Alexandria's Metallurgical Study Indicates 95% Recovery of Gold at Akasaba

TORONTO, ONTARIO--(Marketwire - Nov. 6, 2012) - Alexandria Minerals Corporation (TSX VENTURE:AZX)(FRANKFURT:A9D) is pleased to report on the results of its first metallurgical study from its Akasaba Gold project in Val d'Or, Quebec.

Highlights of the study, which was completed by SGS Canada Inc., at Vancouver, British Columbia, include:

• Whole Ore Cyanide Leaching Tests recovered 95% of the gold from the underground sample and 91% of the gold from the open pit sample.
• Combined gravity and cyanide leach of gravity tailings also yielded encouraging results, recovering 92% of the gold from the underground sample and 90% from the open pit sample.
• The samples are acid neutralizing, and not expected to generate acid.

The study tested two representative, 60 kilogram composite samples from the Current Resource area in the vicinity of the historic Akasaba Mine: 1) one of near surface, open pit resource material ("OP") and 2) one of higher grade, underground resource material ("UG"), as delineated in the Company's National Instrument 43-101 Technical Report on the property initially released on March 27, 2012, and amended on October 2, 2012. No sample was provided from the recently discovered West Gold-Copper Zone.

The two composite samples were subjected to a scoping-level metallurgical test program to get a preliminary understanding of the extractive characteristics of the rock. The samples were subjected to the following tests: gravity separation, flotation and leaching of gravity tailings, whole ore rougher and cleaner flotation, whole ore cyanidation, cyanidation of flotation rougher concentrate. In addition, cyanide destruction of cyanide products was also tested.

Head grades as determined by the study were 1.02 g/t Au (OP) and 2.91 g/t Au (UG). The samples were categorized as moderately hard (OP) and medium hardness (UG) based on ball mill work index. Specific Gravity was determined to be 3.2 g/cm³ (OP) and 2.9 g/cm³ (UG), this latter characteristic likely a function of sulfide content.

The Whole Ore Cyanide Leaching Tests produced the best results, yielding 95% recovery of gold for the underground sample, and 91% recovery for the open pit sample. Six standard bottle roll leach tests were conducted for this run, with pH maintained at 10.5-11.0. A grind of P₈₀ = 75 microns at a residence time of 72 hours yielded the most favorable results.

Combined gravity separation and cyanide leach of the gravity tailings also yielded encouraging results: 92.1% for underground ore and 90% for open pit ore. Although initial gravity separation recovered just 2.7% of the gold from the open pit sample, and 5.1% of the underground sample, cyanide leaching of the tailings proved effective in increasing the recovery, with a residence time of 48 hours and P₈₀ = 99 microns (OP) and P₈₀ = 67 microns (UG).

Both the underground and open pit samples responded well in the Cyanide destruction testwork, "CND", (detoxification by SO2/air). For the open pit sample, detoxified product containing less than 2 ppm residual total cyanide was obtained by treating the pulp at pH=8.6 for 158 minutes retention time; the underground sample yielded 21.8 ppm total cyanide at the same pH at a retention time of 121 minutes. Further, Acid-Base Accounting and Net Acid-Generating tests were conducted on CND samples, and showed that the samples were potentially to moderately acid neutralizing, and will not generate acid.

In March 2012 Alexandria Minerals initially released its first National Instrument ("NI") 43-101 Resource Estimate from its Akasaba project, which contains the following Open-Pit and Underground Resources:

Table 1. Current Resources at Akasaba (Amended October 2, 2012)
	Indicated Resources			Inferred Resources
	Tonnes	Grade (g/t Au)	Total Oz. Au	Tonnes	Grade (g/t Au)	Total Oz. (Au)
Underground	563,660	5.91	107,457	1,462,560	5.29	249,891
Main Pit	3,009,214	1.37	132,475
Satellite Pit				285,374	1.76	16,153
TOTALS			239,932			266,044

Subsequent to the resource estimate, and subsequent to the sample collection for the metallurgical study, the Company discovered a shallow gold-copper zone about 500 m west along strike with the Current Resource. These shallow holes assayed up to 1.18 g/t Au, 0.70% Cu, and 3.04 g/t Ag over 118.80 m, identifying a broad, disseminated style of mineralization which extends over 250 m along strike and almost 200 m to depth (Press Release, July 11, 2012). Also subsequent to the resource estimate, Alexandria drilled hole IAX-12-195, 100 m below the Current Resource, which assayed 5.59 g/t Au over 24.00 m, including 12.48 g/t over 8.20 m.

These results show the continued potential of the Akasaba project, and the Company is awaiting further results from drill holes for which assays are pending. The success of these step-out drill programs has opened up numerous other targets in the vicinity of the Akasaba mine horizon.

Separately, the Company has granted 150,000 incentive stock options to a director of the company. The Options are exercisable at a price of $0.10 and will expire on November 6, 2014.

Technical information pertaining to the metallurgical study in this report has been reviewed and approved by SGS Canada Inc., and by Eric Owens, P.Geo., and Peter Legein P.Geo., Qualified Persons, of Alexandria. Information pertaining to resources included in this news release has been previously released.

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 Agreement, payments and exploration expenditures due under the Agreement, 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.