TORONTO, ONTARIO--(Marketwire - Aug.
31, 2009) - Alexandria Minerals Corporation (TSX
VENTURE:AZX)(FRANKFURT:A9D) reported today that new high grade gold
mineralization has been discovered during a summer surface sampling
programme on its Joannes Township claims, 20 km east of Noranda
and 60 km
west of Val d'Or, Quebec.
A summer sampling survey was conducted as a follow up to last spring's
drilling programme by the Optionee on Alexandria's property, Aurizon Mines
Ltd., and has identified an anomalous area, 0.75 km long by 0.40 km wide, with
grab samples containing up to 11.8 g/t Au. The zone is located about 200 m south of the
Cadillac Break in an area where last spring's drilling intersected 3.0
g/t Au over 4.6 m,
including 9.0 g/t Au over 1.0
m (see Press Release June 8, 2009). This new
area also lies about 1
km west along strike from a historic showing
known as the "Maracambeau zone", with reported drill
intersections up to 12.00 g/t Au over 1.5 m and 6.17 g/t Au
over 1.5 m.
Eric Owens, President of Alexandria, said, "These results are
encouraging, and verify the potential of our holdings in one of the
world's greatest gold districts. Given the proximity to Aurizon's
Joanna, or Hosco, gold deposit, these results also show the strategic
potential for our claims."
Alexandria optioned 19 (out of 39) claims to Aurizon in October, 2008
(see Press Release October 29, 2008), in which Aurizon has paid
$400,000 in cash and shares to Alexandria, and, in order to complete
the option and earn 100%, must spend $650,000 on exploration, and pay
to Alexandria shares of Aurizon valued at $1,600,000 by December 18,
2010. Of the other 20 claims comprising Alexandria's
Joannes property, Alexandria
is earning 100% of Xstrata plc's interest, or 50% of the total, and has
approximately $80,000 remaining in exploration expenses by July 10,
2010 to meet this commitment.
To view the map accompanying this release please click on the following
link: http://media3.marketwire.com/docs/alex831map.pdf
In other matters, Alexandria has agreed
to participate in the joint acquisition, with Niogold Mining
Corporation, of five new claims being added to the Company's Siscoe
East property in Val d'Or.
The Company will issue 140,871 shares and $ 15,000 in cash to
participate in the joint acquisition. Niogold will earn a 50% interest
in the Siscoe East property by spending a total of $750,000 on
exploration, and issuing to Alexandria
650,000 shares of Niogold stock, by June 25, 2011. The five new claims
lie within the area of influence governed by the Option and Joint
Venture agreement, and include two claims adjacent to the historic
Sullivan Mine, which produced 1.1 million ounces of gold at a grade of
7.7 g/t Au.
More details can be viewed at www.azx.ca.
The results presented in this press release are exploratory in nature
and have been reviewed by the company's Qualified Persons, Eddy Canova,
PGeo, and Dr. Eric Owens, PGeo. Aurizon employs a QA/QC programme
consistent with industry best practices, and the reader is directed to
their website to review the details of those practices. There is
currently no mineral resource on the Joannes Township
property as defined by NI 43-101, and no guarantee that an economic
gold deposit underlies the property.
Alexandria Minerals Corp. is a Toronto-based mineral exploration and
development company, 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. Alexandria is a reporting issuer in the provinces
of British Columbia, Alberta
and Ontario.
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.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
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