TORONTO, ONTARIO--(Marketwire - Jan. 17, 2013) - Alexandria Minerals Corporation (News - Market indicators)(FRANKFURT:A9D)(PINKSHEETS:ALXDF) is pleased to provide an update on its current drilling and exploration program on its Akasaba and Sleepy projects in Val d'Or, Quebec.

The Company has stepped-up its drilling activities in order to take advantage of winter conditions, by running two drill rigs on the Akasaba Project and one rig on the Sleepy Project. The step-out programs are designed to enlarge existing gold zones and test new exploration targets in its efforts to increase its resource base.

Separately, the Company is also in progress with an update of its National Instrument ("NI") 43-101 Resource Estimate at its Akasaba project. Since its first NI 43-101 Resource Estimate last March, the Company has enlarged the gold-bearing zones on that project considerably. The completion of the update is expected by early March. As a result, drill hole assays from this project are not being received by Alexandria until the completion of this update. Currently, assays are pending from a total of 8 holes.

At Akasaba, there are presently two rigs turning with the following goals:

• expanding the high grade zone below the main mine area;
• expanding the West Zone, Alexandria's recent gold-copper discovery 1,200 m west of the mine area;
• shallow testing for new "West-Zone"-like targets.

In the Akasaba Mine area, Alexandria's drilling has shown that high grade gold mineralization extends from surface to more than 600 m vertical depth. Recent drill hole assays indicate this mineralization continues at depth: DDH IAX-12-195 intersected 5.59 g/t Au over 11.59 m (all drill lengths are True Widths) including 12.48 g/t Au over 3.96 m at 600 m depth (see Press Release of May 24, 2012). Assays are pending for two drill holes recently completed from this deep zone.

In mid-2012, the Company discovered the West Zone, a wide, near-surface gold-copper zone, by drilling such holes as IAX-12-200, with 1.18 g/t Au and 0.70% Cu over 63.01 m (Press Release, July 11, 2012) and IAX-12-214, with 0.48 g/t Au and 0.36% Cu over 67.81 m (Press Release November 29, 2012). A total of eight holes have helped define the zone, which currently sits at 300 m long by 300 m deep by 60 m wide. Two additional holes have intersected this zone, with similar geological characteristics, at depths of 300-400 m. Assays are pending for those two holes. The zone remains open at depth, and along-strike targets further west will be evaluated.

Also, to the north and west of the West Zone, the Company is drill testing new targets selected for their geological and geophysical similarities to the West Zone. Four holes have been completed to-date, for which assays are pending. These are principally shallow targets near the Callahan Intrusive body, with evidence of deformation and alteration, characteristics of the mine horizon and the West Zone.

At Sleepy, initial drilling will be focused along strike and below the current resource. Step-out holes along strike and below have been planned to test the extent of gold mineralization intersected by previous holes. The Sleepy Current Resource of 1.5 million tonnes grading 3.0 g/t Au (for 150,000 ounces of gold - see Press Release of October 29, 2009) extends to a depth of 300 m. In 2011, the Company drilled below this resource, successfully expanding the zone to below 400 m depth with the following drill hole intersections: 6.66 g/t Au over 15.85 m (SAX-11-009), 3.87 g/t Au over 7.0 m (SAX-11-001), and 11.28 g/t Au over 2.4 m (SAX-11-005). The Company intends to complete further drilling before completing a resource update at Sleepy later in 2013.

Program design, management, and Quality Control/Quality Assurance is governed by Alexandria's exploration group, of which Peter Legein, P.Geo, and Eric Owens, P.Geo, are the Company's Qualified Persons. Mr. Owens has reviewed the results in this press release. The QA/QC program is consistent with NI 43-101 and industry best practices and has been previously been addressed in the NI 43-101 Technical Report on the Cadillac Break properties (February 2008) as well as in subsequent NI 43-101 reports found on the Company's website or on www.sedar.com.

Further information about the Company is available on the Company's website, www.azx.ca, or our social media sites listed below:

Facebook: https://www.facebook.com/pages/Alexandria-Minerals-Corporation-AZXTSXV/186115074772628

Twitter: https://twitter.com/azxmineralscorp

YouTube: http://www.youtube.com/AlexandriaMinerals

Flickr: http://www.flickr.com/alexandriaminerals

About Alexandria Minerals Corporation

Alexandria Minerals Corporation is a Toronto-based junior gold exploration and development company with one of the largest portfolio of properties along the prolific, gold-producing Cadillac Break in Val d'Or, Quebec. Global gold resources are distributed between three projects on its Cadillac Break Property package, Akasaba, Sleepy, and Orenada, the details of which can be found on the Company's website at www.azx.ca. The Company is currently focused on advancing its Akasaba project. Agnico-Eagle Mines Ltd., with two producing gold mines in the region, owns roughly 10% of the Company.

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.