Alexandria Further Expands Potential at its Sleepy Gold Project

Drills 6.66 g/t Au Over 22.70 m Below 400 m

TORONTO, Sept. 8, 2011 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) reported today on the results from three holes which have intersected the main Sleepy Gold Zone over a 1 km stretch, and as deep as 550 m vertical depth, on the Company's Sleepy project, Val d'Or, Quebec.

Diamond drill hole SAX-11-009 intersected 6.66 g/t Au over 22.70 m in the main Sleepy Zone, at a vertical depth of 420 m, a continuously mineralized interval which includes a high grade intersection of 89.43 g/t Au over 1.00 m (See Table 1).

Eric Owens, President/CEO of Alexandria Minerals, said, "These are some of our best results ever at Sleepy.  With 3 drill holes this year we have significantly enlarged the main Sleepy Zone at depth and have opened up new potential to be further explored. A follow-up offset hole is currently being drilled below and to the west. These results, along with our continuing drilling success at Akasaba and our strategic studies for possible production at Orenada, Alexandria has demonstrated this year that we have one of Canada's best value gold development companies, and are confident that with a growing resource base in one of Canada's most prolific gold camps we will gain increasing interest from the gold community. "

Table 1. Detailed Assay Results from the Mineralized Drill Interval in DDH SAX-11-009:

Hole # From (m) To (m) Length (m) T.W. (m) Au (g/t)
SAX-11-009 512.0 534.7 22.70 15.85 6.66
including 512.0 513.0 1.00 0.70 3.21
  513.0 514.0 1.00 0.70 2.53
  514.0 515.0 1.00 0.70 3.81
  515.0 516.0 1.00 0.70 3.98
  516.0 517.0 1.00 0.70 4.78
  517.0 518.0 1.00 0.70 2.50
  518.0 519.0 1.00 0.70 0.98
  519.0 520.0 1.00 0.70 1.83
  520.0 521.0 1.00 0.70 0.66
  521.0 522.0 1.00 0.70 1.68
  522.0 523.0 1.00 0.70 3.15
  523.0 524.0 1.00 0.70 2.90
  524.0 525.0 1.00 0.70 2.49
  525.0 526.0 1.00 0.70 3.13
  526.0 527.0 1.00 0.70 3.61
  527.0 528.0 1.00 0.70 89.43
  528.0 529.0 1.00 0.70 3.84
  529.0 530.0 1.00 0.70 1.73
  530.0 531.0 1.00 0.70 1.85
  531.0 532.0 1.00 0.70 0.86
  532.0 533.0 1.00 0.70 2.62
  533.0 534.0 1.00 0.70 8.41
  534.0 534.7 0.70 0.49 1.58

SAX-11-009 intersected the main Sleepy gold Zone, 100 m below the Sleepy Gold Deposit, which hosts a National Instrument 43-101 compliant Inferred Resource of 1.5 million tonnes grading 3.0 g/t Au, for roughly 150,000 ounces of gold (Press Release, October 28, 2009). Two other holes have also helped define the new zone below the resource: hole SAX-11-001, 100 m east, which intersected 3.86 g/t Au over 14.00 m (Press Release, March 01, 2011), and SAX-11-005, 200 m east of SAX-11-009, which intersected 11.95 g/t over 4.5 m (Press Release, June 7, 2011).

The Sleepy Zone consists of an altered, gold-bearing tonalite sill which has been emplaced along a shear zone within the Vicour gabbro sill. Alteration mineralogy, and gold content, varies along the sill/shear zone structure, and numerous other sites within the gabbro sill host gold, most notably at the Sigma 2 Mine, located about 5 km west of the Sleepy deposit, where Placer Dome reportedly produced some 225,000 ounces of gold in the early 1990's from an open pit operation.

The company tested one of these gold-bearing zones about 1 km east of the Company's Inferred Resource, intersecting, in DDH SAX-11-007, 1.33 g/t Au over 20.50 m, including 4.92 g/t Au over 3.00 m. The hole was an offset of two pre-Alexandria drill holes which intersected 14.10 g/t Au over 2.0 m and 2.95 g/t Au over 9.50 m at a 300 m vertical depth. Planning is underway for follow-up drill testing at this location.

Table 2. Significant drill results from the Sleepy Zone

Hole # From (m) To (m) Length (m) T.W. (m) Au g/t Ag g/t Target
SAX-11-006  690.20 691.20 1.00 0.56 1.93 0.00 Main Zone
SAX-11-007 354.20 358.20 4.00 2.75 2.78 1.12 East Zone
SAX-11-007 379.30 399.80 20.50 14.11 1.33 0.40 East Zone
Including 390.80 393.80 3.00 2.07 4.92 0.00 East Zone
SAX-11-009 512.00 534.70 22.70 15.85 6.66 1.20 Main Zone
Including 527.00 528.00 1.00 0.70 89.43 12.79 Main Zone

Elsewhere on Sleepy, assays are pending for three holes drilled during the summer to test the South Zone, a new discovery penetrated by hole SAX-11-004, which intersected 100.40 g/t Au over 2.4 m (Press Release May 31, 2011). Assays are pending for the three holes.

An updated Longitudinal for the Sleepy Property can be found on the Company's website at www.azx.ca.

Drill results presented in this press release are exploratory in nature, and resource estimates have been previously released. All results have been reviewed by Dr. Eric Owens, PGeo, QP, and Peter Legein, PGeo, QP. The Company's sampling protocol has been outlined in previous press releases, and additional information is available by request. The Company routinely uses two laboratories, AGAT Labs, of Mississauga, and Techni-Labs, a division of Actlabs, of Val d'Or and Noranda, for its sample analysis. Because of the concern for a "nugget effect", the company routinely re-checks its assay results, and where re-checked assays vary by greater than 10%, the samples are subjected to a metallic screen assay technique whereby a 1 kg separate of the original sample is screened to a 30 g aliquot prior to a FA gravimetric finish.

About Alexandria Minerals Corporation

Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest property packages along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. The Company is currently focused on advancing its Akasaba gold-silver project, and has two NI 43-101 compliant gold resources: at Orenada, at a 0.5 g/t cutoff, the company has delineated 446,000 ounces of gold (Measured and Indicated), and 302,000 ounces of gold (Inferred); at Sleepy, the Company has delineated 150,000 ounces of gold (Inferred). Agnico-Eagle Mines Ltd., who has three 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 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

SOURCE Alexandria Minerals Corp.

For further information:

Andreas Curkovic, Investor Relations
(416) 577-9927

Mary Vorvis, Director Business Development
(416) 305-4999
(416) 363-9372

www.azx.ca
info@azx.ca

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Alexandria Minerals Corp.

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