Alexandria Intersects 1.32 g/t Au over 31.50m above 100m Depth at Akasaba

Toronto, Ontario, February 23, 2011 â?" Alexandria Minerals Corporation (TSX-V: AZX; Frankfurt: A9D) reports today that it has intersected 1.38 g/t Au over 31.50 m (22.27 m True Width) in diamond drill hole IAX-10-112 at less than 100 m vertical depth on its Akasaba project, Val dâ?TOr, Quebec, as part of its drilling programme aiming to delineate shallow resources on the gold-silver project.

Hole IAX-10-112, drilled 75 m east of the historic mine shaft at Akasaba, intersected the target mine horizon between 83 m and 105 m vertical depth, below the eastern fringe of the old gold deposit. The broad zone hosts a high grade intersection grading 14.52 g/t Au, 6.58 g/t Ag, and 0.17% Cu over 1.02 m.

Eric Owens, President of Alexandria Minerals, said, â?oThese holes are successfully fulfilling our goal of delineating good grades at shallow depths. With the imminent appearance of a second drill at Akasaba we will be aggressively working to establish broader zones of mineralization and an initial resource estimate.â?�

Step-out hole, IAX-10-102, intersected multiple gold and silver-bearing zones below 400 m vertical depth, including 5.58 g/t Au over 0.54 m; 2.78 g/t Au, 13.80 g/t Ag, and 0.95% Cu over 0.75 m; and 4.97 g/t Au, 9.20 g/t Ag, and 0.76 % Cu over 0.27 m, between 450 m and 500 m downhole, providing further evidence that mineralization continues at depth. The Company is completing a downhole geophysical survey to further aid in deep-level targeting.

Currently, one drill rig is operating at Akasaba, while a second rig has just completed the third of three holes on the Companyâ?Ts Sleepy project, located 12 km east of Akasaba. The second rig has begun the process of moving to Akasaba. Assay results are pending for 5 holes at Akasaba, and an additional four holes have been completed over the past week.