Alexandria Minerals Corporation

Alexandria Minerals Corporation

January 24, 2008 18:10 ET

Alexandria has Two Diamond Drills Under Contract to Drill 20,000 Meters in 2008

TORONTO, ONTARIO--(Marketwire - Jan. 24, 2008) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) has two drill rigs contracted to complete 20,000 meters of drilling in 2008 on its properties in the Abitibi greenstone belt of northern Ontario and Quebec, a region that has produced some 180 million ounces of gold since the early 1900's.


One of the drill rigs will soon be dedicated to the Orenada block, to continue enlarging Orenada 2 & 4 (two, near surface gold zones) where the Company completed 38 holes during 2007. Recent drill results show that higher-grade and wider zones of gold occur along multiple flat-lying trends within the Cadillac Break fault zone, and that they are open along strike and at depth.

Other targets

One drill rig is currently operating, exploring highly prospective exploration targets on the 35 km long Cadillac Break properties, where the Company will continue to focus most of its efforts. Initial drilling is testing targets previously identified by prior Alexandria drill holes. One of these targets to be drilled shortly, when ice conditions permit, will be the historic deposit at Sleepy, located at the eastern end of the Cadillac Break properties, approximately 25 km east of Orenada.

Elsewhere, a small 4-hole drill program is underway on the Company's Matachewan property in Ontario, which has similar geology to the nearby Young-Davidson gold deposit of Northgate Minerals, with inferred and indicated resources of 2 million ounces of gold. The purpose of this program is to test below encouraging holes completed by Alexandria in 2005 and to test historical trench results that yielded a number of encouraging results, including 6 g/t Au over 2 m, 2 g/t Au over 2 m, and 68 g/t Au from a chip sample.

In other matters, the Company has granted an aggregate of 2,655,000 incentive stock options exercisable at a price of $0.21. Of these, 2,420,000 are exercisable for a period of 5 years, of which 2,400,000 are to the Company's directors and officers, the remainder issued to employees. 235,000 stock options are to be issued to employees and consultants of the Company, are exercisable for 3 years.

The exploration results presented in this press release are historical in nature and have been reviewed by the company's Qualified Person, Eddy Canova, PGeo. 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.

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