Alexandria Minerals Corporation

Alexandria Minerals Corporation

November 14, 2006 16:39 ET

Alexandria Enlarges Val D'or Property, Completes Prospecting Work on Chibougamau Property

TORONTO, ONTARIO--(CCNMatthews - Nov. 14, 2006) - Alexandria Minerals Corporation (TSX VENTURE:AZX) has enlarged its Siscoe East property in Val d'Or, Quebec, by completing an agreement with Niogold Mining Corporation for 30 mining claims in Vassan Township.

The agreement, dated September 29, 2006 and subject to TSX approval, gives Alexandria the right to earn a 70% interest in the 30 claims for the following commitments: 1) issuance of 100,000 shares of Alexandria treasury stock to Niogold upon signing, and 2) complete exploration expenditures of $65,000 on the claims by September 29, 2007. These additions bring the total number of claims on the Siscoe East property to 88 for a total of 2,172.37 hectares. (see Figure 1).

To view Figure 1. Location of Alexandria's Siscoe East Property, Niogold JV, and past and present gold mines in Val d'Or, Quebec, please click on the following link:

"This acquisition continues the strategic growth of our property interests in Val d'Or, by adding claims with favorable geologic and geophysical characteristics to host gold mineralization," notes Company president, Eric Owens. "We are becoming one of the largest mineral rights holders in this prolific mining camp."

In other matters, assay results have been received from a surface prospecting and mapping program completed in August and September on the company's Gwillim property in the Chibougamau mining camp in northern Quebec. This survey, guided by historic exploration data and by magnetic anomalies from an airborne survey completed in June, 2006, resulted in the geologic evaluation of over 715 outcrops and the collection of 257 rock samples.

Fifteen of the samples on the Gwillim claims yielded anomalous gold values, with three samples from a 0.30 m wide quartz vein in a gabbro at the Cadillac Showing, containing 4.69 g/t gold, 22.89 g/t gold and 27.88 g/t gold. In the northeast portion of the Gwillim claims, gold concentrations ranged from less than 0.10 g/t Au (detection limits) to 0.40 g/t, the latter from a chip sample in oxidized diorite cut by quartz veins. Samples from the southwest portion of the claims yielded gold values between 0.10 g/t to 1.49 g/t in gabbros cut by quartz veins with 5% to 10% pyrite.

Although principally a copper mining district that has produced 631 million kg of copper, the Chibougamau camp has also reportedly produced 3.28 million ounces of gold, from such mines as the Copper Rand (1.2 million ounces) and the Portage (0.62 million ounces).

All exploration results have been reviewed by Eddy Canova (PGeo), Alexandria's designated Qualified Person, and Eric Owens (PGeo). Reported assays were provided by Bourlemaque Assay Laboratories Ltd. of Val d'Or; analysis consisted of Fire Assay with Gravimetric Finish.

Alexandria Minerals Corp. is a Toronto-based mineral exploration and development company, currently 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: 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
    (604) 662-4505 or Toll Free: 1-877-642-6200
    (604) 662-4547 (FAX)
    Alexandria Minerals Corporation
    Mr. Eric Owens
    (416) 363-9372