Alexandria Minerals Corporation

Alexandria Minerals Corporation

May 30, 2006 10:15 ET

Alexandria Minerals Completes Agreement with Cambior Inc. for Val d'Or Properties

TORONTO, ONTARIO--(CCNMatthews - May 30, 2006) - Alexandria Minerals Corporation (TSX VENTURE:AZX) has entered into an agreement with Cambior Inc. to acquire a 50% interest in two properties, consisting of 92 mineral claims, in the Val d'Or mining camp, Quebec. The properties are the Akasaba claims group, which produced 262,500 tonnes of ore grading 5.14 g/t from semi-massive pyrrhotite-chalcopyrite lenses, and the Block Sud claims (including the Sleepy Zone) with a pre-43-101 estimated historic resource of 152,171 tonnes grading 5.1 g/t gold.

The two properties lie on or near the Cadillac-Larder Lake Tectonic Zone ("CLTZ"), a 300 km long regional fault zone in the southern Abitibi Belt of Ontario and Quebec that controls the location of more than 100 million ounces of gold deposits. In the Val d'Or camp (over 20 million ounces produced) gold mines include the Sigma-Lamaque (11 million ounces of gold produced), the Siscoe Mine (880,000 ounces of gold produced), the Sullivan Mine (1.2 million ounces of gold produced), and the Kiena Mine (1.5 million ounces of gold produced) amongst others.

Eric Owens, President of Alexandria Minerals, states, "This agreement marks the beginning of the next stage for us. It is an exciting acquisition, which brings us one step closer to the discovery of an economic gold deposit in the mineral-rich Abitibi Belt. In addition to the known gold-bearing zones on the properties, there are numerous untested targets with excellent upside potential."

The signed agreement, which will be formalized soon, will require Alexandria Minerals to complete exploration expenditures of $2,200,000 on the properties, and to pay to Cambior $100,000 in cash or share equivalents, by December 31, 2009. Cambior will be the Manager, but a management committee jointly comprised of Alexandria and Cambior will approve the work programs. In addition, Cambior agrees to act in an advisory capacity for Alexandria in the latter's Val d'Or activities.

The Akasaba Property comprises 24 claims straddling the CLTZ, is underlain principally by sedimentary rocks of the Pontiac group south of the CLTZ, and mafic to felsic volcanic rocks of the Heva, Upper Malartic and Val d'Or Formations north of the CLTZ. Work conducted by Cambior and its partners over the past five years has delineated numerous Induced Polarization anomalies, and drill tests of the western extension of the Akasaba Mine in 2004 yielded 9.8 g/t Au over 2.0m, 7.3 g/t Au over 2.1m, and 2.1 g/t Au over 5.2m.

With 66 claims, the Bloc Sud Property consists of three claim groups: Trivio, Ouest, and Sleepy. The first two straddle the CLTZ, with geology and targets similar to the Akasaba property; Bloc Sud Sleepy lies to the north of the CLTZ and is underlain by the Vicourt gabbroic sill, which hosts the Sleepy deposit, discovered in 1988 by Cambior. A 1987 glacial till study delineated numerous anomalies on all three properties and a Soquem Induced Polarization survey completed in the late 1970's also yielded numerous anomalies. Many remain to be tested. Drill holes testing gold zones east of the Sleepy deposit, yielded 18.7 g/t over 1.5m, 9.5 g/t over 1.5m, and 7.1 g/t over 1.5m.

All exploration results are historical in nature and are not compliant with the standards outlined by National Instrument 43-101 Standards for Disclosure for Mineral Projects. These results have been reviewed by Eddy Canova (Pgeo), our designated Qualified Person. Infill drilling will be required to enable the property to meet these standards.

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

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