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Aldridge Minerals looking to complete land acquisition process at Yenipazar this year

Friday, March 24, 2017 7:57
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(Before It's News)

Turkey-focused development stage mining company Aldridge Minerals Inc (CVE:AGM) is looking to complete the land acquisition progress it embarked upon last year.

In its results statement for 2016 the company’s president and chief executive, Han Ilhan, said Aldridge made significant progress last year, particularly in regard to the acquisition of land for the Yenipazar polymetallic prospect.

As at the end of February, the company had acquired title to, or had the right to access, some 91.1% of the Yenipazar project area in Turkey, which is just over double the level it had at the end of 2015.

At hearings held in March last year the court reached a final land pricing decision on 15 land parcels on the Yenipazar project area. The pricing decision established a price that was lower than the company’s voluntary offer price, and sets a precedent for upcoming hearings related to the remaining 575,165 square metres of land on the project. As such, the company expects that the land acquisition will be completed within the company’s current budget, sometime this year.

“We continue to advance the interim financing announced in February 2017. If we are successful in closing the financing as planned in the second quarter of 2017, our focus thereafter will be evaluating strategic options and project financing alternatives for the construction of the Yenipazar Project in order to maximize value for shareholders,” Ilhan said.

As a pre-revenue company, the profit & loss numbers for 2016 are not especially meaningful, but for the record the company made a loss before tax of C$4.42mln, a narrower loss than the C$5.28mln recorded in 2015.

The company ended the year with cash and cash equivalents of C$4.29mln, down from C$8.52mln a year earlier.

Story by ProactiveInvestors


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