Alexandria Minerals Corporation

Alexandria Minerals Corporation

July 29, 2009 11:18 ET

Alexandria's Siscoe East Property Update

TORONTO, ONTARIO--(Marketwire - July 29, 2009) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) reported today that a 5 hole drill programme has been completed by Niogold Mining Corporation on Alexandria's Siscoe East Property in Val d'Or.

The Siscoe East property is comprised of 96 mining claims located on the northwest side of Val d'Or in Dubuisson Township, in between and around the past-producing Sullivan and Siscoe gold mines. The Sullivan Mine produced 1,200,000 ounces of gold at an average grade of 7.7 g/t gold, from four main parallel veins, which trend northwest onto Alexandria's property. The Siscoe Mine, Val d'Or's first and highest grade gold mine which produced 880,000 ounces of gold at 9.2 g/t Au, from NE-trending veins, and from southeast trending veins along a regional shear zone known as the K-Zone.

Niogold has an option to earn a 50% interest on the property, in exchange for payment to Alexandria of 650,000 shares of Niogold Treasury stock and expending $750,000 on exploration by June 11, 2010. The five holes totaled 2,588 m and principal targets were the K-Zone and the northwest extension of the gold-quartz veins at the Sullivan Mine. Assay results are expected over the coming weeks.

"The Siscoe East property is an exciting property located in the midst of Val d'Or's first mines," says Eric Owens, President of Alexandria. "It was our first property, and it has considerable potential for high grade gold."

Alexandria has also notified Niogold that it has agreed to participate in the joint acquisition of 5 new claims lying within the 2 km area of influence as specified in the agreement between the two companies, subject to the approval of Alexandria's Board of Directors and the TSX Venture Exchange. The cost of Alexandria's 50% proportion of these claims is $24,156.63, payable in cash or shares. Three of these claims are located next to the Sullivan Mine, under which a portion of that orebody was mined, while two are located on the northwest side of the property package.

The results presented in this press release are historical in nature and have been reviewed by the company's Qualified Persons, Eddy Canova, PGeo, and Dr. Eric Owens, PGeo. There is currently no mineral resource on the property as defined by National Instrument 43-101, and no guarantee that an economic gold deposit underlies the property.

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. Alexandria 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
    Alexandria Minerals Corporation
    Eric Owens
    Alexandria Minerals Corporation
    Matt Morrish