Alexandria Minerals Corporation
TSX VENTURE : AZX
FRANKFURT : A9D

Alexandria Minerals Corporation

July 02, 2009 09:21 ET

Alexandria Acquires Strategic Val d'Or Gold Properties

TORONTO, ONTARIO--(Marketwire - July 2, 2009) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) ("Alexandria" or the "Company") reported today that it has enlarged its Cadillac Break Property Group in Val d'Or, Quebec, by purchasing 100% of Teck Resources Limited's ("Teck") interest in 47 mining claims on two properties.

The Annamaque and Valdora properties are located next to, and are complementary to, the Company's Akasaba, Sabourin Creek, and Oramaque properties in the western half of the Cadillac Break property group, and host numerous gold targets delineated by previous exploration companies over the past 75 years. As such, the properties increase the total strategic value of the Company's Cadillac Break property group.

Eric Owens, President of Alexandria said, "These acquisitions are important not only for their own potential but because they enhance the value of our Akasaba property next door, where we have had such good success lately. These acquisitions further our strategy of building a large, high quality gold property package, on which we have a variety of targets at various stages of exploration, from early stage to development stage."

Valdora, which lies adjacent to the Company's Akasaba property, consists of 10 claims which host numerous gold Showings, and previous explorers reported drill hole intersections of 0.14 oz Au/t (4.79 g/t) over 25.6 m, 0.24 oz Au/t (8.22 g/t) over 3.7 m, and 0.75 oz Au/t (25.68 g/t) over 1.5 m. Gold occurrences are of two main types: quartz-pyrite-chalcopyrite-pyrrhotite veins and as disseminations in semi-massive pyrrhotite-pyrite-chalcopyrite masses in cherty tuff, the latter similar to that seen on the adjacent Akasaba property.

Annamaque lies to the west of Valdora, and consists of 37 claims adjacent to the Company's Oramaque and Sabourin Creek properties. The property is underlain principally by mafic to intermediate volcanic rocks of the Upper Malartic Group, numerous gabbro sills, and occasional quart-feldspar porphyry. Annamaque also hosts numerous gold showings, for instance, at Goldora, where previous exploration companies' drill holes have intersected up to 0.158 oz Au/t (5.41 g/t) over 6.1 m, and at Paramaque, where historic drill holes and channel samples have intersected 0.447 oz Au/t (15.31 g/t) over 0.61 m and 0.11 oz Au/t (3.67 g/t) over 4.27m.

The terms of the Annamaque Purchase and Sale agreement, signed on June 22, 2009, are that for a 100% interest, Alexandria will issue to Teck, 250,000 Units, consisting of one treasury share of Alexandria Minerals and one share purchase warrant exercisable at $0.15 for two years. The property is subject to a 2% Net Smelter Return Royalty ("NSR"), one-half of which may be purchased by Alexandria for $800,000.

For Valdora, Alexandria is purchasing 100% of Teck's interest (51% of the total interest) by issuing to Teck 75,000 Units, each Unit consisting of one treasury share of Alexandria Minerals and one share purchase warrant exercisable at $0.15 for two years. The property is subject to a fractional 2% NSR (2% of Teck's 51%), one half of which can be purchased for $200,000.

The results presented in this press release are exploratory in nature and have been reviewed by the company's Qualified Persons, Eddy Canova, PGeo, and Dr. Eric Owens, PGeo. Historic results are not compliant with National Instrument 43-101 and should not be relied upon, and there is no guarantee that an economic gold deposit underlies the property. Further work by Alexandria and an Independent Qualified Person will be required to bring the data into compliance.

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 Corp.
    Andreas Curkovic
    (416) 577-9927
    or
    Alexandria Minerals Corp.
    Eric Owens
    (416) 363-9372
    or
    Alexandria Minerals Corp.
    Matt Morrish
    (416) 363-9372
    www.azx.ca