TORONTO, Jan. 6 /CNW/ - Alexandria Minerals Corporation (TSX-V: AZX;
Frankfurt: A9D) is pleased to announce that it has received from
Aurizon Mines Ltd. ("Aurizon") the final payment of Aurizon treasury
shares valued at $1.6 million, representing 213,845 shares. Under the
original terms of the option agreement, by completing this payment,
Aurizon has earned 100% ownership of Alexandria's 19 claims, located
next to Aurizon's Joanna gold project in Joannes Township, Quebec, 60
km west of Val d'Or.
As part of the original option agreement, Aurizon previously paid to
Alexandria $200,000 cash and shares valued at $200,000, as well as
completed exploration expenditures of $650,000.
Eric Owens, President and CEO of Alexandria Minerals Corp., said, "We
are pleased with this decision on Aurizon's part. It allows us to see
further development of the Joannes claims while remaining focused on
our Cadillac Break property group in Val d'Or."
Currently, Alexandria's efforts are focused on its Cadillac Break
properties near Val d'Or, Quebec, especially its Akasaba gold-silver
project, where it has one rig operating and expects to have a second
rig in place early in the year. During 2010, the Company completed 54
drill holes on the project, totaling 18,700 meters, focused in and
around the historic mine area, where 40,000 ounces of gold and 10,000
ounces of silver were produced from shallow underground operations in
the early 1960's.
Ongoing work on the property has shown that the gold zone has been
enlarged to 900 m long by more than 400 m deep, from its original 200 m
length and 150 m depth, and has additionally identified other similar
targets on the property and adjacent properties. The Company is
currently processing and interpreting drill assays received over the
holiday period, and is also awaiting results from a further 15 holes,
many of them shallow infill holes to the west of the mine completed
just before the holiday period began. Alexandria intends to bring a
second drill rig onto the property to speed up delineation of the ore
Elsewhere, at Orenada, the Company has been working with BBA Engineering
on an advanced economic review of the gold resource on the property the
fourth quarter of 2010. BBA will expand on the initial evaluation
completed by RSW Inc. by considering both in-house and out-sourced
processing, as well as open pit and underground operations.
BBA is a world-renowned engineering consulting company specializing in
Geology and Mining, Mineral Processing and Metallurgy. BBA has
extensive experience in the Val d'Or, QC region and has aided in the
development of several regional gold deposits including Aurizon Mines'
Joanna Deposit, Detour Gold's Detour Lake Golf Project and Osisko's
Malartic Project. The Company anticipates completion of this study
during the first quarter of 2011.
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 Orenada
and Akasaba gold projects.
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. Neither 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:
|PLEASE CONTACT ||Andreas Curkovic, Investor Relations|
Eric Owens, Alexandria Minerals Corporation