Alexandria Completes $2.0 Million Sale of Joannes Township Claims to Aurizon Mines Ltd.
Toronto,
Ontario, January 6, 2011 – 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 zone.
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.
PLEASE
CONTACT
Andreas Curkovic, Investor Relations
(416) 577-9927
Eric Owens, Alexandria Minerals
Corporation
416-363-9372
www.azx.ca
info@azx.ca
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