Alexandria Minerals Corporation
TSX VENTURE : AZX
FRANKFURT : A9D

Alexandria Minerals Corporation

March 27, 2007 10:39 ET

Alexandria Discovers New Gold Zone on Cadillac Break With 8.41 Meters Grading 1.97 g/t Gold

TORONTO, ONTARIO--(CCNMatthews - March 27, 2007) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) has intersected favorable gold mineralization in a new area along the Cadillac Larder Lake Break in Val d'Or, Quebec, where diamond drill hole (DDH) AAX-07-9 intersected 8.41 meters (true width) grading 1.97 g/t gold, including 0.83 m grading 13.23 g/t gold.

Drill hole AAX-07-9 was drilled along a stretch of the Cadillac Break with limited prior exploration (See Figure 1 below). The new discovery is hosted within silicified, hematitic and pyritic quartz-sericite schist just above the Piche ultramafic volcanic rocks. This zone appears to be continuous with strongly anomalous gold mineralization extending eastward at least 150 m to DDH AAX-07-8, which intersected 18.09 meters (true width) grading 0.35 g/t.

NOTE: To view "Figure 1. Location of Alexandria's drill holes in the Val d'Or area." please click the following link: http://www.ccnmatthews.com/docs/azx0327.pdf

The Cadillac Break is some 150 meters to 200 meters wide in this region, and two other mineralized zones in hole AAX-07-9 suggest that this well known gold structure has potential over much of this width. Previously announced Alexandria drill holes, such as AAX-07-5 and AAX-07-7, drilled a few hundred meters to the east (see Figure 1 and AZX Press release March 15, 2007), also intersected wide zones of strongly anomalous gold mineralization, and attest to the large size of the mineralized system.

The Val d'Or area is an historic, world-class gold mining district with such notable deep gold mines as the Sigma (9.1 million ounces of gold produced), the Lamaque (4.3 million ounces of gold produced) and a number of other mines that have produced more than 1 million ounces of gold each. Recent new discoveries by Alexis Minerals at Lac Herbin, Osisko Explorations at Malartic, and the soon-to-be-producing Goldex Deposit of Agnico Eagle (Reportedly 1.6 million ounces of gold grading 2.39 g/t gold) continue to display the under-explored potential of the area. The shallow nature of the new Alexandria discovery on a proven gold structure provides management with encouragement to continue exploration to depth in this historic camp.

The table below summarizes the results from the recent Alexandria holes:



-------------------------------------------------------------------
Core True
Hole From (m) To (m) Length (m) Width (m) Gold (g/t)
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AAX-07-8 93.90 95.30 1.40 1.16 1.83
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186.20 197.00 10.80 8.92 0.29
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incl. 194.40 197.00 2.60 2.15 0.77
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256.70 278.60 21.90 18.09 0.35
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incl 259.45 270.40 10.95 9.05 0.55
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AAX-07-9 87.65 92.60 4.95 4.09 1.54
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incl 89.55 90.60 1.05 0.87 6.69
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270.23 274.07 3.84 3.17 2.81
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incl 270.23 271.93 1.70 1.40 6.29
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and 271.29 271.93 0.64 0.53 16.53
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393.21 410.18 16.97 14.02 1.47
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incl 393.21 403.39 10.18 8.41 1.97
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and 402.39 403.39 1.00 0.83 13.23
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Alexandria is earning a 50% interest in the Oramaque, Orenada and 8 other properties in the area from Aur Resources Inc. by incurring exploration expenditures of $3 million and paying $500,000 in cash/shares over a five year period to July 2011. The Company can earn an additional 50% by completing further expenditures of $5 million by July 2014. The Company is aggressively exploring for gold in the Val d'Or area and has completed approximately 3,800 m of drilling of the 2007 program. Drilling continues on the Bloc Sud West property, about 6 kilometers east of the Oramaque property, where it is testing coincident geophysical and geochemical anomalies on and near the Cadillac Break. Additional drilling details can be viewed by visiting the Company's website at www.azx.ca or with the link http://www.azx.ca/currentdrilling.asp.

In other matters, the Company will be settling a convertible promissory note with a director and officer of the Company, for the amount of $57,592.81. As per the terms of the note, the Company will issue 500,000 Common Shares at a price of $0.10 per share, and will satisfy the remainder of the note by paying $7,592.81 cash. The issuance of the shares has been approved by the TSX Venture Exchange. A total of 300,000 of the shares being issued will be subject to the escrow agreement dated February 20, 2006 in accordance with National Policy 46-201B, with the remaining 200,000 being subject to a four month hold period which expires on July 28, 2007.

The results presented in this press release are exploratory in nature and have been reviewed by the company's Qualified Person, Eddy Canova, PGeo. The properties do not contain current mineral resources as outlined by National Instrument 43-101 Standards for Disclosure for Mineral Projects, nor does the Company intend to communicate such. More drilling will be required to bring the properties into compliance with definitions of resources as delineated by NI-43-101 standards.

The drilling program employs a Quality Assurance/Quality Control program consistent with NI 43-101 and industry best practices. Drill core is NQ-sized, and is logged, sampled and split at the Company's Val d'Or office, in intervals of 0.3 meters to a maximum of 1.5 meters. The samples are recorded, bagged and sent to Bourlamaque Assay Lab in Val-d'Or for assay. Samples are analyzed for Au, Ag, Cu and Zn, via a 30 gram pulp by FAA for Au and AA for Ag, Cu and Zn.

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.

Contact Information

  • Coal Harbor Communications
    Dale Paruk
    (604) 662-4505 or Toll Free: 1-877-642-6200
    (604) 662-4547 (FAX)
    Email: dale@coal-harbor.com
    or
    Alexandria Minerals Corporation
    Eric Owens
    President
    (416) 363-9372
    Email: info@azx.ca
    Website: www.azx.ca