Alexandria Minerals Corporation
TSX VENTURE : AZX
FRANKFURT : A9D

Alexandria Minerals Corporation

October 16, 2007 09:18 ET

Alexandria Increases Size of Orenada 2 With 8.15 m Grading 11.44 g/t Gold

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2007) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) reports that it has intersected 48.45 meters grading 2.19 g/t Au (uncut grade), including 8.15 m grading 11.44 g/t Au and 1.55 m grading 40.79 g/t Au from the ongoing diamond drill program on the Orenada Project, Val d'Or, Quebec (all widths are core lengths).

The mineralized interval in hole OAX-07-16 occurs from 102.90 m to 151.35 m (drilled depth) and represents the first complete assays received from 12 step-out holes testing the potential of the eastern extension of Orenada 2. These results show that mineralization continues to the east at Orenada 2, which has not previously been tested.

Also, results from hole OAX-07-11, drilled 200 m vertically below historic mineralization at Orenada 2, intersected 34.80 m grading 0.56 g/t Au, including 16.25 m grading 1.05 g/t gold and 4.95 m grading 1.69 g/t Au. This hole was drilled 70 m west of previously reported DDH AAX-07-10, which intersected 110 m grading 0.50 g/t Au, including 4.20 m grading 2.98 g/t Au (Press Release April 25, 2007); these deeper holes show that wide gold zones continue at depth, and may indicate an eastward plunging zone similar to that at Orenada 4.

The results from the Company's drilling program to-date in 2007 have greatly expanded the depth and strike potential of the zone at Orenada 2. Significant gold mineralization, such as 1.02 g/t Au over 100.10 m in hole AAX-07-11 (Press release April 29, 2007), has now been intersected in drill holes over a strike length of 330 m, from 0 m to 250 m depth, well within open-pitable target depths, and is open downdip and downplunge, as well as to the east.



Table of Assay Results

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Hole # From To Drill True Au g/t Au g/t
Width(m) Width(m) Avg (uncut) Avg (cut)
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Orenada
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OAX-07-11 262.05 296.85 34.80 27.81 0.56
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Incl. 279.10 295.35 16.25 12.98 1.05
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and 290.40 295.35 4.95 3.96 1.69
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395.50 397.20 1.70 1.41 1.52
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OAX-07-12 78.20 82.60 4.40 1.50 0.43
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Incl. 79.70 82.60 2.90 0.99 0.55
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OAX-07-15 304.50 311.40 6.90 4.53 0.20
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OAX-07-16 102.90 151.35 48.45 27.08 2.19 1.99
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Incl. 128.40 151.35 22.95 12.83 4.45 4.01
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and 143.20 151.35 8.15 4.68 11.44 10.22
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and 144.35 145.90 1.55 0.89 40.79 34.28
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and 149.55 150.25 0.70 0.40 24.49
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Exploration
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AAX-07-22 70.4 82.1 11.7 9.58 0.38
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AAX-07-23 354.60 369.50 14.90 9.58 0.44
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Incl. 354.60 362.30 7.70 4.95 0.60
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Results from exploratory hole AAX-07-23, testing the eastern extension of the Orenada 2 Zone, extended mineralization 535 m east of the DDH OAX-07-16. The hole intersected a mineralized interval of 0.44 g/t Au over 14.90 m in the Cadillac Break, within sericitized sedimentary rocks penetrated with quartz-ankerite veins and mineralized with pyrite-arsenopyrite-pyrrhotite.

Assay results on 6 holes testing the down-plunge extension of Orenada 4 are still pending. This zone, located 700 m west of Orenada 2, contains an historic resource identified by Aur Resources Inc. of 2.1 million tons grading 0.047 oz/ton Au (1,964,800 tonnes grading 1.6 g/t Au -- see Alexandria Press Release September 29, 2006), occurs at a depth from 0 to 300 meters depth, and is 420 meters long. Alexandria's summer step-out drilling program has extended this zone another 200 metres to depth and 230 metres to the east.

Further information can be viewed by clicking the link http://www.azx.ca/currentdrilling.asp or visiting the Company's website, www.azx.ca.

The Orenada property is located 6 km southeast of Agnico Eagle's Goldex Project, where they are developing an underground mine that hosts 2.4 million ounces Au (proven reserves and inferred resources) with a global average grade of 2.39 g/t Au.

Alexandria will be testing the idea that there may be multiple targets along the Cadillac Break on its 30 km-long property holding in Val d'Or with characteristics similar to Orenada 2 and 4. For example, 1 km to the east of Orenada 2, drill hole AAX-07-09 intersected 1.97 g/t Au over 8.41 m in a previously underexplored area on the Oramaque property (see press release Mar 27, 2007). Likewise, in a blue-sky drill hole on the Bloc Sud West property 10 km east of Orenada, the Company intersected 1.97 g/t Au over 4.5 m in drill hole BS-07-37 (Press release May 24, 2007). In addition, there are a number of other drill hole intersections, as well as geophysical and geochemical anomalies, which warrant follow-up testing.

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.

NOTICE: 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
    (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 and CEO
    (416) 363-9372
    Email: info@azx.ca
    Website: www.azx.ca