion of the Feasibility Study, the 
Company's most significant objective of 2013 is to obtain the project 
financing needed to build the Yenipazar project and thereafter commence 
production. The project financing may include some combination of equity, 
senior debt, metal streaming and off-take agreements.

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. Forward-looking statements in this news release, 
include, but are not limited to, economic performance and future plans and 
objectives of Aldridge. Any number of important factors could cause actual 
results to differ materially from these forward-looking statements as well as 
future results. 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 timeframes 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.

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.

Appendix A: Selected Sensitivities

Table 1: Sensitivity of IRR (Pre-Tax, Pre-NPI) to Operating Costs and Revenue

__________________________________________ | | Operating Costs | | |_____________________________| | | 90% | 95%| 100%| 105%| 110%| |____________|_____|_____|_____|_____|_____| | |110%|32.6%|31.8%|31.0%|30.2%|29.3%| | |____|_____|_____|_____|_____|_____| | |105%|30.4%|29.5%|28.7%|27.9%|27.0%| | |____|_____|_____|_____|_____|_____| |Revenue|100%|28.1%|27.2%|26.4%|25.5%|24.6%| | |____|_____|_____|_____|_____|_____| | |95% |25.7%|24.8%|23.9%|23.0%|22.1%| | |____|_____|_____|_____|_____|_____| | |90% |23.3%|22.3%|21.4%|20.4%|19.4%| |_______|____|_____|_____|_____|_____|_____|

Table 2: Sensitivity of NPV (7%) (Pre-Tax, Pre-NPI) to Operating Costs and Revenue

__________________________________________ | | Operating Costs | |US$ millions|_____________________________| | |90% | 95%| 100%| 105%| 110%| |____________|_____|_____|_____|_____|_____| | |110%|613.9|589.1|564.3|539.6|514.8| | |____|_____|_____|_____|_____|_____| | |105%|548.3|523.6|498.8|474.0|449.2| | |____|_____|_____|_____|_____|_____| |Revenue|100%|482.8|458.0|433.3|408.5|383.7| | |____|_____|_____|_____|_____|_____| | |95% |417.3|392.5|367.7|342.9|318.2| | |____|_____|_____|_____|_____|_____| | |90% |351.7|327.0|302.2|277.4|252.6| |_______|____|_____|_____|_____|_____|_____|

Table 3: Sensitivity of NPV (7%) (Pre-Tax, Pre-NPI) to Operating Costs and Total Capital Cost

_____________________________________________________ | | Operating Costs | | US$ millions |_____________________________| | |90% | 95%| 100%| 105%| 110%| |_______________________|_____|_____|_____|_____|_____| | | 90%|521.1|496.4|471.6|446.8|422.0| | |____|_____|_____|_____|_____|_____| | |95% |502.0|477.2|452.4|427.6|402.9| | |____|_____|_____|_____|_____|_____| |Total Capital Cost|100%|482.8|458.0|433.3|408.5|383.7| | |____|_____|_____|_____|_____|_____| | |105%|463.6|438.9|414.1|389.3|364.5| | |____|_____|_____|_____|_____|_____| | |110%|444.5|419.7|394.9|370.1|345.4| |__________________|____|_____|_____|_____|_____|_____|

Appendix B: Summary Milling Schedule

________________________________________________________________________________________________________________________ ___ |MILLING | Total|-1| 1| 2| 3| 4| 5| 6| 7| 8| 9| 10| 11| 12| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| |Summary by Ore | | | | | | | | | | | | | |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Oxide| 3,212.2| | 411.1| | | | | | | | | | 697.4|2,103.7| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| |Copper-Enriched| 2,490.4| | 833.3| 196.0| 364.8| 398.3| 42.4| 22.2| 486.4| 11.3| 132.5| 3.1| |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Sulphide|23,463.7| | 818.1|2,304.0|2,135.2|2,101.7|2,457.6|2,477.8|2,013.6|2,488.7|2,367.5|2,496.9|1,802.6|

