Alexandria Minerals Corporation
TSX VENTURE : AZX
FRANKFURT : A9D

Alexandria Minerals Corporation

October 29, 2009 08:15 ET

Alexandria Increases Global Resources On Its Cadillac Break Properties With NI 43-101 Compliant Resource Estimate on Sleepy

TORONTO, ONTARIO--(Marketwire - Oct. 29, 2009) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) reports that it has completed a resource estimate for its 100%-owned Sleepy gold deposit in Louvicourt Township, Val d'Or, Quebec. This is the Company's second resource estimate in as many months, and is National Instrument ("NI") 43-101 compliant, completed by independent consulting firm Geopointcom in Val d'Or.

The Sleepy gold deposit hosts an Inferred Resource of 1,557,000 tonnes grading 3.0 g/t Au, for 150,400 ounces of gold. This represents an 8 fold increase in size over that when Alexandria acquired the project, and contributes to the Company's total global resources on its Cadillac Break projects, which now stand at 543,000 ounces of gold. The Company is committed to grow these resources through further drilling and exploration.

Eric Owens, President and CEO of Alexandria, said, "We now have resources on 2 of our 3 principal projects in Val d'Or and are confident of success at our Akasaba project where we will begin drilling soon. The Val d'Or region is one of the world's great gold districts and with our discovery costs of about $6 per ounce of gold we will take advantage of the many opportunities on our large land package."

To view Figure 1., please visit the following link: http://media3.marketwire.com/docs/azx_1029_fig_1.pdf

The project is located about 25 km east of Alexandria's Orenada gold deposit and is one of four properties acquired from Cambior Inc. (later IAMGOLD Corp.) in late 2006. This acquisition was an integral part of Alexandria's assembling the 35 km long Cadillac Break Group of Properties, one of the largest property packages on the Cadillac Break fault zone, which has produced some 100,000,000 ounces of gold from mines along its trend. The property has been subjected to exploration work since 1944, with the initial discovery of the gold deposit occurring in the late 1980's by Cambior, and is located on a combined geophysical and geochemical anomaly. Cambior's work ultimately led to a pre-NI 43-101 Historic Resource estimate of 152,000 tonnes grading 5.1 g/t Au (Geospex, 1998).

The Sleepy deposit is a disseminated gold-pyrite body, currently 400 m long by 300 m deep from surface, with an average thickness of 5.35 m, and lies 5 km east along strike with the Sigma 2 Mine, from which Placer Dome mined 152,000 ounces of gold via open pit operations some 15 years ago. Alexandria began its exploration activities on the property in mid-2007, and has completed 5619 meters of drilling in 15 drill holes, mainly focused in and around the historic deposit.

For the resource estimate, a total of 38 drill holes were analyzed, of which 23 intersected the deposit. The minimum horizontal thickness was set at 3.8 m; 1.1 m wide composites were created, with a cut-off grade of 2.0 g/t Au. A cap grade of 33.5 g/t Au was set which affects 3 samples in the population.

The geostatistical evaluation of the diamond drill hole and chip sample assay results were performed by Christian D'Amours, P.Geo., of Geopointcom in Val d'Or, QC, and verified by Independent Qualified Persons Alain-Jean Beauregard, P. Geo., OGQ, FGAC and Daniel Gaudreault, P. Eng., OIQ, both of Geologica Groupe Conseil, of Val d'Or, QC. Geological interpretation and geological database compilation of Sleepy was performed by Eddy Canova, QP, of Alexandria Minerals Corporation. This Press Release has been reviewed by all parties, and the technical report for this resource estimate will be filed on SEDAR within 45 days. Please note that Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.

Programme design, management, and Quality Control/Quality Assurance is governed by Alexandria's exploration group, of which Eddy Canova, PGeo, and Eric Owens, PGeo, are the Company's Qualified Persons. Mr. Canova supervises the technical activities of the Company. The QA/QC programme is consistent with NI 43-101 and industry best practices; this will be summarized in the technical report, but has previously been addressed in the NI 43-101 Technical Report on the Cadillac Break properties (February 2008).

The Company currently has approximately $1.5 million in cash and short term assets available to complete the next stage programs on its Cadillac Break Properties. The coming months will see the Company begin its next drilling programme on the Akasaba property, as well as produce a Preliminary Economic Assessment for Orenada. For further information on each of these properties, please visit www.azx.ca or view the interactive map at http://www.gisready.com/alexandriaWEBdata/default.aspx.

About Alexandria Minerals

Alexandria Minerals Corp. is a Toronto-based mineral exploration and development company, focused on the exploration for precious metals on mineral properties located in Northern Ontario and Quebec. The Company's management has extensive global experience with small to large mining companies, from grass-roots exploration to the exploitation of mineral deposits. The Company is a reporting issuer in the provinces of British Columbia, Alberta and Ontario.

WARNING: 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Alexandria Minerals Corporation
    Andreas Curkovic
    Investor Relations
    416-577-9927
    or
    Alexandria Minerals Corporation
    Eric Owens
    416-363-9372
    or
    Alexandria Minerals Corporation
    Matt Morrish
    416-363-9372
    Email: info@azx.ca
    Website: www.azx.ca