Alexandria to Purchase 100% of IAMGOLD Properties in Val d'Or

Toronto, Ont. - May 10, 2007 - Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) has signed a Letter of Intent with Gestion IAMGOLD-Quebec Inc. (IAMGOLD) to acquire a 100% interest in two properties in the Val d'Or area on which it is currently earning a 50% interest. The properties are the Akasaba and the Bloc Sud (Bloc Sud West, Bloc Sud Trivio, and Sleepy).

Subject to TSX approval, Alexandria will pay IAMGOLD $500,000 in cash and/or shares in 3 equal installments: upon signing the agreement, and at the 12 month and 24 month anniversaries of signing. This agreement will supersede all conditions of the prior Earn-In agreement (announced May 30, 2006). Previously, IAMGOLD had transferred management of the properties to Alexandria (see press release April 10, 2007). IAMGOLD will retain a 2% Net Smelter Return (NSR), but Alexandria may purchase of the NSR, or 1%, for $500,000.

The properties consist of 90 mineral claims, and comprise an important part of Alexandria's Cadillac break Properties in the area. The properties come with two historic gold deposits, the Akasaba and the Sleepy. The Akasaba Mine produced 262,500 tonnes of ore grading 5.14 g/t in the 1960's, and was estimated by Louvem Mines in 1987 to host a further 255,000 tonnes grading 6.3 g/t. The Sleepy deposit was discovered by Cambior Inc. in the late 1980's, and was estimated to host 152,000 tonnes grading 5.2 g/t (Geospex 1998). These historical resource estimations do not comply with accepted standards defined in National Instrument 43-101, as a Qualified Person has not yet done sufficient work to classify these historical estimates as current mineral resources.  The Company is not treating these as current mineral resources, and views them as advanced exploration targets at this time. As such the historical estimates should not be relied upon, except as exploration targets and for modeling purposes.

These target-rich properties, in conjunction with adjacent properties on which Alexandria is earning a 100% interest from Aur Resources (collectively, the "Cadillac Break Properties"), typify the variety of environments and styles of gold mineralization found in the Val d'Or region. At the Akasaba Mine, gold was produced from massive chalcopyrite-pyrite-pyrrhotite lenses hosted in volcanic rocks near the Cadillac Break. The Sleepy Zone, on the other hand, is a disseminated pyrite-gold deposit hosted in gabbro and diorite of the Vicour Sill.

Alexandria recently drilled 2 diamond drill holes testing the Sleepy Zone, which completed its first phase of drilling on the Cadillac Break properties (results are pending). This first phase program totaled 22 holes for 7,800 m, and was designed to test a variety of targets on the 25 km long property package, ranging from early stage geophysical and geochemical targets to advanced stage historic deposits. Recent results from the Company's drilling on the Orenada and Oramaque properties, showed that Orenada Zone 4 and Zone 2 have potential for enlargement (see press releases from March 29, 2007 and April 25, 2007).

The Val d'Or gold camp has produced more than 23 million ounces of gold in its history from such notable gold mines as the Sigma (9.2 million ounces of gold produced), the Lamaque (4.3 million ounces of gold), the Sullivan (1.2 million ounces of gold produced), and the Kiena Mine (1.5 million ounces of gold) amongst others. In addition, a number of discovery and development activities have been underway including Agnico Eagle's Goldex Project, hosting 1.6 million ounces of gold at an average grade of 2.1 g/t, Alexis Minerals' Lac Herbin property and Osisko Explorations' Malartic property.