Alexandria Minerals Corporation

Alexandria Minerals Corporation

October 24, 2006 11:34 ET

Alexandria Completes Geophysical Survey on the Joannes Township Property

TORONTO, ONTARIO--(CCNMatthews - Oct. 24, 2006) - Alexandria Minerals Corporation (TSX VENTURE:AZX) has completed an Induced Polarization (IP) survey on its Joannes Township property, Quebec. The IP survey has outlined at least 10 distinct geophysical anomalies, including one in the vicinity of the Cadillac Tectonic Zone. The geophysical results will allow for improved target selection of drill holes.

The Joannes property lies along the Cadillac Tectonic Zone, and is about 12 kilometres west of the Bousquet mine (produced approx 3 million ounces of gold in the late 1900's), and 20 kilometres east of the Noranda camp. Historic drill results on the Joannes claims have identified three principal gold targets: the Cadillac Tectonic Zone and the separate Sheehan Showing, both of which have yielded up to 12 g/t gold over 1.5m, and the East Hosco Showing, recently acquired from Falconbridge Inc. (now Xstrata plc), which has yielded up to 18.1 g/t gold over 1.5m (see press release September 13, 2006).

In other matters, subject to regulatory and stock exchange approval, the Company has authorized issuance of 100,000 shares to the property optionors of its Coyle-Tremblay claims, which make up a portion of the Joannes property. The issuance of shares allows the Company to extend the time on which it completes its work commitments on the Coyle-Tremblay claims, until July 1, 2007. To-date approximately $51,000 have been expended on the property out of a total of $100,000 required to meet the Company's commitments. The Company has also granted an aggregate of 250,000 incentive stock options, of which 200,000 are to the Company's new Chief Financial Officer (see press release October 11, 2006).

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

Alexandria Minerals Corporation is a Toronto-based, junior gold exploration company, actively exploring in the northern Canadian Shield, with a significant mineral property holding in the world-class Val d'Or gold mining camp, Quebec.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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