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Aldridge Minerals Uses Financial Proceedings to Advance Yenipazar Property

Aldridge Minerals Inc. (TSXV: AGM) announced today that it has closed the bought deal financing previously announced on January 24, 2011. Pursuant to the Offering, the Company issued 8,283,100 units at a price of $1.50 per Unit for gross proceeds of $12,424,650.

Each Unit consists of one common share and one-half of one common share purchase warrant of the Company. Each whole warrant entitles the holder thereof to purchase one additional common share of the Company at a price of $2.00 for a period of 24 months from the date of the closing of the Offering.

The Offering was led by Dundee Securities Corporation and included Clarus Securities Inc., Raymond James Ltd. and Macquarie Capital Markets Canada Ltd (the "Underwriters"). As compensation for services rendered in connection with the Offering, the Company paid to the Underwriters an aggregate cash commission equal to 7% of the gross proceeds raised and issued to the Underwriters non-transferrable broker warrants to acquire 7% of the number of units sold under the Offering, at a price per unit of $1.50, for a period of 24 months from the date of the closing of the Offering.

The units and warrants issued under the Offering will be subject to a hold period in Canada which will run until the day that is four months and one day after the date of the closing of the Offering.

The net proceeds of the financing will be used to advance the exploration and development of the Company's Yenipazar property in central Turkey and MAG1 in Papua New Guinea and for general working capital purposes.

Source: Aldridge Minerals Inc.

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