Alexandria to Acquire 100% Interest in
Remaining Cadillac Break Gold Properties, Val d’Or, from Teck Cominco
Toronto, April 8,
2008 – Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) has
signed an agreement with Teck-Cominco Limited (“Teck Cominco”) to
accelerate the acquisition of a 100% interest in 10 properties totaling 351
over 6,342 hectares, including Orenada, within the group of properties
amalgamated to form the “Cadillac Break” properties in Val
d’Or, Quebec.
The ten properties, which were governed by a previous option
agreement between Alexandria
and Aur Resources (“Aur”, now Teck Cominco), consist of the
following claim groups: Airport, Orenada, Mid-Canada, Ducros, Oramaque,
Sabourin Creek, Lourmet, Orcour, Trivio, and Vaumon (Press Release September
28, 2006). Together with staked ground, and properties purchased from IAMGOLD
Corporation, Alexandria will own 100% of all 18
properties in its target-rich, 32 km long Cadillac Break Properties in Val d’Or.
The Cadillac Break Properties host four historic gold
deposits, namely Orenada 4, Sleepy, Akasaba and Mid-Canada, as well as one
historic copper deposit, Orenada 1. Over the past 15 months, Alexandria has completed 50 exploratory drill
holes (16,340 m) at Orenada 4 and Orenada 2, where it has substantially
increased the size of these gold-bearing zones. Gold mineralization now
stretches over 700 m along strike with depths up to 700 m, and is wide open
along strike and at depth. Grades up to 7.90 g/t Au over 7.48 m, including
21.37 g/t Au over 2.41 m (Press Release, March 29, 2007), and 1.09 g/t Au over
62.23 m (Press Release, April 25, 2008) have been intersected in drill holes at
Orenada since Alexandria began drilling in early 2007 (All intersections are
true widths).
In the original agreement with Aur Alexandria had the right
to earn a 50% interest in the 10 properties by completing the following
commitments: expending $C3,000,000 on exploration on the properties, and by
paying Aur Resources C$500,000 in cash and share equivalents over five years,
by July 31, 2011. The agreement contained a second option as well, allowing the
Company to earn a further 50% (totaling 100%) by committing to further
exploration expenditures of C$5,000,000 over three subsequent years, by July
31, 2014.
To-date, Alexandria
has completed approximately C$3,500,000 in exploration expenditures on the
properties, and was required to complete $120,000 in cash payments and issue
shares valued at $200,000 in order to earn its first 50%.
The new agreement with Teck Cominco, who amalgamated with
Aur Resources at the end of 2007, amends the original agreement between Aur and
Alexandria.
Subject to TSX and regulatory approval, Alexandria
will issue 3,000,000 Company treasury shares to Teck Cominco in exchange for
100% interest in the properties with no further cash, share or work expenditure
payment. As with the previous agreement, the properties are subject to a 2.5%
NSR.
Alexandria currently
has one drill rig operating on its Cadillac Break Properties in Val d’Or. The rig
has recently completed a four hole drilling programme at the historic
Sleepy gold deposit, where Cambior Inc. defined a 350 m long near-surface gold
zone in the early 1990’s, to a depth of 200 m. This zone is open on all
sides. Historic exploration drill holes intersected up to 18.66 g/t Au over
12.50 m (True width), and the first three holes of Alexandria’s drill
programme have tested possible down-dip and along-strike extensions of gold
mineralization where Alexandria drilled 3.35 g/t Au over 8.27 m true width
(Press Release, June 6, 2007). Assay results are pending.
In the early 1990’s Cambior Inc. estimated a pre-
National Instrument 43-101 resource of 152,000 tonnes grading 5.2 g/t Au at
Sleepy. Please note that this is not a Current Resource as defined by NI43-101,
and as such cannot be relied upon except as guidance for exploration.
Verification by an independent Qualified Person is needed to bring this into
compliance.
The second drill rig just completed drilling the eastern
extension of gold mineralization at Orenada 2, as part of the company’s
efforts to better define the extent and grade of the gold zones at this
location. Since the beginning of 2008, the Company has completed 23 drill holes
on its Orenada, Oramaque, Sleepy and Matachewan properties.
Alexandria Minerals Corp. is a Toronto–based mineral
exploration and development company, currently focused on the exploration for
precious metals on mineral properties located in Northern Ontario and Quebec. The
Company’s management has extensive global experience with small to large
mining companies, from grass-roots exploration to the exploitation of mineral
deposits. The Company is a reporting issuer in the provinces of British Columbia, Alberta
and Ontario.
The results presented in this press
release are either historical or exploratory in nature and have been reviewed
by the company’s Qualified Persons, Eric Owens, PGeo, and Eddy Canova,
PGeo. Historical data
presented in this press release should not be relied upon, as the Company has
not conducted sufficient testing to verify this information.
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.
The TSX Venture Exchange does not accept responsibility for
the adequacy or accuracy of this release
PLEASE CONTACT
Coal Harbor Communications
Dale Paruk
Tel: 1+(604) 662-4505
Toll-free: 1+ (877) 642-6200
info@coal-harbor.com
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Dale Paruk
Coal Harbor Communications, Inc.
Suite 701, 555 Jervis Street
Vancouver BC
V6E 4N1
Tel: 604-662-4505
Fax: 604-662-4547
dale@coal-harbor.com