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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. (�?oAurizon�?�) 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�?Ts 19 claims, located next to Aurizon�?Ts Joanna gold project in Joannes Township, Quebec, 60 km west of Val d�?TOr.
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, �?oWe are pleased with this
decision on Aurizon�?Ts part. It allows us to
see further development of the Joannes claims
while remaining focused on our Cadillac Break property group in Val d�?TOr.�?�
Currently, Alexandria�?Ts efforts are focused
on its Cadillac Break properties near Val d�?TOr,
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�?Ts.
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�?TOr,
QC region and has aided in the development of several regional gold
deposits including Aurizon Mines�?T
Joanna Deposit, Detour Gold�?Ts Detour Lake
Golf Project and Osisko�?Ts Malartic
Project. The Company anticipates completion of this study during the
first quarter of 2011.
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