TORONTO--(BUSINESS WIRE)--

Aldridge Minerals Inc. (TSX-V: AGM) (“Aldridge” or the “Company”) is pleased to announce the results of its 2017 Annual and Special Meeting of Shareholders (the “Meeting”), held earlier this week in Toronto, Ontario. Shareholders holding a total of 47,291,094 common shares of the Company attended the Meeting in person or were represented by proxy, representing 44.1% of the 107,125,881 common shares of the Company outstanding as of the record date.

Election of Directors

The following eight persons were elected as directors of the Company until the next annual shareholders meeting of the Company, with the voting results shown below:

“We would like to thank Daniella Dimitrov and Douglas Silver for their many contributions to the Company,” commented Mr. Hildred. “Daniella and Douglas did not stand for re-election this year. Their experience and insights into the mining industry and capital markets will be missed and we wish each of them the best.”

Re-Appointment of Auditor

PricewaterhouseCoopers LLP, Chartered Accountants, has been re-appointed as auditor of the Company for the ensuing year and the board of directors of the Company has been authorized to fix their remuneration.

Stock Option Plan

The amended and restated stock option plan of the Company was re-approved, subject to the review and acceptance of the TSX Venture Exchange.

Corporate Update

Aldridge has been advised by Orion Fund JV Limited (“Orion”) that Orion will not exercise its anti-dilution rights in connection with the Company’s US$5 million non-brokered private placement that closed on June 20, 2017. As Orion now owns less than 10% of the Company’s outstanding shares, Orion no longer maintains anti-dilution rights or a right to nominate an individual to the Aldridge board of directors. As a result, Robert Bell, who was Orion’s nominee, has resigned as a director of the Company.

About Aldridge

Aldridge is a development-stage mining company focused on its wholly owned and permitted Yenipazar polymetallic VMS Project (Gold, Silver, Copper, Lead, Zinc) in Turkey. Aldridge completed the Yenipazar Optimization Study and filed the related NI 43-101 compliant technical report in May 2014, which updated the original May 2013 Feasibility Study. The Optimization Study demonstrated that the Yenipazar Project is highly robust with an after-tax NPV of US$330 million at a 7% discount rate and an after-tax IRR of approximately 32%. The Company is currently advancing the Yenipazar Project on key aspects including land acquisition and financing.

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. When used in this press release, words such as “proposed”, “may”, “would”, “could”, “will”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “plan”, and other similar expressions are intended to identify forward-looking statements. Such risks, uncertainties and factors, include, but are not limited to, the ability of the Company to raise additional debt or equity financing on acceptable terms or at all; the risk that the Company’s failure to raise additional capital will have a material adverse effect on the Company’s liquidity, capital resources, results of operations, assets, properties and prospects, the ability of the Company to fund the purchase of the remaining land required to develop the Yenipazar Project, its ability to complete the land acquisition in 2017, and its ability to otherwise advance the development of the project; the ability of the Company to pay its outstanding debts when due; economic performance; mineral prices; the future plans and objectives of the Company; and the other factors discussed under the heading “Risk Factors” in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2016 and in other continuous disclosure filings made by the Company with Canadian securities regulatory authorities and available at www.sedar.com. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results.

Forward-looking information is based on a number of factors and assumptions which have been used to develop such information but which may prove to be incorrect, including, but not limited to, assumptions in connection with the continuance of Aldridge and its subsidiaries as a going concern, general economic, political and market conditions, mineral prices, and the accuracy of mineral resource estimates. 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 time frames 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 unless required by law.

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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170629005292/en/