Alexandria Minerals Corporation

Alexandria Minerals Corporation

February 23, 2009 10:11 ET

Alexandria Expands Sleepy Zone by Drilling 4.03 g/t Gold Over 11.90 m

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2009) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) has intersected 4.03 g/t Au over 11.90 m (8.41 m true width), including 6.68 g/t over 3.25 m (2.68 m true width), continuing to expand the gold zone at depth and opening new deep targets at Sleepy, on the Company's Cadillac Break property group in Val d'Or, Quebec.

Diamond drill hole IAX-09-49 hit the target zone 100 m west of previously-reported DDH IAX 08-30, which intersected 7.95 m grading 3.55 g/t Au (see Press Release May 21, 2008), confirming continuation of strong gold mineralization at a vertical depth of 300 m. The Company is currently drilling a follow-up hole to test the gold target 100 m deeper than, and 150 m to the west of hole #49.

Since acquiring the disseminated gold-pyrite project from Cambior in 2007, Alexandria has enlarged the Sleepy zone more than four times, and, although the Company believes there is a steep westerly plunge, it remains open in all directions. Currently, the gold zone as identified by drilling is 300 m long by 300 m deep. Gold mineralization is hosted in the Vicour Gabbro sill, along strike with the Sigma 2 mine, from which Placer Dome extracted 1.8Mt of ore grading 2.5 g/t gold from open pit mining operations.

Alexandria is in the midst of a 3,000 m drilling program on its Cadillac Break properties, which will see continued efforts to enlarge Sleepy and test the Company's first targets at the formerly-producing Akasaba mine, where historical drill results have yielded high grades at substantial widths, such as 18.12 g/t Au over 9.8 m, 56.57 g/t Au over 1.2 m and 39.62 g/t Au over 4.5 m.

Elsewhere, the Company has received assays from its 3-hole, 1,401 m drill program, completed in December, on claims it has been earning-in to a Joint Venture with Carmax Explorations on Alexandria's Matachewan, Ontario property. These holes tested a strong Induced Polarization anomaly, below and along strike with a previously reported drill hole which intersected 2.25 g/t Au over 6.00 m (see Press Release June 11, 2008). The drill holes intersected encouraging and anomalous gold values, including hole MAT-08-10, which intersected several anomalous values between 64 m and 530 m depth, up to 1.10 g/t Au over 1.15 m (core length), hosted in quartz-pyrite veins and veinlets in intensely hematized syenite and altered volcanic rocks.

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. 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. Re-assays by FA gravimetric finish are performed on samples assaying greater than 1.0 g/t Au and re-assays greater than 5.0 g/t Au are checked a second time by FA gravimetric finish.

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.

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