Alexandria Minerals Corporation
TSX VENTURE : AZX
FRANKFURT : A9D

Alexandria Minerals Corporation

September 16, 2009 11:20 ET

Alexandria Releases NI 43-101 Compliant Resource Estimate for Orenada Gold Deposit, Val d'Or

TORONTO, ONTARIO--(Marketwire - Sept. 16, 2009) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) reported today that it has released its first resource estimate at its 100%-owned Orenada property in Bourlamaque Township, Val d'Or, Quebec. The mineral resource estimates, which are National Instrument ("NI") 43-101 compliant, were completed by independent Qualified Persons at A. S. Horvath Engineering Inc. in Ottawa and at Tech2Mine Inc. in Val d'Or, and verified by Geologica Groupe-Conseil Inc., an independent geological consulting firm based in Val d'Or.

Measured, Indicated and Inferred Resources have been identified in two principal near-surface zones, Orenada 4 and, located 600 m east along the Cadillac Break, Orenada 2. Highlights of these results are:

- At a 1.0 g/t Au cut-off, from surface to 250 m, capped at 31.5 g/t, total Measured and Indicated Resources at Orenada 4 and 2 are 4,598,334 tonnes grading 1.82 g/t Au, for 268,528 ounces Au.

- Also at a 1.0 g/t Au cut-off, from surface to 250 m, Inferred Resources are 2,478,674 tonnes grading 1.56 g/t Au, for 124,248 ounces Au.

Because the deposit is open along strike and at depth, Geologica recommends a follow-up drilling programme of 15,000 m in an effort to up-grade existing resources and build further resources.

Eric Owens, President and CEO of Alexandria, said, "This resource estimate of the near-surface Orenada Zones 2 and 4 has surpassed our expectations. We have increased the resources four-fold over historical estimates, and we have demonstrated considerable potential for further growth at the project. This is an important milestone for Alexandria, one which brings us further down the road toward development."

Due to the positive results from the study, and to the property's favorable location in the infrastructure-rich Val d'Or mining district, the Company has begun an NI 43-101 compliant preliminary economic assessment, to be completed in the Fall of 2009, as the next step in Orenada's development.

Summary of Orenada Resources (1.0 g/t Au Cut-Off, 0-250 m depth)



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Category Tonnes Grade (g/t Au) Au (Oz.)
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Measured 2,592,133 1.81 150,478
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Indicated 2,006,202 1.83 118,050
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Total M&I 4,598,334 1.82 268,528
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Inferred 2,478,674 1.56 124,248
-------------------------------------------------------


Orenada 2 and Orenada 4 were initially discovered in the 1930's, and were subject to 5 decades of exploration, culminating in an in-house resource estimation by Aur Resources Inc. in 1991 of 2.1 million tons grading 0.046 oz Au /ton (1.4 g/t Au). During this period a bulk sample of 72,000 tonnes was taken and processed at the nearby Aurbel plant, in the eventuality of operating an open pit type of gold mine. Also during that time, a 1,000 foot shaft was sunk, and two exploration drifts were constructed at the 500 foot and 800 foot depths.

Alexandria acquired Orenada as part of a large property acquisition in late 2006 from Aur Resources, and after its initial round of test drilling in winter 2006-2007, began its exploration activities in earnest in mid-2007. Since that time the Company has completed 65 drill holes on Orenada, totaling 21,775 m, in an effort to build a near-surface gold deposit. The property is owned 100% by Alexandria, and is subject to a 2.5% Net Smelter Royalty, which may be lowered to 1.5% by payment of $1,000,000.

The Orenada deposit is a shear zone-hosted deposit, within the notable Cadillac Break, and is characterized by highly deformed and multiply-folded quartz-carbonate-tourmaline and quartz-carbonate veinlets, hosted in sheared quartz-sericite-carbonate schist. Gold is associated with pyrite and arsenopyrite. In addition to the broad, disseminated mineralization, local high grade zones do occur, an example of which is provided by Alexandria's first drill hole into Orenada 4 which assayed 21.37 g/t Au over 4.05 m, typically as narrower veins within the broader lower grade envelope.

Orenada Zones 2 and 4 Mineral Resources - Surface to -250 m, Variable Cut-Off



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Measured Indicated
---------------------------------------------------------------------------
Cut-off Grade Grade
(g/t) Tonnes (g/t Au) Au (Oz.) Tonnes (g/t Au) Au (Oz.)
---------------------------------------------------------------------------
1.0 2,592,133 1.81 150,478 2,006,202 1.83 118,050
---------------------------------------------------------------------------
0.7 3,463,009 1.57 174,316 3,339,422 1.44 154,088
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0.5 3,969,955 1.44 184,150 4,551,341 1.21 177,244
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0.3 4,329,383 1.36 188,844 6,027,277 1.01 196,097
---------------------------------------------------------------------------


---------------------------------------------------------------------------
Total Measured and Indicated Inferred Resources
---------------------------------------------------------------------------
Cut-off Grade Grade
(g/t) Tonnes (g/t Au) Au (Oz.) Tonnes (g/t Au) Au (Oz.)
---------------------------------------------------------------------------
1.0 4,598,334 1.82 268,528 2,478,674 1.56 124,248
---------------------------------------------------------------------------
0.7 6,802,431 1.50 328,405 3,598,358 1.34 155,089
---------------------------------------------------------------------------
0.5 8,521,296 1.32 361,395 4,708,810 1.16 175,596
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0.3 10,356,660 1.16 384,942 5,546,540 1.05 186,447
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Notes:
1) Mineral Resources which are not Mineral Reserves do not have demonstrated
economic viability.
2) Interpretation of the mineralized zones used 3D wireframed solids based
on the cutoff grade indicated and a minimum horizontal thickness of
1.5 m; Zone 2 consists of 4 individual subzones.
3) Resource estimation employed an inverse squared distance algorithm to
interpolate block model grades from 1.5 m DDH assay composite points.
Ranges and orientations for search and interpolation ellipses were
developed from variography results. Block cell dimensions of 5 m by
2.5 m by 5m, and a specific gravity of 2.83 t/m3 for Orenada Zone 4 and
2.78 t/m3 for Orenada Zone 2, were used.
4) Individual assays were cut to 63.00 g/t Au, no cutting at Zone 2; grade
capping at Zone 4 on 1.5 m composites is 31.5 g/t Au; no capping at
Zone 2.


The geostatistical evaluation of the diamond drill hole and chip sample assay results were performed by Alex Horvath, QP, of A. S. Horvath Engineering Inc. from Ottawa. Block Modelling was performed using Gemcom by Robert Duchesne of Tech2Mine Inc. in Val-d'Or. Geological interpretation and geological database compilation of Orenada was performed by E.Canova, QP, of Alexandria Minerals Corporation. The Independent Qualified Persons for the NI 43-101 are Alain-Jean Beauregard, P. Geo., OGQ, FGAC and Daniel Gaudreault, P. Eng., OIQ, both of Geologica. 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.

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 $1.8 million in cash and short term assets available to complete the next stage programs on its Orenada property as well as on its other two principal properties, Akasaba and Sleepy, located 15 km east and 25 km east of Orenada, respectively. The coming months will see the Company produce a 43-101 compliant economic assessment for Orenada, a 43-101 compliant resource estimate for Sleepy, and the second drill programme at Akasaba, where the company has had considerable recent success. 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.

The TSX Venture Exchange does not accept 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
    info@azx.ca
    www.azx.ca