TORONTO--(BUSINESS WIRE)--Aldridge Minerals Inc. (TSX-V: AGM) (“Aldridge” or the “Company”) announced today that the State-led compulsory land acquisition court process has resulted in the Court issuing its final pricing decision on the last remaining privately-owned land parcel. Following the classification of this parcel, and other parcels where a final pricing decision has already been reached, to Treasury land, Aldridge will have acquired title to or have right to access approximately 99.5% of the Yenipazar project area. Landowners may appeal the final pricing decision to a higher court, but cannot appeal the land title transfer to treasury. Through its mining licenses, Aldridge has the right to access treasury land as per applicable laws.
Since commencing the land acquisition in late 2014, Aldridge successfully purchased over 90% of the required private land by way of a negotiated voluntary process with landowners. The Company relied upon the State-led compulsory land acquisition court process to gain access to approximately 8% of the project area.
The remaining 0.5% of the project area is currently classified as pasture land. The application to convert this land to treasury land to provide Aldridge access has been submitted to the Ministry of Agriculture in Turkey and is in progress. The Company continues to work with the applicable government departments to advance the application approval process.
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.
