Alexandria Minerals Corporation
TSX VENTURE : AZX
FRANKFURT : A9D

Alexandria Minerals Corporation

April 10, 2007 16:10 ET

Alexandria to Drill Sleepy Deposit, Cadillac Break Properties, Val d'Or

TORONTO, ONTARIO--(CCNMatthews - April 10, 2007) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) will begin drilling the second of four historic gold deposits located on its Cadillac Break Properties in Val d'Or, Quebec. Drilling will commence April 16 on the Sleepy Zone, located 22 km east of Alexandria's high grade gold discovery of 21.37 g/t gold over 4.05 m announced March 29, 2007.

The Sleepy Zone was discovered in the late 1980's by Cambior Inc. (now IAMGOLD Corporation) and contains an historic mineral resource of 152,000 tonnes grading 5.1 g/t Au (Geospex, 1998). This historic resource cannot be relied upon at this time as it does not meet the standards set out in National Instrument 43-101 for the classification of mineral deposits. Further work on this target, and verification by a Qualified Person, will be required to meet these standards. Alexandria currently views the Sleepy Zone as an advanced stage exploration target.

Previous operators reported significant gold results in historic diamond drill holes within the Sleepy Zone, ranging from 2.4 g/t gold over 5.5 m to 5.2 g/t gold over 9.3 m and 6.9 g/t gold over 3.8 m estimated true widths, over a strike length of 300 meters and to a depth of 200 meters. The zone remains untested along strike and below a depth of 250 m from surface.

The Sleepy property also hosts historic early stage exploration drill holes 1 km east of the Sleepy Zone, where a drill hole intersection yielded 18.7 g/t gold over 1.5 m, and a second hole intersected 9.5 g/t gold over 1.5 m and 7.1 g/t gold over 1.5 m.

To view Figure 1 please click on the following link: http://www.ccnmatthews.com/docs/AZX_Figure1.jpg

Located on the east end of the Company's extensive property holdings in the historic Val d'Or gold camp (Figure 1), the Sleepy Zone is characterized by gold with disseminated pyrite and pyrite stringers hosted in the Vicour gabbro sill in contact with tonalite, similar to the setting at the nearby Sigma 2 Mine, from which 1.8 million tonnes (Mt) grading 2.1 grams/tonne (g/t) gold was mined from open pit operations.

Alexandria has an option to earn 50% in four properties along the Cadillac Break from IAMGOLD Corporation by completing exploration expenditures of $2.2M by December 2010, and paying $100,000 in cash or shares over the same time period. These properties are the Sleepy, Bloc Sud Trivio, Bloc Sud West, and the Akasaba. Recently, Alexandria has assumed management of these properties, and is considered one of the most active explorers in the camp having already completed 6,100 m of drilling of its planned 15,000 m programme in 2007. The first exploratory drilling on the IAMGOLD properties has been completed on the Bloc Sud West property, where it tested coincident geophysical and geochemical anomalies on and near the Cadillac Break. Assay results are pending from this work. 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.

This press release has 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.

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)
    Email: dale@coal-harbor.com
    or
    Alexandria Minerals Corporation
    Eric Owens
    President
    (416) 363-9372
    Email: info@azx.ca
    Website: www.azx.ca