Alexandria Minerals Corporation Closes Second Tranche of Financing

TORONTO, ONTARIO--(Marketwire - Dec. 18, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) is pleased to announce that it has completed the second tranche of a brokered private placement financing (the "Private Placement") for proceeds of $1,577,538, bringing the total proceeds for the financing as initially announced on October 30, 2012 to $3,211,538. The Private Placement was completed by Laurentian Bank Securities Inc. and its selling group members (together, the "Agent").

The second tranche of the Private Placement consisted of 10,856,800 of "Quebec Flow-Through Units" (each, a "QFT Unit") at a price of $0.125 per QFT Unit and 1,916,856 of "National Flow-Through Units" (each, a "NFT Unit") at a price of $0.115 per NFT Unit. Each QFT Unit and NFT Unit consists of one "flow-through" common share of the Company and one half of one (1/2) non-transferable common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one additional common share of the Company (a "Warrant Share") at a price of $0.18 for a period of 18 months from the completion of the Private Placement.

The Company paid the Agent a cash commission equal to 7% of the gross proceeds raised on portions of the Private Placement. In addition, the Agent received compensation options entitling the Agent to 274,669 common shares with an exercise price equal to $0.18 per compensation option. Each compensation option entitles the holder to purchase one common share of the Company and will be exercisable for a period of 18 months from the completion of the Private Placement. In addition, the Company paid certain arm's length finders an aggregate of $61,800 in fees and issued certain arm's length finders an aggregate of 494,400 compensation options.

The proceeds from the sale of the QFT Units and NFT Units will be used principally for exploration and drilling on its Cadillac Break property group in Val d'Or, Quebec. Focus will be on step-out drilling on its Akasaba gold-copper project on which it has had considerable success enlarging through drilling throughout recent months.

All securities are subject to a four month hold period expiring on April 19, 2013. The Private Placement is subject to the final acceptance of the TSX Venture Exchange.

Further information about the Company is available on the Company's website, www.azx.ca, or our social media sites listed below:

Facebook: https://www.facebook.com/AlexandriaMinerals

Twitter: https://twitter.com/azxmineralscorp

YouTube: http://www.youtube.com/AlexandriaMinerals

Flickr: http://www.flickr.com/alexandriaminerals/

About Alexandria Minerals Corporation

Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest portfolio of properties along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. The Company is currently focused on advancing its Akasaba project. Agnico-Eagle Mines Ltd., with two producing gold mines in the region, owns roughly 10% of the Company.

WARNING: This News Release may contain forward-looking statements including but not limited to comments regarding Exchange approval of the Private Placement, completion of the Private Placement, the use of proceeds of the Private Placement, the timing, content, and outcome 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 securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.