Alexandria Minerals Closes $3,169,660 Non-Brokered Portion of $7.75 Million Private Placement  

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Toronto, Ont. - May 22, 2007  - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) has closed the non-brokered portion of the Company's private placement, for proceeds of CDN$3,169,660. Coupled with the brokered portion of the private placement, initially announced on April 18, 2007, and which closed on May 17, 2007, total funds raised during this financing is $7,752,908.

The Company will use the proceeds for corporate activities and for exploration purposes, principally to drill exploration targets on Cadillac Break properties in the Val d'Or mining camp, Quebec. The Company will begin drilling with two drill rigs in early June, beginning a 10,000 m programme on the Orenada Zone and a second rig that will explore strong targets on the remaining Cadillac Break properties.

"The level of interest in our activities is extremely encouraging," says Alexandria's president, Eric Owens. "It is a testament not only to our recent successes and future potential, but to the level of success and excitement in the broader Val d'Or area."

Subject to TSX approval, the non brokered portion of the financing has resulted in the issuance of 5,126,250 units on a non-flow through basis (NFT) at a price of CDN$0.32, where each NFT unit consists of one NFT share and of one common share purchase warrant, and 4,024,364 units on a Flow-Through basis (FT) at a price of $0.38, where each FT unit consisted of one FT share and of one common share purchase warrant. In both cases, each whole warrant entitles the holder to acquire an additional NFT common share at a price of CDN$0.48 for a period of one year. The securities issued under the private placement will be subject to a hold period of four months from the date of closing, until September 19, 2007.

For this non-brokered portion of the financing, a finders fee totaling $72,500 was paid to First Canadian Securities (a division of Limited Market Dealer Inc.). In addition, compensation options totaling 371,170 were issued as to 267,105 options to Limited Market Dealer, Inc. and 104,065 options to Fraser Mackenzie Limited. Each compensation option allows the holder to purchase a unit at $0.32, where each unit consists of 1 NFT share and purchase warrant, and each full warrant allows the holder to purchase one NFT share at $0.48 for a period of one year.

For both the brokered and non-brokered portions of the financing, a total of 12,783,750 units were issued on a non-flow through basis, and 9,637,119 were issued on a flow through basis.

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.

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.