Alexandria Minerals Corporation
TSX VENTURE : AZX
FRANKFURT : A9D

Alexandria Minerals Corporation

June 06, 2007 08:40 ET

Alexandria Drills 3.35 g/t Gold Over 10.80 m on Sleepy, Val d'Or; Mobilizes Second Drill Rig to Begin Second Phase Drill Progamme

TORONTO, ONTARIO--(Marketwire - June 6, 2007) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) reports that it has intersected significant gold values in the first of two holes recently drilled on the Sleepy Zone, Val d'Or camp. The total intersection yielded 2.39 g/t gold over 16.00 meters drilled width, including 3.35 g/t gold over 10.80 meters.

Located 20 km east of the Orenada property, where the Company announced drill intersections of 21.37 g/t Au over 4.05 m in diamond drill hole (DDH) AAX-07-12 and 1.09 g/t Au over 89.10 m in DDH AAX-07-11 (press releases March 29, 2007 and April 25, 2007), the Sleepy Zone is an historic gold deposit discovered in the late 1980's by Cambior Inc. (now IAMGOLD Corp.) characterized by disseminated gold in the Vicour gabbro sill, a distinctive gabbro and tonalite layer which also hosts gold at the past producing Sigma 2 Mine (see Figure 1).

NOTE: To view "Figure 1. Location map of current and historic drill holes, Sleepy Property, Val d'Or, with inset map showing regional location.", please click the following link: http://www.ccnmatthews.com/docs/azx0606.pdf

The Sleepy deposit, estimated in the late 1990's by Cambior Inc. to contain a pre 43-101 resource of 152,000 tonnes grading 5.2 g/t gold (GEOSPEX, 1998), is defined by a zone of gold mineralization which is a minimum of 300 meters long and 250 meters deep, open on all sides. Historic drill hole values ranging from 2.4 g/t gold over 5.5 m to 5.2 g/t gold over 9.3m and 6.9 g/t gold over 3.8 m (estimated true widths). Please note that the resource estimate is not a current resource as defined in National Instrument 43-101, and cannot be relied upon at this time. Further work on this target, and verification by a Qualified Person, will be required to bring these data into compliance. Alexandria currently views the Sleepy Zone as an advanced stage exploration target.

Alexandria's DDH IAX-07-14 intersected the deposit about 200 meters vertical depth in the western half of the deposit, 80 meters below previously known gold mineralization, where there has been limited prior drilling. A longitudinal section of the Sleepy Zone can be viewed by visiting the Company's website at www.azx.ca or with the link http://www.azx.ca/currentdrilling.asp.

The table below summarizes the drill results:



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Drill True
Hole Number From (m) To (m) Au (g/t) Width (m) Width (m)
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IAX-07-1 203.90 219.90 2.39 16.00 12.26
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Incl 206.40 217.20 3.35 10.80 8.27
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Alexandria has recently signed a Letter of Intent with IAMGOLD Corp. to purchase a 100% interest in the Sleepy and three other properties in its Cadillac Break portfolio. The Company has begun an aggressive second phase drilling programme on these properties with the arrival of one drill rig on June 5, 2007, and the scheduled arrival of a second rig on June 7. The first rig will initially test strong exploration targets on a number of the claim groups, beginning with the Airport property, located 5 km west of the Orenada property. The second drill rig will be dedicated to the Orenada Zones, initially testing down plunge mineralization identified in the first phase drill programme.

The results presented in this press release are exploratory in nature and have been reviewed by the company's Qualified Person, Eddy Canova, PGeo. The drilling program employs a Quality Assurance/Quality Control program consistent with NI 43-101 and industry best practices. Drill core is NQ-sized, and is logged, sampled and split at the Company's Val d'Or office, in intervals of 0.3 meters to a maximum of 1.5 meters. The samples are recorded, bagged and sent to Bourlamaque Assay Lab in Val-d'Or for assay. Samples are analyzed for Au, Ag, Cu and Zn, via a 30 gram pulp by FAA for Au and AA for Ag, Cu and Zn. Re-assays by FA gravimetric finish are performed on samples assaying greater than 1.0 g/t Au and re-assays greater than 5.0 g/t Au are checked a second time by FA gravimetric finish.

WARNING: The Company relies upon litigation protection for "forward-looking" statements. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of up-coming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Alexandria Minerals Corporation relies upon litigation protection for forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Coal Harbor Communications
    Dale Paruk
    President
    (604) 662-4505 or Toll Free: 1-877-642-6200
    (604) 662-4547 (FAX)
    Email: dale@coal-harbor.com
    or
    Alexandria Minerals Corporation
    Eric Owens
    President
    (416) 363-9372
    Email: info@azx.ca
    Website: www.azx.ca