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TORONTO, ONTARIO--(Marketwire
- June 8, 2009) - Alexandria Minerals Corporation (TSX
VENTURE:AZX)(FRANKFURT:A9D) reported today that the Optionee
on the southern half of its Joannes Township
Property in Quebec, Aurizon Mines Ltd. ("Aurizon"), has drilled a new target on the
claims, intersecting 3.0 g/t Au over 4.6 m, including 9.0 g/t Au over
1.0 m.
Gold mineralization in drill hole JA-09-490 was intersected between
135.0 to 139.6 m down-hole, and tested a combined Induced Polarization
and magnetic geophysical anomaly about 300 m south of the Cadillac
Break. A second hole, JA-09-485, testing the same anomaly about 600 m
east, intersected 3.9 g/t Au over 1.1 m. The zone remains open to the
east and west.
Alexandria's Joannes Township property
consists of 39 claims which straddle 6 km of the Cadillac Break about
10 km west of IAMGOLD Corporation's Doyon-Mouska
mine project, which has produced in excess of 5 million ounces of gold.
Alexandria has optioned 19 claims comprising the southern half of its
property to Aurizon, which lies next door to Aurizon's Joanna gold deposit, consisting of 1.5
million ounces of gold (Measured and Indicated) and 1.2 million ounces
of gold (Inferred).
Aurizon can complete its option according to
the following terms: 1) an initial cash plus share payment to
Alexandria valued at C$400,000 (completed), 2) completion of
exploration expenditures totaling C$650,000,
and 3) a share payment to Alexandria valued at C$1.6 million due in
December, 2010.
In addition to testing the South Zone, Aurizon
completed 10 holes along a 1.5 km stretch of Cadillac Break, along
strike with its Hosco gold orebody, located about 100 m west of Alexandria's
claims. Aurizon intersected gold in 7 of the
10 holes, such as 2.1 g/t Au over 7.5 m, including 5.6 g/t Au over 1.5
m; 1.6 g/t Au over 7.5 g/t; and 5.4 g/t Au over 1.1 m. Aurizon has completed 15 holes to-date on the
property, totaling 3,415 m.
Alexandria is currently earning a 50% interest from Xstrata plc on the
other 20 claims of the Joannes property,
which border the claims optioned to Aurizon
on the north, after which these 20 claims will be held in a 50-50 Joint
Venture with Alexis Minerals Corp. The Company is required to spend
approximately $100,000 on exploration on these claims to complete its
earn-in.
In other matters, the Company has hired Andreas Curkovic
of Toronto to provide select and limited services for the Company. Andreas
will work with the Company to establish and maintain a targeted
marketing campaign and distribute information to shareholders, brokers,
fund managers and high net worth investors. Compensation for these
services will be $3,000 per month for the next 12 months and subject to
stock exchange approval. In addition, the company will also issue
200,000 incentive stock options to Andreas exercisable at a price of
$0.10 for a period of 2 years, subject to approval by the stock
exchange. Fees payable to Mr. Curkovic will
be paid from working capital.
There is no prior relationship between Andreas and Alexandria Minerals
Corporation, nor is there any prior direct or indirect interest in
Alexandria Minerals Corporation or its securities or any right to
acquire such an interest, on the part of Andreas.
The Company has also issued a further 250,000 options to consultants of
the Company, which are exercisable for 2 years at C$0.10.
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.
Historic results are not compliant with National Instrument 43-101 and
should not be relied upon, and there is no guarantee that an economic
gold deposit underlies the property. Further work by Alexandria and an
Independent Qualified Person will be required to bring the data into compliance.
The drilling program employs a Quality Assurance/Quality Control
program consistent with NI 43-101 and industry best practices. Drill
core is NQ-sized, and is logged, sampled and split at the Company's Val
d'Or office, in intervals of 0.3 meters to a maximum of 1.5 meters. The
samples are recorded, bagged and sent to ALS Chemex
Labs in Val-d'Or for preparation and assay. Samples are analyzed for
Au, Ag, Cu and Zn, via a 30 gram pulp by FAA for Au and AA for Ag, Cu
and Zn. Re-assays by FA gravimetric finish are performed on samples
assaying greater than 1.0 g/t Au and re-assays greater than 5.0 g/t Au
are checked a second time by FA gravimetric finish.
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. The Company 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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