Frenzy for Aldridge Minerals after resource update

Joshua Zapf | June 13, 2012 | 7:50 pm Precious Metals Asia Europe Gold

Toronto-based Aldridge Minerals’ (TSX Venture: AGM) stock rocketed 28% on Wednesday after announcing a resource update for its Yenipazar gold project in Turkey.

The Toronto-based company’s shares climbed to $0.54 on the Toronto Venture Exchange by the close giving it a market cap of $28 million. There was a frenzy for the micro-cap and 21 times the usual average of shares changed hands.

Highlights of the report estimate gold recovery at 92%, an indicated resource of 2.6 million gold equivalent ounces at 3.05 g/t and a tripling of the inferred resource.

The Yenipazar deposit holds gold, copper lead and zinc.

Aldridge says it’s aiming to finish with a feasibility study by the end of 2012.

The Yenipazar deposit is subject to an earn-in agreement with Alacer Gold, wherein Aldridge can earn a 100% working interest subject to certain conditions, subject to a 6% net profit interest until turnover hits $165 million, and a 10% NPI (revenues less operational costs) from there on.