Alexandria Intersects 1.32 g/t Au over 31.50 m above 100 m Depth at Akasaba

TORONTO, Feb. 23 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX) (Frankfurt: A9D) reports today that it has intersected 1.38 g/t Au over 31.50 m (22.27 m True Width) in diamond drill hole IAX-10-112 at less than 100 m vertical depth on its Akasaba project, Val d'Or, Quebec, as part of its drilling programme aiming to delineate shallow resources on the gold-silver project.

Hole IAX-10-112, drilled 75 m east of the historic mine shaft at Akasaba, intersected the target mine horizon between 83 m and 105 m vertical depth, below the eastern fringe of the old gold deposit. The broad zone hosts a high grade intersection grading 14.52 g/t Au, 6.58 g/t Ag, and 0.17% Cu over 1.02 m.

Eric Owens, President of Alexandria Minerals, said, "These holes are successfully fulfilling our goal of delineating good grades at shallow depths. With the imminent appearance of a second drill at Akasaba we will be aggressively working to establish broader zones of mineralization and an initial resource estimate."

Step-out hole, IAX-10-102, intersected multiple gold and silver-bearing zones below 400 m vertical depth, including 5.58 g/t Au over 0.54 m; 2.78 g/t Au, 13.80 g/t Ag, and 0.95% Cu over 0.75 m; and 4.97 g/t Au, 9.20 g/t Ag, and 0.76 % Cu over 0.27 m, between 450 m and 500 m downhole, providing further evidence that mineralization continues at depth. The Company is completing a downhole geophysical survey to further aid in deep-level targeting.

Currently, one drill rig is operating at Akasaba, while a second rig has just completed the third of three holes on the Company's Sleepy project, located 12 km east of Akasaba. The second rig has begun the process of moving to Akasaba. Assay results are pending for 5 holes at Akasaba, and an additional four holes have been completed over the past week. An updated longitudinal section can be viewed at www.azx.ca.

TABLE 1. Drill Hole Assay Results, Akasaba Project

Hole # From (m) To (m) Length (m) Est. TW (m) Au (g/t) Ag (g/t) Cu (%)
IAX-10-101 242.30 248.65 6.35 4.49 1.46 * *
IAX-10-101 476.70 477.70 1.00 0.70 2.98 4.20 1.68
IAX-10-102 415.53 422.46 6.93 3.46 0.15 6.18 0.47
IAX-10-102 450.32 451.40 1.08 0.54 5.58 1.08 *
IAX-10-102 471.67 473.17 1.50 0.75 2.78 13.80 0.95
IAX-10-102 498.84 508.85 10.01 5.00 0.95 0.65 0.05
incl. 503.10 503.63 0.53 0.27 4.97 9.20 0.76
IAX-10-102 538.19 546.69 8.50 4.25 0.82 * *
incl. 538.19 539.19 1.00 0.50 4.57 * *
IAX-10-109 509.80 528.30 18.50 9.25 0.64 * *
incl. 520.30 521.30 1.00 0.50 2.41 * *
IAX-10-112 119.85 151.35 31.50 22.27 1.38 * *
incl. 129.70 133.85 4.15 2.93 2.82 1.26 *
incl. 140.90 142.35 1.45 1.02 14.52 6.58 0.17
IAX-10-114 126.80 127.30 0.50 0.35 8.49 11.80 0.35

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 Missisuagua, and Techni-Labs, a division of Actlabs, of Val d'Or and Noranda, for its sample analysis. Because of the concern of 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.

The results presented in this press release are exploratory in nature and have been reviewed by the company's Qualified Persons, Jared Beebe, PGeo, and Dr. Eric Owens, PGeo. These results have not been verified by an Independent Qualified Person ("QP") and therefore should not be relied upon except for their  exploratory value. There is no Current Resource underlying the Akasaba property as defined by National Instrument 43-101, and no guarantee that an economic gold deposit is present. Further work by Alexandria and an Independent QP will be required to bring the data into compliance with NI 43-101.

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 has two NI 43-101 compliant gold resources, at Orenada and Sleepy, and is currently focused on advancing its Akasaba gold-silver project. Roughly 10% of the Company is held by Agnico-Eagle Mines Ltd., who has three producing gold mines in the region.

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, Corporate Development
416-363-9372
www.azx.ca
info@azx.ca

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Alexandria Minerals Corp.

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