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Total|29,166.2| |2,062.5|2,500.0|2,500.0|2,500.0|2,500.0|2,500.0|2,500.0|2,500.0|2,500.0|2,500.0|2,500.0|2,103.7| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| |Oxide | | | | | | | | | | | | | |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Milled From| 261.0| | 261.0| | | | | | | | | | |

| | Mine| | | | | | | | | | | | | |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Milled From| 2,951.2| | 150.1| | | | | | | | | | 697.4|2,103.7| | Stocks| | | | | | | | | | | | | |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Milled | 3,212.2| | 411.1| | | | | | | | | | 697.4|2,103.7| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Au g/t| 0.83| | 1.07| | | | | | | | | | 0.79| 0.79| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Ag g/t| 23.2| | 37.6| | | | | | | | | | 21.1| 21.1| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Cu %| 0.24| | 0.33| | | | | | | | | | 0.22| 0.22| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Pb %| 0.96| | 1.05| | | | | | | | | | 0.95| 0.95| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Zn %| 0.54| | 0.65| | | | | | | | | | 0.53| 0.53| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| |Copper-Enriched| | | | | | | | | | | | | |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Milled From| 2,306.0| | 649.0| 196.0| 364.8| 398.3| 42.4| 22.2| 486.4| 11.3| 132.5| 3.1| |

| | Mine| | | | | | | | | | | | | |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Milled From| 184.3| | 184.3| | | | | | | | | | |

| | Stocks| | | | | | | | | | | | | |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Milled | 2,490.4| | 833.3| 196.0| 364.8| 398.3| 42.4| 22.2| 486.4| 11.3| 132.5| 3.1| |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Au g/t| 0.90| | 0.88| 0.99| 0.76| 0.55| 0.84| 1.75| 1.30| 4.90| 0.41| 0.25| |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Ag g/t| 32.9| | 45.9| 51.6| 28.7| 20.0| 31.5| 41.9| 20.8| 11.2| 18.8| 15.1| |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Cu %| 0.45| | 0.62| 0.47| 0.41| 0.22| 0.27| 0.48| 0.43| 0.53| 0.21| 0.16| |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Pb %| 0.94| | 1.07| 1.58| 0.90| 0.78| 1.12| 0.99| 0.68| 0.30| 0.69| 0.68| |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Zn %| 1.16| | 1.11| 2.76| 1.05| 1.25| 1.81| 1.14| 0.51| 0.42| 1.30| 1.76| |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| |Sulphide | | | | | | | | | | | | | |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Milled From|23,390.3| | 788.0|2,304.0|2,135.3|2,101.9|2,457.3|2,477.9|2,013.6|2,488.8|2,367.6|2,496.8|1,759.2|

| | Mine| | | | | | | | | | | | | |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Milled From| 73.4| | 30.1| | | | | | | | | | 43.4|

| | Stocks| | | | | | | | | | | | | |

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Milled |23,463.7| | 818.1|2,304.0|2,135.2|2,101.7|2,457.6|2,477.8|2,013.6|2,488.7|2,367.5|2,496.9|1,802.6|

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Au g/t| 0.90| | 1.05| 1.21| 1.39| 0.90| 0.89| 1.06| 0.89| 0.79| 0.65| 0.54| 0.68|

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Ag g/t| 30.1| | 38.4| 46.3| 41.1| 27.3| 28.8| 32.7| 25.5| 24.6| 23.9| 23.3| 24.4|

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Cu %| 0.29| | 0.59| 0.45| 0.42| 0.27| 0.25| 0.27| 0.28| 0.23| 0.23| 0.20| 0.24|

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Pb %| 0.96| | 1.16| 1.44| 1.39| 0.91| 0.96| 1.04| 0.66| 0.69| 0.72| 0.81| 0.91|

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____| | Zn %| 1.56| | 1.59| 2.48| 2.31| 1.53| 1.54| 1.56| 1.05| 1.06| 1.25| 1.35| 1.44|

| |_______________|________|__|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|_______|___ ____|

 

Mario Caron  President & CEO, Director (416) 477-6985

David Carew Director, Investor Relations (416) 477-6984

Image with caption: "Sensitivity Analysis (Base Case) (CNW Group/Aldridge Minerals Inc.)". Image available at: http://photos.newswire.ca/images/download/20130403_C2104_PHOTO_EN_25062.jpg

PDF available at: http://stream1.newswire.ca/media/2013/04/03/20130403_C2104_DOC_EN_25063.pdf

SOURCE: Aldridge Minerals Inc.

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/April2013/03/c2104.html

CO: Aldridge Minerals Inc. ST: Ontario NI: MNG FIELD CONF

-0- Apr/03/2013 11:00 GMT

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